Novel coronavirus cases continue to rise and is negatively impacting the Personal Protective Equipment (PPE) Market due to significant slowdown in spending during first half of 2024. A detailed outlook of Personal Protective Equipment (PPE) Market with and COVID-19 impact on market is presented in the report. This report aims to assist our clients with valuable insights which are required to make important business decisions during and post COVID-19 period.
Market Overview
According to a new report published by FastMR titled, “Personal Protective Equipment (PPE) Market by Product, and End-Use : Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global ethanol market was estimated at around USD 50.8 billion in 2019 and is expected to grow with the CAGR of 7% during forecast period 2024-2027. Increasing cases of corona around the globe driving the market growth for PPE.
Global cases of corona have crossed more than 2 million, with countries such as the U.S., Italy, Spain, China, and others accounting for majority of the share. As the number of cases continues to grow around the globe, demand for PPE has observed significant demand. To capitalize on the rising demand, vendors of the industry are ramping up production capacities.
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Asia Pacific region is likely to dominate the global market over the predicted timeline. Key countries of the region including India and China are enforcing the norms related to the use of product in sectors such mining and construction. This is projected to provide huge boost to the demand of product over the coming years.
Rising Awareness Related to Workers Health & Safety to Steer Market Growth
Increasing cases of fatalities in construction and industrial sector is anticipated to drive market growth of personal protective equipment industry over the coming years. As per the data published by the United States Department of Labor, total number of work fatalities in the country reached 4,779 in 2018. Out of the aforementioned figures nearly 21% of fatalities were from construction sector.
Rising awareness related to workplace safety is likely to augment the demand for PPE. Many countries around the globe are working towards development of safety norms to reduce the cases of fatalities. This step is likely to enhance the market growth over the forecast period.
The current situation offers huge opportunity for market vendors. Key participants of the industry are Medicom, 3M, Ansell, Alpha Pro Tech Limited, Honeywell International, Lakeland Industries, JAL Group, Avon Rubber, Uvex Safety Group, and Mallcom Ltd. The vendors of the industry are focused on creating effective medium to enhance their production capacities and expand product portfolios..
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Impact Analysis on COVID-19:
The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. On 11th March 2024, the World Health Organization (WHO) declared the COVID-19 a pandemic officially. Due to which many countries such as China, India, Italy, Germany, Spain, France, and such other countries having a large number of COVID-19 patients went under lockdown conditions. With the ongoing situation of lockdown, many industries have been adversely impacted, and it is expected that the economy of the developing & developed nations are going to suffer a massive loss in the coming years, and also the global economy may slip into a recession. Along with this, in the United Nations Conference on Trade & Development, it was said that the impact of COVID-19 would hamper the global economy up to USD 2 Trillion in 2024. The report also considers the impact of COVID-19 on global Personal Protective Equipment (PPE) Market in the upcoming years.
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