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APAC Respiratory Protective Equipment Market to witness remarkable growth over 2017-2024, global revenue to surpass USD 9 billion by 2024

Author : Rahul Varpe | Published Date : 2019-03-08 

Global Market Insights, Inc. forecasts the overall industry to surpass a valuation of USD 9 billion by the end of 2024, with an estimated CAGR of 7.2% over 2017-2024. Inherently influenced by the rising number of regulatory initiatives undertaken by international entities like NIOSH, OSHA, and ILO, respiratory protective equipment market has witnessed remarkable proceeds over the past few years. Testament to the fact is the USD 5.5. billion valuation attained by the industry in 2016, which can be primarily credited to the escalating rate of occupational respiratory disorders. 

As per Health and Safety Executive, approximately 12000 causalities occur from occupational lung diseases worldwide every year, out of which two third of the fraction are succumbed due to asbestos-related diseases or COPD. Estimates further claim, approximately 18000 new cases of lung problems occur every year, primarily due to long duration of work in hazardous environment. These statistics are further backing the profitable road map traversed by respiratory protective equipment industry.

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Another driving factor fueling the growth of respiratory protective equipment market is the rapid industrialization across major economies. The drift is quite commendable across Asia Pacific belt, where the infrastructural spending is expected to cover 60% of the global expenditure by 2025. Considering the strong pipeline of construction projects across countries like Japan, India, and China, APAC is claimed to be one of the most opportunistic avenues for respiratory protective equipment industry. As per estimates, APAC respiratory protective equipment market size is expected to witness a CAGR of 8% over 2017-2024.

Elaborating further on the geographical trends of respiratory protective equipment industry, North America is another prominent region actively partaking in the business sphere. Expanding healthcare space where the equipment witness extensive penetration for maintaining environmental sanitation and stringent regulatory framework are the two major factors that has complemented the regional market growth. Having surpassed the billion-dollar benchmark in 2016, North America respiratory protective equipment market is slated to attain remarkable traction over 2017-2024.

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Speaking of strategic landscape, respiratory protective equipment market encompasses a host of leading companies including Honeywell International, 3M, Bullard, Gerson, Delta Plus, ILC Dover, Intech Safety, Alpha Pro Tech, RSG Safety, and Kimberley Clark. Amidst the fierce share battle, product differentiation and mergers & acquisitions are projected to be the two major grounds outlining the sustainability quotient of the market giants. 

Citing a recent instance, 3M, a leading name in respiratory protective equipment industry, has penned a strategic agreement with Johnson Controls for acquiring Scott Safety, one of the renowned manufacturers of self-control detection system, for a financial transaction of USD 2 billion. Reportedly, through the deal, 3M is aiming to strengthen its product portfolio in personal protective equipment industry, leaving a perpetual influence on respiratory protective equipment market share.

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Despite the high cost associated with the equipment which is somewhat deterring the growth prospects of the business, respiratory protective equipment market is forecast to carve a lucrative road map over the ensuing years, subject to the strict regulatory framework with regards to workplace safety.  Global Market Insights, Inc. forecasts the overall industry to surpass a valuation of USD 9 billion by the end of 2024, with an estimated CAGR of 7.2% over 2017-2024.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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