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.
Product specialisation, at the same time, requires PPE manufacturers to work closely with end users to meet diverse needs across exploration, drilling, construction, production and refining activities.
"It is critical for market participants to build a broad product portfolio that meets the diverse and unique PPE needs of the oil and gas industry," explained Balasubramanian. "Staying at the forefront of technological innovations and modifying generic products to suit changing working conditions and customer preferences will allow companies to gain the competitive edge."
At the same time, a broad distribution network spanning multiple regions remains a crucial criterion of supplier selection for multinational oil companies. Superior customer service also ranks as a key factor in making purchase decisions.
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Analysis of the Europe and FSU Oil and Gas PPE Market is part of the Chemicals & Materials Growth Partnership Services programme. Frost & Sullivan's related research services include:Analysis of Americas Oil and Gas PPE Market; North American Industrial Protective Clothing Market; Western European Respiratory Protection Market; Analysis of the Western European Fall Protection Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Europe and FSU Oil and Gas PPE Market
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SOURCE Frost & Sullivan