Flourishing growth across industries such as pharmaceutical, chemicals, and food and beverages in the past few years has led to a substantial rise in the global demand for a variety of industrial gloves. The global market for industrial gloves earns over 2/3rd of its overall revenues from applications across these industries.
Transparency Market Research states that the global industrial gloves market will expand at a healthy 9.6% CAGR over the period between 2016 and 2024. At this pace, the market will rise from a valuation of US$5.13 bn in 2015 to US$11.01 bn by 2024.
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Disposable Gloves Clearly Rule Consumer Choices
On the basis of the reusability of industrial gloves, the global industrial gloves market produces two key varieties of products: disposable and re-usable gloves. Usage of reusable gloves adds the extra task to the operational schedule of a workplace – their proper decontamination and safe storage between uses. In industries where gloves need to be put on and taken off frequently, such as food, chemicals, healthcare and pharmaceuticals, the use of disposable gloves is preferred.
It is chiefly this factor that enables the segment of disposable gloves acquire the leading position in the market. In 2015, disposable gloves accounted for a share of over 85% in the overall industrial gloves market. The segment is also expected to expand at the fastest CAGR of 9.7% from 2016 through 2024, rising to a valuation of US$9.68 bn by 2024.
Flourishing End-use Industries and Rising Awareness Regarding Worker Safety to Bode Well for Industrial Gloves Market
Industries such as pharmaceuticals, food, chemicals, and healthcare are the most prominent consumers of a variety of industrial gloves. The pharmaceutical, chemicals, and food industries accounted for nearly two-thirds of the global industrial gloves market’s overall revenues in 2015. Naturally, growth in these industries is a key requisite for the overall development of the industrial gloves market. In the past few years, these industries have seen flourishing growth across all notable regional markets such as North America, Europe, Asia Pacific, and Latin America, boding extremely well for the industrial gloves market.
The usage of industrial gloves across several operations in these industries is ruled primarily by worker safety mandates instigated by government and private bodies. While employee safety rules have traditionally been much stricter and were adhered to more strictly in developed regions than in cost-conscious developing regions, the scenario is rapidly changing.
Transparency Market Research analysts state that the market for industrial gloves will expand at the fastest CAGR of nearly 12% in Asia Pacific over the forecasting horizon. The factors driving the increased usage of industrial gloves in the region will chiefly be the increasingly stringent worker safety guidelines, rising awareness among employees about the health benefits of high-quality gloves, and flourishing growth of key end use industries.
The global market for industrial gloves features a markedly high level of consolidation, with the top four players accounting for a collective share of over 75% in the overall market in 2015, states Transparency Market Research in a recent report. Though the market witnesses an intense level of competition among these top companies fighting for the top spot in the global market, which include Showa Group, Ansell Ltd., Honeywell Safety Products, and 3M Corporation, local vendors are giving a tough fight on the regional level.
To gain an edge and acquire an increasingly large share of consumers, top vendors are resorting to strategies such as product innovation and attempts at reducing the cost of products while maintaining the promise of utmost quality. Acquisitions are also increasingly sought as a way of expanding product portfolios and gaining the trust of an established consumer base.