February 22, 2024

Industrial Hand Protection Gloves Market Is Driven By Rise In Industrial Activities Across Various Industries

Industrial hand protection gloves are specialty gloves that offer protection against risks such as cuts, punctures, chemicals, heat and grips in harsh industrial environments. They are made up of various materials such as leather, rubber, nitrile, neoprene and Kevlar depending on the type of protection required. Industries such as automotive, food processing, construction, healthcare and oil & gas among others extensively use these protective gloves. The need for effective hand protection is important in such jobs to prevent injuries and infections at workplace. With rapid industrialization and economic growth worldwide, there has been a substantial rise in industrial activities and projects across all major industries. This has contributed to increasing instances of work-related accidents, injuries and health issues, thereby propelling the demand for industrial hand protection gloves.

The global Industrial Hand Protection Gloves Market is estimated to be valued at Us$ 14,201.83 Mn in 2024 and is expected to exhibit a CAGR Of 13% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends gaining traction in the industrial hand protection gloves market is the increasing demand for cut-resistant gloves. Cut injuries are common in industries like manufacturing, construction, automotive repair and meat processing. Therefore, employers are focusing on providing cut-level certified hand protection to employees working in such environments. For instance, cut level A5 rated gloves offer protection against sharp objects like knives, metal sheets etc. Another noticeable trend is the rising popularity of multifunctional gloves that offer protection against multiple hazards such as chemicals, extreme temperatures, cuts and impact in a single glove instead of using multiple gloves. Manufacturers are developing advanced glove technologies and designs to cater to such demands. In addition, growing worker safety regulations across regions is compelling industries to use adequate protective gloves.

 

Porter’s Analysis

Threat of new entrants: The industrial hand protection gloves market requires high initial investments for manufacturing facilities and certifications which act as a deterrent for new players. However, the growing demand from various end-use industries can encourage new entrants.

Bargaining power of buyers: The presence of numerous manufacturers and variety of product options available increases the bargaining power of buyers in this market. Buyers can negotiate on price and demand customized solutions.

Bargaining power of suppliers: Major raw materials required include synthetic and natural rubber which have many established global suppliers. This decreases supplier bargaining power.

Threat of new substitutes: There exist few substitute products that can provide similar protection as industrial gloves therefore threat is low. Technological advancements may lead to new substitutes in future.

Competitive rivalry: Being a commoditized market, manufacturers compete mainly on pricing, product functionalities and supply chain efficiency. Major players have established supply networks globally increasing competitive rivalry.

Key Takeaways

The Global Industrial Hand Protection Gloves Market Demand is expected to witness high growth. The market is expected to reach a value of US$ 20,123.47 Mn by 2030 from US$ 14,201.83 Mn in 2024, expanding at a compound annual growth rate (CAGR) of 13.% during the forecast period from 2023 to 2030

Regional analysis:

 

The Asia Pacific region dominates the global industrial hand protection gloves market and is expected to maintain its position over the forecast period. Countries like China, India, Japan, and South Korea have strong manufacturing sectors and growing construction activities driving demand. North America and Europe are also sizable markets due to stringent worker safety regulations and high requirement from oil & gas and construction industries.

Key players operating in the Industrial Hand Protection Gloves market are EcoFlow Tech, Goal Zero, Renogy, Anker Innovations Limited, BioLite Inc., Nekteck Inc. The market is fragmented in nature with top players engaged in new product development, capacity expansions and partnerships to gain higher share.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it