The global safety eyewear market size is expected to reach USD 3.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.1% over the forecast period. The market is expected to witness significant growth due to increase in demand for protective equipment from various end-use industries. Strict regulations laid by the regulating bodies like the Occupational Safety and Health Administration (OSHA), along with various product offerings made by manufacturers in this market, have positively impacted growth.
Industrial manufacturing held a major share of the global market owing to the hazardous nature of the jobs in this sector. Moreover, many strict precautionary regulations have been imposed on the employers and the workers in this sector to increase adoption of protective equipment and prevent fatal injuries. The military application segment is expected to expand at the highest CAGR in the forecast period. Manufacturers are targeting this segment to provide more customization and increase their product offering as governments are investing heavily in the safety of military personnel.
The non-prescription product segment accounted for a significant share in the market. The prescription segment is anticipated to witness growth due to increasing demand for customized eyewear for individuals using spectacles for regular vision. Additionally, manufacturers are providing consultation services and trial products before buying safety eyewear. This is expected to propel the growth of the prescription segment, thereby driving the overall market demand.
Asia Pacific is anticipated to witness substantial growth in the coming years due to increasing industrialization, especially in China and India. U.S. was the largest consumer of protective eyewear in the world, followed by Germany, owing to implementation of stringent regulations by various governing bodies.
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Further key findings from the study suggest:
- Based on application, the construction industry is expected to expand at a CAGR of 4.2% over the forecast period. The industrial manufacturing segment dominated the market in 2018 and accounted for more than 30% share of the overall revenue
- Application of the product is expected to grow in the military sector in developing countries including India, South Korea, China, and Japan owing to heavy expenditure on the defense industry and protection of personnel
- The industry is highly competitive in nature due to presence of the key players including 3M Company, Bolle Safety, and Honeywell Safety Products
- Various manufacturers are concentrating on research and development to augment product innovations and product offerings
- In December 2016, Hoya Vision acquired the safety prescription eyewear business of 3M Company. This acquisition expanded the product portfolio of Hoya Vision and enabled it to enter the safety eyewear market.