February 29, 2024

Industrial Gloves Market Driven by Growing Concerns Over Workplace Safety is estimated to be valued at US$ 8,053 million in 2023

Industrial gloves are protective hand coverings that protect hands from cuts, abrasions, chemical exposure, and thermal or electrical injuries. They are made of various materials like rubber, nitrile, neoprene, and vinyl to provide strength, flexibility and grip. The growing concerns regarding hand protection from machine operations, hazardous chemicals, and sharp-edged materials in various end-use industries including automotive, construction, food processing, chemicals and healthcare is propelling the demand for industrial gloves. Industrial gloves play a crucial role in workplace safety by preventing hand injuries that could potentially lead to lost work time.

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:

One of the key trends observed in the industrial gloves market is the increasing demand for cut-resistant gloves. Cut-resistant gloves are specifically designed to protect hands and fingers from accidental cuts by knives or sharp edges of materials at the workplace. They are made of materials like aramid fibers, ultra-high molecular weight polyethylene (UHMWPE), and nitrile that provide excellent cut protection against tearing and sharp objects. The growing meat processing, construction, automotive, and manufacturing industries are fueling the demand for cut-resistant industrial gloves to ensure employee safety. Furthermore, ongoing product innovations incorporating advanced materials for enhanced cut protection also contributes to the demand for cut-resistant industrial gloves.

Porter’s Analysis

  • Threat of new entrants: The threat of new entrants is moderate as setting up a new manufacturing plant requires high capital investment and certifications are needed to enter the market.
  • Bargaining power of buyers: The bargaining power of buyers is high due to the presence of numerous established players and availability of substitutes. Buyers can negotiate on price and quality of gloves.
  • Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials require certifications and consistency in supply. However, switching costs are low.
  • Threat of new substitutes: The threat of new substitutes is low as gloves made from different materials have different perks in terms of durability, flexibility and costs.
  • Competitive rivalry: The competition is high among the numerous international and regional players operating in the market.

Key Takeaways

The global Industrial Gloves market is expected to witness high growth. The market in Asia Pacific dominated with the largest share in 2023 supported by rapidly growing industries in China and India. 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.

Regional analysis shows that Asia Pacific will continue to retain its leading position during the forecast period. Abundant raw material availability and low production costs have boosted glove manufacturing in countries like China, India, Japan and South Korea.

Key players operating in the Industrial Gloves market are Ansell Limited, Top Glove Corporation Bhd, Honeywell International Inc., Hartalega Holdings Berhad, W.W. Grainger Inc., Kimberly-Clark Corporation, MCR Safety, Hyde Park Rubber, Comfort Rubber Gloves Industries and Riverstone Holdings.