Industrial Gloves Market Value Projected to Expand by 2017-2025
The Global Industrial Gloves market was valued at US$ 5,629.7 million in 2016 according to a new report published by Coherent Market Insights. Industrial gloves are used to reduce the risks of employees by maintaining safe working conditions at the work place. Increasing mishaps in various industries have resulted in an increasing demand for personal protective equipment. Industrial gloves are manufactured based on the specific needs of various industries. Industrial gloves have excellent chemical, heat, corrosion and abrasion resistant properties, which work as an excellent barrier. The Occupational Safety and Health Administration (OSHA) requires that employers protect their employees from workplace hazards that can cause injuries and hazards. The OSHA has introduced various regulations in order to ensure safety of employees. These stringent regulations have resulted in high demand for industrial gloves across all sectors.
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Key Trends and Analysis of the Industrial Gloves Market:
Rubber/Latex dominated the materials segment in the production of industrial gloves in 2016. Asia Pacific is the biggest producer of industrial gloves, due to the ample availability of natural rubber in the region. Nitrile was the second most used material in the production of Industrial gloves. Nitrile is expected to grow at a CAGR of 7.95% during the forecast period. However, Nitrile glove prices are expected to increase due to soaring prices of butadiene, as butadiene is an important raw material used in the production of Nitrile. The recent hurricane Irma in the U.S. has resulted in an increase in the price of Butadiene, which in turn has affected Nitrile latex prices.
Key takeaways of the Market:
North America dominated the global Industrial gloves market in 2016. North America accounted for 37% market share in 2016. North America is expected to maintain dominant position during the forecast period. Strict regulations with respect to practices to be followed in industries have ensured an increasing demand for industrial gloves in the region. Increasing industrial and shale gas production has resulted in an increasing demand for industrial gloves. The U.S. is the biggest producer of shale gas in the world. The U.S. Energy Information Administration (EIA) estimates that about 15.8 trillion cubic feet (Tcf) of dry natural gas was produced directly from shale and tight oil resources in the United States in 2016. The U.S is also home to the ‘Big Three’ car companies viz General Motors, Ford Motor Company and Fiat Chrysler Automobiles US. Thus, to suffice the demand needs production is on a rise, resulting in an increase for the demand of industrial gloves in the North American region.
Asia Pacific is the fastest growing region in the global Industrial gloves market. The Asia Pacific industrial gloves market was valued at US$ 929 million in 2016 and is expected to grow at an incredible CAGR of 8.30% during the forecast period. Growing infrastructure and industrial activities in the emerging economies of Asia Pacific is a major driver for growth of the Industrial gloves market in the Asia Pacific region. The growing automobile industry especially in China and India has seen an unprecedented demand for industrial gloves in this region. As the Asia Pacific region is a major manufacturer of rubber, industrial gloves are comparatively cheaper in Asia Pacific as compared to the other regions. Thailand and Malaysia are major manufacturers and exporters of industrial gloves. On account of this, industrial gloves have ample growth opportunities in the Asian region during the forecast period.
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Key players operating the Industrial Gloves market include 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. There are various organic and inorganic growth strategies, which are being followed by the leading players in the market. Various governmental organizations are working to ensure safe industrial practices are being followed in industries.
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