Market Overview:
Industrial gloves are protective gear worn in different industrial settings to protect hands from hazards. They are made from various materials like natural rubber, nitrile, neoprene, vinyl etc. depending on type of protection required. Industrial gloves find applications in automotive, food & beverages, chemical, healthcare, construction and other industries. They prevent cuts, burns, chemical exposure and other dangers on job sites. With increasing concerns over workplace safety, demand for high-quality industrial gloves is growing globally.
Market key trends:
One of the key trends in the industrial gloves market is growing adoption of micro-learning solutions. Manufacturers are focusing on training and skill development programs for safe and proper use of industrial gloves. This includes development of online and mobile-based micro-learning modules covering topics like types of gloves for different tasks, proper fitting, care and maintenance. Short video tutorials and infographics are widely used. Such initiatives ensure workers understand importance of correct glove usage and replacement. This drives gloves consumption and reduces risks of accidents. Growing emphasis on employee safety trainings will further promote micro-learning solutions, benefiting industrial gloves market over the forecast period.
The global Industrial Gloves Market Growth is estimated to be valued at US$ 8614.72 Mn 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.
Porter’s Analysis
Threat of new entrants: Low capital requirements and availability of raw materials has increased threat of new entrants in the market. However, established brands enjoy strong customer loyalty that poses a barrier.
Bargaining power of buyers: Large buyers such as automotive and healthcare sectors have significant influence on prices due to bulk purchases. Buyers can negotiate on price and demand better quality and warranties.
Bargaining power of suppliers: Key raw materials such as latex and polymers are commoditized bringing less differentiation. This gives buyers option to switch to alternative suppliers.
Threat of new substitutes: Advanced materials such as nitrile are replacing natural rubber gloves. However, functionality, cost effectiveness and established usage keeps threat moderate.
Competitive rivalry: The presence of numerous global and local brands intensifies competition. Differentiation is low except for branding and quality. Pricing pressure exists to retain existing market share.
Key Takeaways
The global Industrial Gloves Market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period 2023-2030, due to increasing worker safety regulations and growing awareness about hygiene in developing nations.
The Asia Pacific region dominates the global industrial gloves market, owing to presence of major manufacturing hubs in countries like China and India. Rapid industrialization and strict enforcement of workplace safety boost demand. North America and Europe are other prominent markets driven by well-established automotive and healthcare industries.
Key players operating in the industrial gloves market are Top Gloves, Honeywell Safety Products, 3M Corporation, Ansell, Showa Group. These players dominate through vast production capacity and strong distribution networks worldwide. Innovation in material and enhanced tactile sensitivity are key strategies adopted.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
