Considering this scenario, it exhibits a necessity for manufacturers to stay cost competitive in order to survive in this market.
New analysis from Frost & Sullivan (chemicals.frost.com), North American Construction PPE Markets, finds that the market earned revenues of $662.1 million in 2010 and estimates this to reach $854.9 million in 2017.
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"The construction PPE market in North America has reached a mature stage of the growth cycle, " says Frost & Sullivan research analyst Anamika Chaudhuri. "The ability to differentiate products from that of competitors and establish a strong distribution network is crucial in this market."
Innovation and differentiation remain the key factors that will help address the challenges faced by the construction industry and drive growth in the North American construction PPE market. The North American construction industry had witnessed a sharp decline during 2009 and experienced large-scale layoffs. Although this adversely affected the North American PPE market, construction activities continue to pick up traction.
By 2013 or 2014, the industry expects to resume its upward growth trajectory. The North American PPE market is likely to gain from the stabilization if an ample supply of innovative products remains.
The global economic crisis of 2009 forced construction companies in North America to adopt a cautious approach toward expenditure. The PPE market consequentially suffered. The situation worsens further with the economic predicament pressurizing companies to cut down expenditure on health and safety.
The North American construction industry, already impacted by recession-induced price sensitivity, turned even more sensitive toward product prices. This triggered the gravitation toward low-priced imported products from East Asian countries, posing a threat to domestic manufacturers. Imports from East Asian countries, such as China, started making inroads into the North American market for some time. However, imported products have not gained a strong foothold in North America so far, owing to the dominance of strong domestic PPE brands.
To stave off competition from Asian imports, PPE manufacturers must strive to maintain price competitiveness. Domestic manufacturers possess the advantage of understanding the specific needs of local end users. Incorporating these into the R&D process highlights and address the requirements of the market.
"In order to maintain dominance, domestic manufacturers should improve product quality and ramp up R&D to roll out innovative solutions, " says Anamika. "Besides broadening product lines, they must also offer superior customer service and strengthen relationships with distribution partners."
Awareness impedes the North American construction PPE market. Lately, PPE manufacturers identified this challenge and plan to work toward addressing it by developing training and support teams as a regular feature of their business. Manufacturers invest time and effort in educating distributors, as they have direct interactions with end users and understand the maximum number of end-user queries.
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North American Construction PPE Markets / N789