High safety regulations and renewed demand will benefit manufacturers.
New York, NY (PRWEB) April 22, 2014
Workplace safety regulations largely drive demand for the Protective Eyewear Manufacturing industry's products. 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. Since then, more stringent regulations have been developed, the most recent of which were implemented in 2010. As a result of employers having to comply with new rules, industry revenue has increased over the five years to 2014. However, revenue growth also depends on industrial, construction and healthcare activity. When operators in downstream markets cut employment during the recession, demand for industry products dropped. Accordingly, revenue fell in 2009 but returned to growth in 2010, in line with recovering industrial activity and strong healthcare demand. Over the five years to 2014, Protective Eyewear Manufacturing industry revenue is expected to grow at an annualized rate of 2.8% to $555.5 million, including an increase of 3.4% in 2014.
According to IBISWorld Industry Analyst Omar Khedr, “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 per day sustain job-related eye injuries that require medical treatment. Furthermore, the American Optometric Association estimates that 90.0% 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 49 companies manufacture industry products domestically,” says Khedr.
Over the five years to 2014, the number of industry operators is estimated to increase at an average annual rate of 0.8%. Growth in the number of companies has been subdued due to major acquisition activity by the industry's largest players, 3M Company and Honeywell International Inc. 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 enable revenue to grow at a robust rate over the five years to 2019.
For more information, visit IBISWorld’s Protective Eyewear Manufacturing in the US industry report page.
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IBISWorld industry Report Key Topics
The Protective Eyewear Manufacturing industry includes companies that manufacture protective eyewear. This category primarily includes safety glasses and goggles that are used in laboratories, construction and mining to protect employees from chemical splashes, debris, optical radiation and high heat hazards.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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