Industrial hand protection gloves are protective gloves used across various industries to prevent hand injuries and promote hand safety of workers. These gloves consist of several materials such as leather, rubber, nitrile, neoprene and Kevlar which provides resistance to heat, cuts and abrasions. Industrial gloves protect hands from risks of chemicals, sharp objects, heat, electricity and vibration. The manufacturing, construction, chemical and oil & gas industries extensively use industrial gloves on a daily basis.
The global Industrial Hand Protection Gloves Market is estimated to be valued at US$ 14201.83 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Stringent workplace safety regulations mandate the use of protective hand gloves for high-risk jobs which is driving the growth of this market. Various industries are ensuring proper hand safety training and compliance with standards to avoid any accidents. This growing safety culture and compliance with regulations provide immense growth prospects for industrial hand protection gloves market in the coming years.
Threat of new entrants: The hand protection gloves market has moderate threat of new entrants due to high capital investment requirement for R&D, manufacturing and distribution facilities.
Bargaining power of buyers: There are many established players operating in the market giving buyers bargaining power in terms of price and quality.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to availability of substitute raw materials.
Threat of new substitutes: There is low threat from substitutes as hand protection gloves are essential for safety in various industries.
Competitive rivalry: The market rivalry is high due to presence of many international brands providing variety of gloves.
Strength: Product innovations in terms of designs, materials and safety features. Growing demand from end-use industries.
Weakness: Market vulnerability to fluctuations in raw material prices.
Opportunity: Emerging markets in Asia Pacific and Latin America regions. Demand for cut and chemical resistant gloves.
Threats: Stringent government regulations pertaining to product quality and testing. Intense competition among existing brands.
The Global Industrial Hand Protection Gloves Market Size is expected to witness high growth during the forecast period of 2023 to 2030 on account of rising demand from key end-use industries. The global Industrial Hand Protection Gloves Market is estimated to be valued at US$ 14201.83 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030.
Regionally, Asia Pacific dominates the market and is projected to continue its dominance in the coming years attributable to rapid industrialization in countries such as China and India.
Key players operating in the Industrial Hand Protection Gloves market are Burcon Nutrascience, Cosucra Groupe Warcoing, Nutri Pea Limited, Sotexpro, Roquette Freres, Glanbia Plc., Fenchem Biotek Ltd., Prinova Group LLC, and Yantai Shuangta Food Co. These established brands are focusing on expanding their regional presence and launching new products catering to industry-specific needs. Safety features like cut resistance, puncture resistance and chemical resistance are major factors influencing the purchase decisions of end-users.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it