Global Safety Helmets Market Size is projected to reach USD 7.8 Billion by 2031, growing at a CAGR of 7.7%: Straits Research
According to Straits Research, “The global safety helmet market size was valued at USD 4.31 Billion in 2022 and is projected to reach a value of USD 7.8 Billion by 2031, registering a CAGR of 7.7% during the forecast period (2023-2031).”
New York, United States, March 21, 2024 (GLOBE NEWSWIRE) -- Safety helmets can reduce or prevent head and brain injuries by protecting the occupant from falling objects, road debris, collisions with other objects, electrical shock, and precipitation. Most head injuries can be prevented if proper head protection is selected, utilized, and maintained. A safety helmet is the most prevalent and fundamental form of PPE. Safety helmets feature a hard shell that protects against impacts, an inner harness that fits snugly around the skull and provides padding between the interior of the shell and the wearer's head, a chinstrap that keeps the helmet in place, and a sweatband that absorbs perspiration while the helmet is being worn.
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*Rising Awareness Regarding Worker Safety Drives the Global Market
*
Occupational safety regulations largely drive personal protective equipment (PPE) market growth. It is anticipated that the demand for personal protective equipment will increase due to government mandates to ensure worker safety in all industries. The manufacturing and construction industries have witnessed a significant increase in demand for high-performance safety headgear due to their shock absorption and protection against lateral shock.
In addition, manufacturing companies are becoming more aware of the importance of employee safety and security due to the severe penalties and high costs associated with workplace risks, such as worker compensation, medical costs, and legal services. Rising GDP and employment in Asia-Pacific and the Middle East sectors have positively contributed to a greater emphasis on worker safety. The increasing global awareness of employee safety is anticipated to positively affect the safety helmet market.
*Technological Advancements in Safety Helmets Creates Tremendous Opportunities*
Increasing investments in R&D with an emphasis on product development has prompted manufacturers of safety helmets to introduce helmets with advanced technology. Manufacturers of safety helmets have introduced improved designs and added features. Utilizing the Industrial Internet of Things (IIoT), companies have developed smart helmets with multiple sensor-based functions. For instance, in March 2021, Centurion Safety Products partnered with MIPS protection to release a safety helmet with a brain protection system. End-users have begun transitioning from hard hats to safety helmets as technological advancements in raw materials, design, and the use of various sensors to enhance worker safety increase. Such factors are expected to offer tremendous opportunities for market growth.
*Competitive Players*
The key players in the global safety helmets market are *Honeywell International, Inc., 3M, Drägerwerk AG & Co. KGaA, Mine Safety Appliances, Uvex Safety Group, Delta Plus Group, Bullard, Schuberth GmbH, Centurion Safety Products Ltd., Concord Helmet & Safety Products Pvt. Ltd., OccuNomix International LLC, and Pyramex*.
*Regional Analysis*
Europe safety helmet market share is anticipated to exhibit a CAGR of 3.2% during the forecast period. The region is home to one of the most industrialized economies in the world and has seen relative stability in terms of annual growth rate. According to the IMF, with the outbreak of COVID-19 throughout Europe, the economic recovery post-2020 is sluggish. On the other hand, the quick vaccination drive and improved private spending are progressing, and Europe's GDP growth is expected to rebound by 4.5% in 2021, according to the IMF. In addition, the mining industry is among the major contributors to the region's economy. The EU, which has initiated Horizon 2020, will likely invest in the mining industry. For instance, six EU organizations collaborated and announced an investment of about USD 7.9 million in May 2020. The mining industry employs personal protective equipment to improve worker safety, which will likely create an upswing for the safety helmet market in the coming years.
Asia-Pacific is estimated to exhibit a CAGR of 4.5% over the forecast period. A significant increase in mergers and acquisitions, integration activities, and site relocations has bolstered the region's industrial development. The rising demand for safety headgear in various end-user industries, like construction, mining, oil and gas, food, and manufacturing, is also anticipated to impact market growth positively. In addition, increased production of safety helmets in developing nations such as India, Vietnam, Thailand, and Malaysia is likely to stimulate the Asia-Pacific market. The market for safety helmets is further expected to be driven by the rising number of industrial fatalities in the region's developing economies, the lack of adequate protective equipment, and employee safety awareness.
*Key Highlights*
· Based on material, the global safety helmet market is segmented into polyethylene, acrylonitrile butadiene styrene, polycarbonate, and others. The polyethylene segment owns the highest market share and is expected to grow at a CAGR of 3.7% during the forecast period.
· Based on the product, the global safety helmet market is divided into hard hats and bump caps. The hard hats segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 3.92% over the forecast period.
· Based on end-user, the global safety helmet market is bifurcated into construction, manufacturing, mining, and others. The construction segment dominates the global market share and is expected to grow at a CAGR of 3.69% over the forecast period.
· Europe is the most significant global safety helmet market shareholder and is anticipated to exhibit a CAGR of 3.2% during the forecast period.
*Market News
*
· *In May 2023,* McCarthy Holdings, Inc., one of the nation's largest 100 percent employee-owned construction companies and safest commercial builders, announced its preparation to transition from standard hard headwear to helmets for all trade partners on the company's construction sites. This proactive decision is anticipated to substantially reduce the impact and frequency of future injuries and accidents.
· *In April 2023,* KASK, the leading designer and head protection manufacturer, announced the launch of the Primero series of safety headgear. Primero was designed to provide advanced head protection that was simple for a broad range of wearers in various applications.
*Global Safety Helmets Market: Segmentation*
*By Material*
· Polyethylene
· Acrylonitrile Butadiene Styrene
· Polycarbonate
· Others
*By Product*
· Hard Hats
· Bump Caps
*By End-User*
· Construction
· Manufacturing
· Mining
· Others
*By Regions*
· North America
· Europe
· Asia-Pacific
· Central and South America
· The Middle East and Africa
*Get Detailed Market Segmentation @ https://straitsresearch.com/report/safety-helmets-market/segmentation*
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