IBISWorld has expanded its industry market research report collection to include the Protective Eyewear Manufacturing industry and iver 200 industries within Life Sciences
Los Angeles, California (PRWEB) September 27, 2011
The Protective Eyewear industry thrives off of workplace safety regulations. Workplace eye safety standards were first introduced in 1968 by the American National Standards Association (ANSI) and enforced after the formation of the Occupational Safety and Health Administration (OSHA) in 1970. As a result, new and more stringent regulations have been developed and applied. The most recent revision to standards in 2010 is expected to boost revenue as employers comply with the new rules. However, revenue growth depends highly on industrial, construction and healthcare activity. Hence, the economic downturn of recent years that slashed employment across the economy pulled down demand for industry products. Revenue fell in 2008 and 2009, but it returned to growth in 2010 along with rising industrial activity and strong healthcare demand. Over the five years to 2011,revenue in the protective eyewear industry is expected to grow at an average annualized rate of 1.1 percent to $529.2 million, including an increase of 3.1 percent in 2011, said IBISWorld analyst Brian Bueno.
Workplace eye safety regulations exist to protect employees from injury and infection, reduce unnecessary employer costs and maintain productivity. The National Institute for Occupational Safety and Health reports that an estimated 2,000 employees sustain job-related eye injuries that require medical treatment each day. Furthermore, the American Optometric Association estimates that 90.0 percent of these injuries could be reduced or prevented with the use of proper eye protection. Industry companies manufacture safety glasses, protective goggles and face shields to safeguard eyes from debris, chemicals, radiation and blood-borne pathogens.
About 59 companies manufacture industry products in the protective eyewear industry domestically. Over the five years to 2011, the number of industry firms is estimated to increase at an average annual rate of 0.7 percent. Growth in the number of firms has been subdued due to major acquisition activity by the industry's largest players, such as 3M Company. Additionally, high manufacturing costs and rising prices for plastic materials have created an industry in which almost half of domestic demand is supplied through imports. Over the next five years, imports are expected to continue growing, as domestic manufacturers focus on higher value added products with increased functionality and design elements. Rising domestic demand will likely allow revenue to grow robustly, rising at an average annualized rate of 3.9 percent to $642.2 million over the five years to 2016.
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Protective Eyewear Industry Report Table of Contents
About this Industry
Industry at a Glance
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalisation & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Jargon & Glossary
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