Albany, NY — (PRESS RELEASE JET) — 10/25/2017 — The key players, namely Honeywell International, 3M Corporation, and MSA Safety, compete on the basis of the range of product offerings. They also bank on brand recall to bolster their sales – something that gives them an edge over smaller local companies.
However, local vendors steal a march over prominent ones with cheaper products in the Saudi Arabia personal protective equipment. This has served to dent the shares of big players, who thereby have had to scale back their research and development budgets to cut costs.
A report by Transparency Market Research finds that the Saudi Arabia personal protective equipment market will rise at a steady 7.0% CAGR during the period between 2015 and 2021. Expanding at this rate, the market which was worth US$318.7 mn in 2016 will likely become worth US$444.2 mn in 2021.
The different types of products available in the Saudi Arabia market for personal protective equipment are hearing protection, eye and face protection, head protection, protective clothing, disposable respirator, respiratory protection, professional footwear, re-usable respirator, hand protection, fall protection, etc. Of these, the segment of professional footwear held the maximum market share of 25.0% in 2014 on the back of solid demand from the oil and gas sector.
Region-wise, the key segments of the Saudi Arabia market for personal protective equipment are Eastern Province, Western Province, Central Province, and others. Among them, the Eastern Province accounts for maximum demand due to the presence of numerous boroughs in the regions. By 2021-end, the Eastern Province is slated to generate about US$233.6 mn in revenue.
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Workers accidents in Saudi Arabia in the past has been primarily pushing up demand for personal protective equipment in the region. This is because the casualties resulting from such accidents has forced the authorities to impose strict safety rules for industrial entities. Personal protective equipment are used in several industries such as manufacturing, construction, oil and gas, chemicals, food, healthcare, etc. At the forefront of driving demand in the market, however, is the oil and gas industry in the region.
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One factor that is expected to prove detrimental to the Saudi Arabia market for personal protective equipment, on the other hand, is the rising automation. Large scale automation of various production processes is gradually bringing down the size of labor force and this will negatively affect the demand for personal protective equipment.
The market for personal protective equipment in Saudi Arabia is also being deterred by the presence of numerous local manufacturers producing cheap safety products. This has forced the big players to reduce their prices, which in turn is squeezing their profits.
In order to overcome such challenges, manufacturers of personal protective equipment can look to the more attractive markets Northern and Southern provinces of Saudi Arabia where industrialization is progressing at a rapid pace. “Both regions are witnessing impressive industrial growth and are comparatively untapped,” explains the lead analyst of the TMR report.
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