According to a recent study conducted by Fortune Business Insights™, the global market for protective clothing is poised for significant growth, driven by increasing government regulations worldwide aimed at ensuring workplace safety, particularly in sectors such as manufacturing, food processing, construction, healthcare, and chemicals. Additionally, the surge in accidental injuries and fatalities is expected to positively impact market growth. In 2019, the protective clothing market was valued at USD 12.48 billion, with projections indicating a rise to USD 34.31 billion by 2027, reflecting a notable compound annual growth rate (CAGR) of 14% over the forecast period.
Regional Analysis:
North America is projected to dominate the market, driven by stringent regulations set forth by the Occupational Safety and Health Administration (OSHA) to safeguard worker well-being. OSHA has implemented safety standards addressing various industrial hazards, including machinery malfunctions and fire incidents. Consequently, North America generated USD 4,677.9 million in revenue in 2019 and is expected to maintain its dominance. Meanwhile, the Asia Pacific region is anticipated to witness rapid growth, propelled by escalating rates of occupational accidents in countries like South Korea, India, and China.
Market Segmentation:
Protective clothing finds extensive use across industries such as oil & gas, firefighting, chemicals, pharmaceuticals, among others. The chemical sector is poised to capture the largest market share, driven by the increasing adoption of protective gear to mitigate injuries resulting from exposure to hazardous substances like cleaning agents, degreasers, and paints. Meanwhile, the oil & gas segment held a 13.5% market share in 2019.
Competitive Landscape:
Key players in the market are prioritizing the development of sustainable and recyclable materials to cater to diverse industry needs. They are also aligning with government regulations and standards while pursuing strategies like mergers and acquisitions to expand their product offerings and better serve consumers.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/protective-clothing-market-102707
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