According to a new research report by Global Market Insights, Inc. Industrial Eye Protection Market size is estimated to exceed USD 2.5 billion by 2024.
Positive outlook towards occupational safety in oil & gas, chemicals, mining and construction industry will propel industrial eye protection market growth. Prevention from chemicals, heat & optical radiation are the key properties enhancing product demand. Increasing employer awareness pertaining to work safety will support the industrial eye protection demand. For instance, OSHA has implemented safety standards for several end-use industries to prevent the injuries at workplace.
Construction application was worth over USD 310 million in 2016. Increasing government spending on building tunnels, dams, roads, and bridges globally will drive the growth. China is projected to be among the major contributor. China construction spending was over USD 730 billion in 2016.
CR-39 lenses will witness gains at 3% up to 2024. High optical quality compared to glass along with comparatively less manufacturing cost has driven industry growth in this segment. Entrance of trivex as an ultra-light, thin and high impact resistant lenses will open new avenues in the industry.
High profit margins due to increasing product penetration will fuel the industry growth. However, inability to expand business in untapped regions due to non-standardized safety regulations will restrain the industrial eye protection market growth.
Safety spectacles was valued over USD 770 million in 2016. Technological advancement including anti-glare, anti-scratch and UVA/UVB protective products will support the industry demand. Safety goggles will generate revenue over USD 970 million by 2024. Rising product penetration in pharmaceutical laboratories and research centers will create new opportunities for the business growth.
Face shields will witness growth over 4% up to 2024. Manufacturing and construction industry expansion in developing countries will support the industry demand. Superior protection against chemical splash and blood borne pathogens has enhanced the product demand.
Europe industrial eye protection market was more than 70 million units in 2016. Favorable socio-economic factors accompanied by increasing manufacturing facilities will drive the demand. Strong presence of the key manufacturers in this region will propel the industry growth. Changing lifestyle along with increasing awareness regarding worker safety has encouraged the product penetration.
North America industrial eye protection market will witness gains at 3.2% up to 2024. High prevalence for employee safety along with stringent government regulations are the key factors supporting the business growth. As per NIOSH, about 2000 workers in U.S. sustain workplace eye injury per day, that requires medical treatment.
Global industrial eye protection market share is moderately consolidated due to presence of few industry players holding major industry share. Major key players inculde 3M, Bolle Safety, Honeywell, MCR Safety, Egde, MSA Safety, Encon Safety, Ergodyne and Gateway Safety. Mergers, acquisitions, new product launches and supply agreements are the key strategies adopted by the major players.
