July 16, 2024

Rising Occupational Safety Regulations To Boost The Growth Of Industrial Hand Protection Gloves Market

Market Overview:

Industrial hand protection gloves help prevent hand injuries that can occur due to hazardous chemicals, sharp surfaces, extreme temperatures, and other dangers on work sites. There are various types of gloves available for different applications, including chemical-resistant gloves, cut-resistant gloves, mechanical gloves, and thermal gloves. The rising demand for hand safety from industrial workers engaged in automotive, construction, chemicals, oil & gas, and other manufacturing industries is driving the growth of the industrial hand protection gloves market.

Market key trends:

One of the key trends in the industrial hand protection gloves market is the increasing demand for multi-purpose gloves that provide protection against multiple hazards. Manufacturers are focusing on developing advanced gloves made from sophisticated materials that offer dexterity as well as protection from hazards such as cuts, chemicals, heat, and electricity. Furthermore, the implementation of stringent workplace safety regulations by regulatory bodies such as OSHA and ANSI pertaining to the use of protective handgear is expected to propel the demand for industrial hand protection gloves over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the industrial hand protection gloves market is low. There is high capital required to enter this market and establish distribution channels and brand reputation.

Bargaining power of buyers: The bargaining power of buyers is high as there are many established brands in the market providing variety of products at competitive prices. Buyers can easily switch to alternatives.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are many raw material suppliers but key brands have long-standing relationships with select suppliers.

Threat of new substitutes: The threat of new substitutes is moderate. Alternate protective gear like mechanical guards pose threat but gloves are widely used across industries.

Competitive rivalry: The competitive rivalry in the market is high due to presence of large number of players. Players compete on pricing, innovation, and expansion of product portfolio.

Key Takeaways

The global Industrial Hand Protection Gloves Market  Demand  is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing awareness regarding worker safety and stringent regulations mandating use of protective gear.

The Asia Pacific region dominates the industrial hand protection gloves market and is expected to continue its dominance during the forecast period. Growth can be attributed to factors such as rapid industrialization and rising concerns for employee safety in emerging economies such as China and India.

Key players operating in the industrial hand protection gloves market are Kossan Rubber Industries Bhd, Uvex Group, 3M Company, COFRA Srl, Hartalega Holdings Berhad, MCR Safety, Top Glove Corporation Berhad, Midas Safety Inc., Protective Industrial Products, Inc., Ansell Limited, Kimberly Clark Corporation, Honeywell, and Alpha Pro Tech Limited. Key players are focusing on expanding their product portfolio by continuous product innovations to cater to diverse industry demands.

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