LONDON, July 4, 2013 /PRNewswire/ -- A thriving oil and gas industry holds tremendous promise for the future of the related personal protective equipment (PPE) market in Europe and the former Soviet Union (FSU). Adoption levels will be reinforced by stricter safety regulations and heightened awareness about worker safety.
New analysis from Frost & Sullivan ( http://www.chemicals.frost.com), Analysis of the Europe and FSU Oil and Gas PPE Market, finds that the market generated revenues of $1.07 billion in 2012 and is estimated to reach $1.37 billion in 2017. Based on current trends, Frost & Sullivan anticipates protective gloves, protective footwear and gas detectors segments to exhibit the highest growth rates. The research also covers above the neck protection, respiratory protection, protective clothing, and fall protection product segments.
The rising global demand for oil is a major driver for the oil and gas PPE market. Ongoing offshore projects in the North Sea and Caspian Sea are poised to trigger sizeable employment opportunities, directly driving the uptake of PPE.
Even as a thriving oil and gas industry boosts demand for PPE, a sharper focus on worker safety is set to fuel higher adoption rates."Growing awareness about worker safety in the FSU market will enhance quality standards for PPE," noted Frost & Sullivan's Chemicals & Materials Research Analyst Aparna Balasubramanian. "This, in turn, is set to push up prices and facilitate easier market penetration for global PPE suppliers." The oil and gas industry ranks amongst the most safety conscious end-user industries for PPE. Unlike other industry verticals, oil and gas industry workers are exposed to several unique risks, highlighting the need for high level, specialised protective equipment. This demand will motivate PPE manufacturers to focus on technologically innovative products. In turn, it will allow manufacturers to justify higher product prices.