Report: PPE Industry Will Hit $7.2 Billion by 2012
After a steady three percent year-over-year incline, the Personal Protective Equipment market will hit $7.2 billion by 2012, according to a report by Specialists in Business Information, which says this growth rate is rather conservative compared to the double-digit growth experienced during 2002's almost 25 percent year-over-year. Accounting for 44 percent of the market, the "body, clothing, and other" protective gear category has led the industry in recent years, adding more than $1 billion to the market since 2002.
Several factors have affected the growth in the PPE market, including concern for employee safety on the corporate level; a stronger, more knowledgeable workforce than in years past; manufacturers' continued innovation; a solid economy; and the ever-important diverse customer base, the group says.
While the PPE market is expected to continue to grow, a possible 2008-2009 economic recession, though mild, could negatively impact the industry short-term. Slowing residential construction has created a drag on the economy, SBI says. With that, the United States is anticipating higher unemployment rates and tighter consumer household budgets. These growth inhibitors will lead to less personal protective gear needed.
"The rate of growth for this industry is dependant on both U.S. and international economies," says SBI Publisher Tatjana Meerman. "However, OSHA's continuing PPE purchase mandates for employers may offset this potential slowdown."
The report is available from SBI at http://www.sbireports.com/Personal-Protective-Equipment-1487862/