Industrial Gloves Market Estimated To Witness High Growth Owing To Increased Safety Awareness In Industries
Market Overview:
Industrial gloves are protective handwear that provide safety and grip during various industrial activities. They protect hands from chemicals, machinery, heat, and other hazards present in industries such as oil & gas, automotive, chemicals, food processing, and healthcare. These gloves come in various designs, sizes, and materials depending on end-use requirements.
Market Dynamics:
The Industrial gloves market is expected to grow owing to two key drivers-
Increased safety awareness in industries: Strict worker safety regulations and guidelines by international bodies have increased industrial safety awareness globally. Industrial accidents can prove costly for businesses, thus more companies are ensuring appropriate employee protective gear including gloves.
Growth of end-use industries: Expanding automotive, oil & gas, healthcare, and food processing industries are fueling the demand for protective industrial gloves. As these sectors involve exposure to chemicals, heat, machinery risks, industrial gloves play a crucial role in worksite safety. Increased investments and manufacturing activities in developing nations are propelling the demand from end-use sectors.
The global Industrial Gloves Market Growth is estimated to be valued at US$ 8614.72 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Industrial gloves market is driven by stringent worker safety regulations in several industries like construction, chemical, automotive, healthcare etc. Industrial gloves offers protection against cuts, burns, chemicals and other hazards. Growing awareness regarding worker safety is positively impacting the industrial gloves market.
Weakness: Availability of counterfeit and low quality gloves in the market can hamper authentic brands. Developing alternative materials for gloves with better protection and comfort level is a challenge.
Opportunity: Emerging economies are expected to provide significant growth opportunity due to rapid industrialization and implementation of workplace safety rules. Technological advancement in material and designs of gloves is widening its applicability in new industries.
Threats: Volatility in raw material prices especially natural rubber can increase the cost of gloves. Trade wars and geopolitical tensions impact the supply chain and international trade.
Key Takeaways
The global industrial gloves market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing awareness about worker safety and stringent regulations. North America dominates the market currently due to stringent workplace safety compliances and Europe is the second largest region. Asia Pacific is expected to offer lucrative growth opportunities with rapid industrialization in China and India.
Regional analysis
Asia Pacific region is projected to grow at the highest CAGR during the forecast period. Rising worker safety awareness along with implementation of workplace safety rules in major economies like China and India are fueling the industrial gloves market. China dominates the Asia Pacific region supported by presence of domestic manufacturing facilities of global players and rapid infrastructure growth.
Key players
Key players operating in the industrial gloves market are Top Gloves, Honeywell Safety Products, 3M Corporation, Ansell, Showa Group, Corolina Glove & Safety Company, Superior Gloves, Southern Gloves Inc., UVEX Safety Group, Longcane Industries, Shangdong Yuyuan Latex Gloves, Marvel Glove Industries, and Kanam Latex Industries Pvt. Ltd. Major players are focused on new product development, collaboration and mergers to strengthen their market position.
Read More: https://blogger-veritas.blogspot.com/2023/11/industrial-safety-is-fastest-growing.html
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