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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial hand protection gloves are protective gear worn as a protective covering for hands. They protect hands from hazards such as chemicals, excessive heat or cold, hazards present in the environment like dirt, disease, friction and mechanical damage, cuts or punctures during industrial work. Industrial gloves made from different materials offering different levels of protection including disposable or reusable gloves made from materials like rubber, latex, neoprene, leather, and Kevlar. They help ensure safety of workers by preventing injuries, infections, hazards at industrial workplaces.
Market key trends:
One of the major trends in the industrial hand protection gloves market is growing demand for cut-resistant gloves from automotive, metal fabrication, construction and other industries. Cut-resistant gloves made from high strength materials provide excellent cut resistance and protection from sharp objects. Moreover, rising awareness regarding hand safety and stringent regulations towards workforce safety are also contributing to the growth of industrial hand protection gloves market. Manufacturers are introducing gloves made from advanced materials offering high dexterity, lightweight and breathability to increase workers comfort along with protection.
Porter’s Analysis
Threat of new entrants: Low economies of scale and high costs of manufacturing plants, machinery, marketing and training make it difficult for new players to enter the hand protection gloves market.
Bargaining power of buyers: Major buyers in the industrial hand protection gloves market include construction, healthcare, manufacturing, food and beverage industries. The bargaining power of buyers is moderate owing to availability of substitutes.
Bargaining power of suppliers: The suppliers have low bargaining power due to availability of replacement suppliers.
Threat of new substitutes: The threat of new substitutes is low as alternatives like disposable medical gloves are not close substitutes for industrial hand protection gloves.
Competitive rivalry: Highly competitive due to presence of several regional and international manufacturers.
Key Takeaways
The Global Industrial Hand Protection Gloves Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing concerns regarding safety and growing awareness regarding hand protection in industries. The market size for 2023 is estimated to be US$ 14201.83 Mn.
Asia Pacific region dominated the global market in 2023 and is expected to maintain its lead over the forecast period. This is attributed to growth of end use industries and presence of key players in countries like China and India. North America and Europe are also anticipated to register high growth, supported by increasing workers’ safety regulations.
Key players operating in the Industrial Hand Protection Gloves Market include 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 new product development, partnerships and expanding their presence in both developed and developing regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
