Global Industrial Gloves Market: Astute Manufacturers Bank of Acquisitions to Expand Outreach, finds TMR
With the main four players accounting for about a whopping 75% share in the global industrial gloves market, the competitive landscape is highly consolidated. The top four players include 3M Corporation, Showa Group, Honeywell Safety Products, and Ansell Ltd. Competition among them is intense and local vendors too are giving them a stiff fight for market share.
In order to beat the competition, prominent vendors are focusing on product innovation and quality while trying to keep costs under control. They are also resorting to acquisitions to expand their product portfolios as well as outreach to keep their trusted consumers engaged and win new ones. Dominant player Showa Group, for instance, purveys a wide array of industrial glove offerings to consumers such as the latex foam breathable and waterproof glove that were launched in 2014 and the multi-glove, which was launched in 2015.
As per a report by Transparency Market Research, the global market for industrial gloves will rise at a strong 9.6% CAGR from 2016 to 2024 to reach a valuation of US$11.01 bn by 2024 from US$5.13 bn in 2015.
Disposable Gloves Steal a March over Reusable Ones on Account of Little Maintenance Required
Depending upon the type, the global market for industrial gloves can be broadly segmented into disposable and re-usable gloves. Among the two, the disposable gloves lead the market with a staggering share of 85%. Going forward too, the segment is predicted to expand at a good clip. This is because of their feasibility in industries such as chemicals, food, healthcare and pharmaceuticals. Reusable gloves require maintenance such as decontamination. They also need to be stored safely, which brings down their demand.
From a geographical standpoint, North America and Europe account for maximum sales of industrial gloves. The two regions together held 60% share in the global market for industrial gloves in 2015. Steady growth in the pharmaceutical and chemical industries along with concerns about workers’ safety and strict regulatory mandates regarding the same have substantially upped the demand for industrial gloves in the two continents. Going forward too, they will likely clock good growth, predicts the TMR report.
In the years ahead, Asia Pacific is slated to emerge as a key region in the global industrial gloves market on the back of flourishing food and beverages, chemicals, and pharmaceutical industries in the region. Another factor expected to drive stellar growth in Asia Pacific are the strict rules pertaining to worker’s safety in industries having hazardous work environments.
Consumers’ Concern over Health and Hygiene Drives Market
At the forefront of driving demand in the global market for industrial gloves are concerns over health and hygiene by consumers and increasing thrust on preventing any kind of workplace accidents. “Disposable gloves are the preferred type of gloves among the workers in the end use industries such as food, pharmaceutical, and chemicals among others. The demand for disposable gloves is primarily driven by its low cost compared to re-usable gloves. Recurring purchase of disposable gloves is another key factor driving the demand for this segment. However, re-usable gloves find their application in several end use industries such construction, manufacturing, and oil and gas among others. Although, accounting for the minor market share, this segment has plenty of room for innovation in order to suit the demand of the wearers,” explains the lead analyst of the TMR report.
This review is based on the findings of a TMR report titled “Industrial Gloves Market (Product - Disposable Gloves, Re-Usable Gloves; Application - Pharmaceuticals, Food, Healthcare, Chemicals, Manufacturing; Material - Rubber, Nitrile, Vinyl, Neoprene, Polyethylene) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
Global Industrial Gloves Market, by Product Type
- Disposable Gloves
- Re-Usable Gloves
Global Industrial Gloves Market, by Application Type
Global Industrial Gloves Market, by Material Type
Global Industrial Gloves Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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