WASHINGTON — In a new global report on the personal protective equipment (PPE) market, Global Industry Analysts Inc. (GIA) says that although current growth is slipping amid the cooling world economy, the global market for personal protective equipment is nevertheless expected to reach $33.3 billion by the year 2015, according to Infection Control Today.
According to "Personal Protective Equipment: A Global Strategic Business Report," factors fingered to drive this growth include recovery in employment rates, rising emphasis on worker health/safety issues, stricter government mandates and technology innovation.
Growth of PPE receded as a result of the financial crisis and resulting world economic recession, according to GIA.
Demand was worst hit in most recession-beaten end-use sectors including vehicle manufacturing, steel, chemical and construction industries, while demand from public sector recorded relatively cushioned falls, the article stated.
Despite the weakening in market variables brought about by the recession, the PPE market has successfully weathered the downturn without recording hurting erosion in sales and revenues, the article noted.
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