Market For Personal Protective Equipment Is Expected To Rise

India’s economy is expected to grow up to 7 percent this year, according to the International Monetary Fund (IMF). The health and wellbeing of employees play an important role in ensuring that the human capital is protected and that the continuous growth of the economy in the country is sustained. Since companies are responsible for their employees’ health and well-being, they are required to provide them with a safe working environment to help minimize the risk of getting into accidents and sustaining injuries. This is one of the reasons there is a projected increase in the Personal Protective Equipment (PPE) industry this year.

The projected growth of the Personal Protective Equipment is expected to reach $51 billion INR in 2024. One factor that can trigger this growth in the next few years is the increasing number of accidents in the workplace, such as metal processing, oil and gas, and refineries. According to FVF Law, the Occupational Safety and Health Administration requirements vary from one industry to the next. Employers must abide by the safety regulations based on their industry to ensure that their people will remain unharmed.

Another possible factor is the expected industrial, economic, and infrastructural growth globally. This includes developing countries like China and India. Safety regulations imposed by these countries’ governments regarding the growing industries such as electrical equipment, metal fabrication, and construction can also contribute to PPE’s growth.

PPE comprises protective gears for head, hands, feet, ears, eyes, respiratory, and footwear. Protective clothing and footwear are also included in the list. These products are required to be used in various industries to minimize workplace accidents such as slip-and-falls, burns, and respiratory diseases. In the Asia Pacific market, substantial growth in terms of demand for PPE will rise to USD $14 billion by 2024 and will be led by China and India. The PPE market size in India is projected to grow an 8% CAGR.

In Europe and the United States, the growth is expected to remain at a moderate pace within the given timeframe. The growth is associated with the regular occurrence of workplace accidents as well as strict implementation of safety regulations in the industry. This will possibly continue until the year 2024.