The size of the personal protective equipment market in the Asia-Pacific is estimated to be growing at a CAGR of 9.2% from 2022 to 2027.
The growth of the personal protective equipment (PPE) market in the APAC region is likely to increase due to workplace accidents and fatalities in various companies. In addition, the oil and gas industry is more susceptible to accidental injury.
According to the National Safety Council (NSC), an employee encounters injury at the workplace every eight seconds. Companies are being imposed with stringent regulatory guidelines to provide certified PPE to employees to tackle this problem. Asia Pacific accounted for over 67% of PPE's global revenue share in 2018. The APAC region is anticipated to witness lucrative growth opportunities over the forecast period because of rising construction spending coupled with the growing oil & gas industry in the region. Main growth countries in the APAC PPE market include China, India, Indonesia, and Vietnam.
The personal protective equipment market has seen a growth in manufacturers and contractors in recent years. Growth stems from government support and beneficial regulatory policies. These manufacturers take advantage of non-renewable energy resources and organics in their production facilities to reduce manufacturing costs and reduce carbon emissions, helping to drive market growth. Progressive mining policies, such as formalizing informal miners and distributing royalties from mining to local communities, etc. These factors, in turn, support strong PPE revenue growth over the forecast period.
Factors such as unstable economic conditions, volatile commodity prices, and PPE shortages during the COVID-19 pandemic are expected to restrain the APAC PPE market growth.
Impact of COVID-19 on the APAC PPE Market:
Rising COVID cases in the Asia-Pacific region and increasing global funding are the main drivers of market demand during the forecast period. The major factors driving the growth of the Disposable Healthcare PPE market in Asia and the Pacific are the government initiatives taken due to the increase in COVID cases in countries in the Asia and Pacific region, with the increasing incidence of chronic infections in the Asia-Pacific region. Other factors hampering the growth of the PPE market include a drastic shortage of PPE and deteriorating financial conditions due to pandemic struggle.
This research report on the APAC PPE market has been segmented and sub-segmented into the following categories:
Geographically, countries such as India, China, and Japan accounted for a significant portion of the market share in the APAC region in 2020. These countries are experiencing a considerable increase in construction and infrastructure projects. Furthermore, in the context of the growing financial burden arising from reimbursement of the costs of dealing with industrial risks, companies operating in these sectors have adopted various safety assessment programs. In addition, there is a significant increase in the number of skilled and unskilled workers, which will also influence the outlook for the Personal Protective Equipment market.
In addition, companies in the APAC region have invested in research and development activities, which will boost the growth in the size of the PPE industry. The region has also seen an increase in investment from China. Furthermore, employers provide personal protective equipment to their employees to minimize the financial burden. This monetary burden is due to medical costs, lost manufacturing time, and the expense of workers, which will improve PPE market trends. In addition, strict government regulations applied to businesses are likely to promote the growth of the industry. Regulatory bodies, such as OSHA and the EU, have established industry guidelines and training programs to educate people on user maintenance procedures.
The Indian PPE Market is expected to dominate and grow with the highest growth rate during the forecast period 2022-2028 due to the increasing demand for PPE products in the healthcare industry.
The Australian PPE market dominates the market due to the increase in COVID 19 cases in the country. In South Korea, the market dominates with increasing awareness among the population and a shortage of PPE in the healthcare sector.
KEY MARKET PLAYERS:
3M, Honeywell International, Inc., DuPont, Cardinal Health, Medline Industries, Inc., Kimberly-Clark Corporation, Ansell Ltd., MSA Safety Inc., and O&M Halyard, Inc. are some of the prominent companies operating in the APAC PPE market.
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