Industrial gloves are personal protective equipment that provides hand protection against risks such as cuts, bruises, burns, chemicals, as well as infection. They help prevent hand injuries in industries such as automotive, healthcare, chemical, construction, and food processing.
The global Industrial Gloves Market is estimated to be valued at US$ 8,053 million 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.
Market key trends:
Growing concern over workplace safety has been propelling the industrial gloves market in recent years. Studies show that hand injuries account for a significant percentage of overall occupational injuries. The Occupational Safety and Health Administration (OSHA) and similar regulatory bodies across countries have implemented stringent regulations mandating the use of industrial gloves for high-risk jobs. Industrial glove manufacturers are responding to this trend by developing specialized gloves made of cut-resistant materials for risky occupations like metal fabrication, glass handling, automotive repair etc. They are also offering gloves with enhanced grip, flexibility and dexterity to improve worker comfort and productivity without compromising on protection. This shift towards specialized, regulation-compliant and worker-friendly industrial gloves will continue driving market revenues over the forecast period.
SWOT Analysis
1. Strength: Industrial gloves offer safety and protection to workers from chemical, mechanical and biological hazards in various industries. The demand for industrial gloves remains high across industries like healthcare, automotive, construction, oil & gas, etc.
2. Weakness: Higher costs associated with industrial gloves compared to regular gloves can hamper adoption from lower budgets. Dependence on raw material prices also affects profit margins.
3. Opportunity: Growing focus on workplace safety regulations worldwide is driving demand from new sectors. Significant scope remains in developing regions where safety culture is improving. Innovation in materials to offer increased durability and performance expands business opportunities.
4. Threats: Intense competition exists from local and global brands. Economic slowdowns impact discretionary spending of end-use industries on safety equipment. Potential substitution threat from new protective technologies.
Key Takeaways
The global Industrial Gloves market is expected to witness high growth. The global Industrial Gloves Market is estimated to be valued at US$ 8,053 million in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.
Asia Pacific is expected to witness the fastest growth during the forecast period. Increasing worker safety regulations and rising industrial activity in China, India and other developing Asian countries is fueling market expansion in the region. North America currently dominates the market, supported by stringent workplace safety laws and presence of prominent players.
Key players operating in the Industrial Gloves market are Top Glove Corporation Bhd, Honeywell International Inc., Supermax Corporation Berhad, 3M Company and Kimberly-Clark Corporation. Top Glove Corporation Bhd is the largest player with a diversified product portfolio and wide geographic presence across Asia and other regions. 3M Company enjoys a strong brand reputation and is innovating through advanced glove technologies.
