The safety helmets market size is projected to reach US$ 6,566.58 million by 2031 from US$ 4,380.54 million in 2023. The market is expected to register a CAGR of 5.2% during 2023-2031.

Based on material, the safety helmet market is segmented into polyethylene, acrylonitrile butadiene styrene, polycarbonate, and others. The market, in terms of end-use industry, is categorized into construction, manufacturing, mining, and others.

The safety helmet market performance is evaluated considering Asia Pacific, North America, and Europe as prime regions, along with the Middle East & Africa and South & Central America. China, the US, France, the UK, and Brazil are among the major countries contributing to the market growth.

3M, Centurion Safety Products Ltd., Concord Helmet & Safety Product Private Limited, Polison Corporation, Honeywell International Inc., JSP Limited, Pyramex, and Schuberth are among the key companies functioning in the safety helmet market.

Governments of several countries are working on mineral exploration projects as one of the major parts of their economic advancement. Also, they are emphasizing the discovery of new mining sites, along with the upgradation and maintenance of already existing mining sites. For instance, in 2023, Irving Resources Inc. started diamond drilling at its East Yamagano high-grade epithermal gold-silver vein project in Kyushu, Japan. In 2023, Metal Tiger plc announced that Southern Gold Limited had initiated drilling at its Deokon Au-Ag project in South Korea. Southern Gold is anticipated to commence the drilling of the first two diamond drill holes of 500 meters at the untested extensions of the Deokon Main Mine in the Deokon Project. The rapid urbanization and rising government emphasis on infrastructure development that involves telecom network expansion in rural areas are a few factors increasing the infrastructure development work. In 2023, Grid Telecom and Exa Infrastructure collaborated to boost digital connectivity and offer infrastructure services anchored in Europe. The partnership focuses on offering their wholesale and corporate customers diverse open-access interconnection and international reach across Europe. Similarly, in 2024, Bharat Sanchar Nigam Limited declared a US$ 7.8 billion tender to employ the third Phase of the BharatNet project in India, which is one of the important rural telecom projects. Therefore, the advancements in mining and telecom sectors drive the safety helmet market growth.

Market restraining factors includes high cost of manufacturing and fluctuations in the raw material pricing. The cost of raw materials changes depending on production capacity, government policies, availability of raw materials, global economic circumstances, tariff rates, and supply and demand. Variations in the cost of these raw materials have a high impact on the production expenses of safety helmets. For instance, the cost of high-density polyethylene has fluctuated significantly from 2020 to 2022 globally. It was nearly US$ 837 per metric ton in 2020 and reached US$ 1,106 per metric ton in 2022. The cost of raw materials is subjected to factors such as a smooth supply chain, demand for raw materials in different end-user industries, trade agreements between nations, and policies related to international agreements. Thus, the varying cost of raw materials in the production of safety helmets negatively impacts the safety helmet market.