Growing Demand for Social Distancing Gear from Government of Nations Worldwide
On 3rd of March 2020, the World Health Organization (WHO) shared a news release stating the shortage of personal protective equipment around the world backed by the growing global demand for protective equipment and further requested the industry and governments to raise the manufacturing of these necessities by 40% so that they can meet the worldwide demand.
Following the recent outbreak of the novel coronavirus disease (COVID-19) around the world, there is a rising demand for social distancing gear, such as PPE kits, as these kits are widely used by healthcare workers, who are the frontline warriors of the disease, for treating patients affected by the coronavirus disease. Coronavirus disease is a communicable disease, which is why, it is highly mandatory for healthcare workers to use disposable social distancing gear for their own safety. The increasing concern for the spread of the disease worldwide has raised the necessity amongst the government of nations around the world to deploy more number of healthcare workers, who are in need for such protective equipment to fight the disease, thereby influencing positively towards the growth of the global social distancing gear market. In a situation report shared by the World Health Organization, dated 28th of April 2020, 10:00 CEST, the total number of confirmed cases of Coronavirus disease outbreak stood to 2,954,222 numbers and 202,597 deaths worldwide.
Increasing Fear Amongst Individuals Around the Globe for Pandemic Disease Outbreak
Throughout decades, the world has observed numerous pandemic and epidemic diseases, such as cholera, Ebola virus, influenza, COVID-19, yellow fever, poliomyelitis, meningitis, SARS, MERS-CoV and others, which has taken numerous lives around the world and has raised the necessity amongst individuals to take strict health precautions, including maintaining a safe distance from people by following social distancing norms. The fear from these communicable diseases has thereby raised the need to use social distancing gear, especially when external situations gradually start normalizing and imposed lockdowns are gradually lifted off. This transition phase requires individuals to take special precautions as there are high chances of contamination from the disease during the period. Such a factor is thereby anticipated to drive significantly the growth of the global social distancing gear market.
High cost of social distancing gears, especially during uncontrolled market situations on the period of the spread of an epidemic disease, coupled with problems in supply chain observed during impacted external environments are some of the factors anticipated to restraint the growth of the market.
The global social distancing gear market is observing vibrant growth on account of increasing concern amongst individuals around the globe to protect themselves from global epidemic diseases that is known to destroy million of lives. Over the years, the sudden outbreak of epidemic diseases such as Spanish flu, Ebola virus and COVID-19 amongst others have raised the need amongst individuals to follow strict lifestyle processes that include social distancing, especially when the disease outbreak is at a higher point. In such situations, it is necessary for essential services provider to move ahead with their duties, which raises the need to wear protective equipment to avoid contamination. Additionally, during such a situation, strict rules are followed for normal day-to-day life activities, by maintaining social distancing norms, which also raises the need to wear social distancing gear to stay safe from getting contaminated to the diseases. Such factors are anticipated to contribute significantly towards the growth of the global social distancing gear market.
The global social distancing gear market is anticipated to record a robust CAGR throughout the forecast period, i.e. 2020-2028. The market is segmented by product type into top wear, bottom wear, overall protective wear, accessories and others. The overall protective wear segment is anticipated to hold the largest market share on account of rising demand from end user industries, such as the healthcare sector and the government bodies, including security personnel, who provide essential duties during such disease outbreaks. Additionally, growing exports of non-woven garments, such as PPEs and others is also anticipated to contribute to drive the growth of the segment in the global social distancing gear market. According to the statistics by the International Trade Centre, exports of garments which are made up of felt or are nonwovens, increased from USD 1831050 thousand in the year 2010 to USD 2388173 thousand in the year 2019.
Our in-depth analysis of the global social distancing gear market includes the following segments:
By Product Type
By End User
On the basis of regional analysis, the global social distancing gear market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The North America social distancing gear market is anticipated to hold the largest market share on account of the presence of an established healthcare infrastructure as well as greater expenditure by the government of the nations in the region for such protective equipment, and is primarily driven by nations such as U.S. and Canada. Further, the market in Europe is anticipated to grow at a moderate pace on account of growing expenditure for research and developments by manufacturers of social distancing gear to develop advanced gear which are widely accepted by the consumers in the region. Moreover, the market in Asia Pacific region is anticipated to grow with a significant CAGR over the forecast period on account of the presence of a large number of population in nations such as China and India, which will raise the need for greater volume of social distancing gear to protect the large population.
The global social distancing gear market is further classified on the basis of region as follows:
April 2020: 3M announced a partnership with Cummins for increasing the production of high efficiency particulate filters for use in air purifying respirators of 3M on the back of rising demand for such equipment in the market which is widely affected by COVID-19 outbreak.
November 2019: Ansell Limited announced a partnership with ProGlove for ensuring compliance of right personal protective equipment in the workplace by developing hand protection solutions using technology.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing demand for social distancing gear from government of nations around the world is one of the major factors that is driving the growth of the market.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e. 2020-2028.
Ans: The market in Europe is anticipated to provide more business opportunities for growth in the years to come.
Ans: The major players in the global social distancing gear market are 3M, Ansell Ltd., Honeywell International Inc., MSA Safety Incorporated, DuPont de Nemours, Inc., Kimberly-Clark Corporation, Lakeland Inc., Alpha Pro Tech, Sioen Industries NV and Radians,
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is majorly segmented by product type, end user and by region.
Ans: The overall protective wear segment, which is a sub-segment of the product type segment, is anticipated to hold the largest market share over the forecast period owing to the high demand for social distancing gear from end user industries.
Ans: High product cost of social distancing gear is one of the major factors anticipated to act as a barrier towards the growth of the global social distancing gear market.