Occupational safety regulations play a major role in driving the PPE market. Mandated policies by agencies for companies to maintain worker safety in industries are expected to drive the demand for personal protective equipment. In recent years, the Association of Southeast Asian Nations (ASEAN) has made rapid progress in raising the Occupational Safety and Health (OSH) standards within Southeast Asia. The efforts of the OSHNET, the platform to drive collaboration among regional OSH centers and agencies, have been important in the region. These regulations mention the type of clothing required for protection during different industrial processes. Under the Occupational Safety and Health Act of 1970, OSHA is responsible for maintaining healthier and safer working conditions for employees, mainly in places that are surrounded by hazardous matter and contaminated waste. In Malaysia, the Department of Occupational Safety and Health (DOSH), under the Ministry of Human Resource, is responsible for the safety, health, and welfare of workers in both the private and public sectors and for enforcing the OSHA 1994 and Factories & Machinery Act 1967 in the country. In Singapore, the Ministry of Manpower operates various campaigns and checks against unsafe work practices, such as when working with electrical equipment, handling chemicals, and in traffic management. The examples include fall prevention and the Operation Cormorant campaign.
Economic growth in Southeast Asian markets has elevated the need for better public infrastructure such as airports, harbors, rail transport systems, and roadways. Recognizing the need for infrastructure spending on economic growth, the number of construction projects is growing in Southeast Asia. Owing to the high-quality infrastructure in Singapore, infrastructure spending in the country is expected to witness a moderate growth rate as compared to other countries in Southeast Asia. Hence, its share of global and regional infrastructure spending is likely to fall. Rail projects in Singapore are the key drivers of investment growth in Singapore with the doubling of the metro system by 2030. Manufacturing infrastructure is likely to see moderate growth in the region. Growing urbanization in emerging markets, such as Indonesia and the Philippines, will increase the spending for essential infrastructure sectors such as power, transportation, and water. Rising wealth in emerging markets is anticipated to impel infrastructure financing toward consumer sectors, including manufacturing and transportation sectors that distribute and provide raw materials for consumer goods.
Major raw materials employed for manufacturing personal protective equipment include aramid fibers and carbon fibers. Surging high-performance fiber prices globally, along with the high cost of procurement, are expected to hinder the PPE market over the next few years. Low-budget small-scale industry participants are expected to experience high costs of raw material procurement and low profit margins, leading to a difficult situation for sustaining in the Southeast Asian market. Most of the basic raw materials such as aramid and carbon fibers are generally obtained from petrochemicals, therefore unstable crude oil supplies along with volatile petrochemical prices directly affect raw material prices. Inconsistent raw material supply-demand patterns are also responsible for higher procurement costs. Increasing fiber demand in various end-use industries, such as automotive parts manufacturing, textile, and electrical coatings, is expected to affect supplies for PPE manufacturing. Inconsistent supply patterns have led to higher raw material costs. Surging raw material prices coupled with unstable supplies are estimated to constrain the personal protective equipment market growth over the forecast period.
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Market drivers and restraints
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Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
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Regional market size and forecast for application segments up to 2030
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