MRO Magazine

Growing Demand From Construction and Manufacturing Industries Driving Growth of Global Skin Protective Market, Says Technavio


January 27, 2016
By Business Wire News

LONDON

According to the latest market study released by Technavio, the global skin protective equipment (SPE) market is expected to grow at a CAGR of 7% from 2016 to 2020.

The research report is titled “Global Skin Protective Equipment Market 2016-2020” and provides an in-depth analysis of both revenue and emerging market trends. The research report also includes up to date analysis and forecast estimates for various market segments and geographical regions.

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The report states that rapid industrialization worldwide, especially in APAC, drives the demand for SPE. The growth of the construction and manufacturing industries in APAC, which are the major end-users of SPE, is the main contribution the market growth. There are also strict government regulations upheld in many countries regarding the health and safety of employees and to comply with these regulations, end-users are implementing SPE in their workplaces.

“Automation in many industries is minimizing the need for SPE, affecting vendor profit margins. As well, due to strict regulations implemented by different governments regarding the safety of workers in their workplace, vendors must manufacture products that comply with these regulations. This increases their operational costs and reduces their profitability,” said Technavio lead personal protective equipment research analyst Ardhendhu Ghosh.

Despite these market challenges, as employees are becoming more concerned with their safety in workplace, the use of SPE is rising, while the availability of advanced SPE on the market is boosting sales. Two-way shape memory alloys with heat-resistant properties and products manufactured using nanotechnology which offer advanced protection against thermal, mechanical, chemical, and bio-chemical hazards are gaining popularity.

The Americas is currently the largest market for global SPE, accounting for over 45% of the revenue in 2014 but the market in this region is nearing saturation. Cyclical declines in industries such as construction and mining will likely depress the demand for SPE during the forecast period. However, the oil and gas industry is booming from the widespread development of shale gas in the Americas, which is driving the demand for SPE in the region.

The global SPE market is segmented into four product types:

  • Protective Clothing
  • Protective Footwear
  • Hand Protection
  • Head, eye, and face protection

The hand protection segment is not only the largest but also the fastest growing. The global hand protective equipment market was valued at USD 7.9 billion in 2015 and should reach USD 11.6 billion in 2020, growing at a CAGR of 8%, while accounting for 31% of the market.

“The demand for this equipment in developing nations is growing due to increased manufacturing and construction activities. Increasing safety regulations are compelling vendors to design products as per the specifications mentioned in the regulations. This in return has led to more use of hand protection equipment in these end-user segments,” said Ghosh.

Growing demand for gloves in industrial and household applications will lead to the market growth until 2020. Materials used to manufacture gloves depend on the nature of the industry.

  • Leather and metal mesh gloves are used in applications that require thermal insulation; also provide protection against cuts and burns
  • Fabric gloves are used in industries where workers are exposed to the risk of slivers and abrasions
  • Rubber gloves are used in the chemical and pharmaceutical industries due to their chemical-resistant properties

The global SPE market is also segmented by end user:

  • Mining and manufacturing
  • Construction
  • Energy and utilities
  • Defense sector
  • Others

The mining and manufacturing industry was the largest and the fastest growing segment of the global SPE market. Valued at USD 11 billion in 2015, the segment is expected to reach USD 15.5 billion in 2020, growing at a CAGR of 10.3%.

SPE in the defense sector is the second fastest growing segment, with an expected CAGR of 7.7% through 2020.

“SPE such as body armor is used in the defense industry to reduce the impact of firearm projectiles. These products must satisfy certain specifications set by the National Institute of Justice (NIJ) and the Home Office Scientific Development Branch (HOSDB) before they are approved for use. Military and security forces worldwide are focusing on the enhancement of the safety of their personnel, which is leading to increased demand for SPE in this industry,” said Ghosh.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Technavio Research
Jesse Maida
Media & Marketing Executive
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