The industrial gloves market in Asia Pacific is a fairly consolidated one. The top companies, comprising Top Glove Corporation Bhd, Kossan Rubber Industries Bhd, Hartalega Sdn Bhd, and Supermax Corporation Bhd, hold over 61% of the Asia Pacific industrial gloves market. Along with these companies, other prominent enterprises in the market are targeting to gain competitive edge on the back of product innovation, finds Transparency Market Research (TMR) in a new study. Acquiring established local players is also popular among the key players. Besides this, many are focusing on expanding their manufacturing capacities to consolidate lion’s share in the market. Other expansion strategies adopted by companies include exploring untapped market and entering into strategic collaborations.
The Asia Pacific industrial gloves market, which stood at US$0.66 bn in 2016, is expected to reach US$1.25 bn by the end of 2025. If these figures hold true, the industrial gloves market in Asia Pacific will exhibit a CAGR of 7.6% between 2017 and 2025. Based on type, disposable gloves are witnessing higher demand as compared to re-usable gloves owing to hygiene concerns. The disposable gloves segment held over 75% of the market in 2016 and is expected to exhibit the leading CAGR during the forecast period. By country, Malaysia emerged dominant with a share of 49.9% based on revenue in 2016. It is expected to remain at the fore through the forthcoming years.
Stringent Regulations Compell Industries towards Spending on Industrial Gloves
“With worker’s health and safety gaining prominence, a majority of industries have shown keenness towards ensuring better working environment,” observed the TMR report’s author. Stringent government regulations implemented in the last few years are partially responsible for this change. “Frequent accidents in workplace, especially in industries dealing with hazardous substances and materials, have compelled government to enforce measures for worker’s safety and protection,” said a lead TMR analyst. Industries and employers that don’t adhere to these norms are often put up for punitive actions. They might even face heavy penalties. Compelled by such government initiatives, industries have started investing in protective gears. The demand for industrial gloves, surgical gloves, hand guards, and wrist wraps has therefore increased.
Besides this, the rising awareness about workers’ safety has steered considerable spending towards safety gears for workers. In Asia Pacific, the demand for industrial gloves is especially high in the rubber industry. The region accounts for nearly 93% of the global rubber production. Leading rubber industries are domiciled in Thailand and Indonesia, which have emerged as major producers of rubber. Growth witnessed in the rubber industry will therefore fuel the demand for industrial gloves in Asia Pacific. Spurred by these factors, the industrial gloves market is expected to report strong growth in the region. To capitalize on existing opportunities, the leading producers are investing in product innovations. This will provide further impetus to the overall market.
Inadequate Awareness - a Key Restraint Hindering Market’s Trajectory
Despite government initiatives, a sizeable portion of Asia’s labor population is still unaware about these industrial protective gears. Lack of knowledge regarding industrial gloves and their uses could have a negative impact on the overall market. However, with the recent steps taken towards educating workers about the importance of following safety standards, the impact of this restraint is likely to remain moderate through the forecast period.
Moreover, huge untapped opportunities present across developing nations will create an environment conducive to the growth of the industrial gloves market in Asia Pacific. Besides this, emergence of several industries is on cards. This would provide fresh opportunities for the market players to capitalize on.
This review is based on a TMR study, titled “Industrial Gloves Market (Product - Disposable Gloves and Re-Usable Gloves; Material - Rubber/Latex, Nitrile, Vinyl, Neoprene, and Polyethylene; Application - Pharmaceuticals, Food Healthcare, Chemicals, and Manufacturing) - Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
The report segments the Asia Pacific industrial gloves market as:
Asia Pacific Industrial Gloves Market, by Product:
- Disposable Gloves
- Re-Usable Gloves
Asia Pacific Industrial Gloves Market, by Material:
Asia Pacific Industrial Gloves Market, by Application:
Asia Pacific Industrial Gloves Market, by Country:
- Rest of Asia Pacific
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