APAC respiratory protective equipment market to witness remarkable growth over 2017-2024, Global revenue to hit USD 9.9 billion by 2024
Publisher : Fractovia | Published Date : 2017-10-27Request Sample
The growth curve of respiratory protective equipment market is forecast to be positively high in the coming years, given the rising number of regulatory initiations by international bodies like OSHA, NIOSH, and ILO with regards to employee safety and workplace procedures. Speaking of potential opportunities of respiratory protective equipment industry, it is nothing but massive. The increasing rate of occupational respiratory disorders quite evidently validates the fact. As per a recent report put forth by Health and Safety Executive, there are approximately around 12000 causalities every year resulting from occupational respiratory diseases. The report further declares that two third of this massive fraction are primarily due to COPD or asbestos-related diseases. As per estimates, every year, there are around 14000 new cases respiratory related problems, reportedly, originates due to long-hour of work in hazardous environment. These statistics certainly demonstrate the lucrative possibilities for respiratory protective equipment market in the coming years.
U.S. respiratory protective equipment market size, by application, 2013 - 2024 (USD Million)
According to Global Market Insights, Inc., respiratory protective equipment market size, having held a revenue of USD 5.5 billion in 2016, will surpass a valuation of USD 9 billion by the end of 2024. The profitability landscape of the overall industry is quite conspicuous from the rapid industrialization across major economies. Boasting a wide application scope in industries like chemical, manufacturing, metal fabrication, textile, and pulp & paper with regards to maintaining workplace safety, overall respiratory protective equipment market share from industrial applications carved a lucrative growth in 2016. In addition, a strict regulatory framework further adds a remarkable momentum to the overall industry trends.
Countries under the Asia Pacific belt have made hefty investments in industrial projects over the past few years. Estimates claim that, with China at the forefront, Asia Pacific is expected to cover 60% of global infrastructural spending by 2025. Considering the strong pipeline of industrial projects spanning across India, Japan, China, it can be grounded that APAC will prove to be one of the lucrative avenues for respiratory protective equipment market. Statistics further validating the fact - APAC respiratory protective equipment industry size is expected to witness a CAGR of 8% over 2017-2024.
Regionally, North America has also established strong grounds enhancing the respiratory protective equipment industry. Estimates depict that the regional respiratory protective equipment industry size exceeded the billion-dollar benchmark in 2016, by attaining a valuation of USD 1.5 billion. The growth can primarily be credited to the expanding healthcare sector where the products experience extensive penetration in order to maintain environmental sanitation during critical health conditions.
Speaking of product landscape, supplied air respirator procured a sizable portion of the overall respiratory protective equipment industry in 2016, having collected a revenue of USD 3.9 billion. Supplied air respiratory protective equipment are extensively deployed across domains which are more prone to contaminated toxic environment and lack cleaner air, subject to the fact that these devices are mainly used for delivering breathable air at minimal pressure. Supplied air respiratory protective equipment market is further bifurcated into airline respirators and SCBA (self-contained breathing apparatus), where the latter is mainly deployed in oxygen deficient environment. Firefighting professionals utilize these equipment for life-saving operations during emergency situations.
Worldwide, respiratory protective equipment industry encompasses a host of renowned companies including Honeywell International, 3M, Bullard, Gerson, Delta Plus, ILC Dover, Intech Safety, Alpha Pro Tech, RSG Safety, and Kimberley Clark. The business space seems to be quite competitive with leading giants’ rigorous efforts of sustaining their business position by adopting various growth strategies like mergers and acquisitions and product differentiation. To cite a recent instance, 3M, one of the formidable players in respiratory protective equipment market, has recently inked a strategic collaboration with Johnson Controls by acquiring Scott Safety, a renowned manufacturer of self-control detection system, flame detection devices, for a valuation of USD 2 billion. Experts claim, through this deal, 3M aims to strengthen its portfolio in the personal protective equipment market, unsurprisingly leaving a subsequent impact on respiratory protective equipment market. The lucrative investments by the leading giants in this fraternity coupled with a stringent regulatory framework with regards to worker safety, respiratory protective equipment industry is sure to witness remarkable proceeds in the coming years, with an estimated CAGR of 7.2% over 2017-2024.
