Published: Oct, 2016
A high level of consolidation defines the competitive landscape of the global industrial gloves market. According to a new report by Transparency Market Research (TMR), in 2015, the top four participants, namely, Ansell Ltd., Showa Group, 3M Corp., and Honeywell Safety Products, held a collective share of more than 75% in the global market. While on the international level, these participants are engaged in a high degree of rivalry to achieve the top position, local vendors are posing a serious challenge for them on the regional level. As the products by international brands are perceived as being expensive, their locally manufactured, cheap counterparts are making their way easily into emerging economies.
In order to expand their consumer base in cost-conscious but highly lucrative regional economies, international manufacturers need to focus on establishing production units in their target regions. These regions, due to the availability of a skilled workforce at low wages and low-cost raw materials, will help them to keep their products reasonably-priced.
TMR estimates the global market for industrial gloves, which held an opportunity of US$5.1 bn in 2015, to reach a value of US$11 bn by 2024, expanding at a CAGR of 9.60% during the period from 2016 to 2024. Disposable gloves are expected to remain the most widely used industrial gloves around the world throughout the forecast period. The sales of disposable gloves are likely to cross US$9.6 bn by 2024.
Growing Concerns over Worker Safety to Ensure Strong Demand for Industrial Gloves in North America
Asia Pacific, Latin America, North America, Europe, the Middle East and Africa have been identified as the prime regional markets for industrial gloves in this study. The demand for industrial gloves is fairly high in North America and Europe on account of the presence of a wide range of end-use industries.
North America, among all, demonstrated a higher demand for industrial gloves in 2015 with a share of more than 36% in the overall market. Thanks to the growing concerns over worker safety in North America and clear regulations in place to ensure the same, analysts expect the scenario to remain unchanged in the near future.
Extensive Use of Industrial Gloves in Various Industries to Create Growth Opportunities for Manufacturers
“Industrial gloves find extensive use in the medical and healthcare, pharmaceuticals, food and beverages, and the chemical industries,” says an analyst at TMR. With workers being highly exposed to hazardous chemicals, cuts and abrasions, and contamination from a number of things, the need for personal protective equipment, especially industrial gloves, is increasing significantly in these industries, reflecting positively on this market’s growth.
In addition, the increasing awareness pertaining to employees’ safety, coupled with various government regulations stressing on the usage of industrial gloves, is expected to fuel the sales of gloves for industrial use remarkably in the coming years.
High Cost of Branded Industrial Gloves to Limit Usage
Although the trends in the global industrial market forecast a thriving future, the high cost of branded products, together with the easy availability of cheap counterfeit products, is likely to hinder the growth trajectory of this market substantially in the long run. The lack of awareness regarding the benefits of industrial gloves among workers, especially those located in developing pockets, is also expected to pose a serious threat to the growth of this market over the next few years, states the research report.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Industrial Gloves Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The global industrial gloves market is segmented into:
By Product Type
- Disposable Gloves
- Re-Usable Gloves
- 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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