The global industrial gloves market is envisaged to experience tremendous competition, leading to neck-to-neck struggle among the leading companies for the top spot. A third of the overall market share is predicted to be held by leading names such as Ansell Ltd., 3M Corporation, Showa Group, and Honeywell Safety Products. On a regional level, local vendors are predicted to give a tenacious fight. Market players and entrants are foretold to adopt innovative strategies in their products and employ cost reduction to maintain and influence market position. Portfolio expansion via acquisitions and mergers could also help gain trust of the customer base.
According to TMR’s report, the worldwide market for industrial gloves, which stood at US$5.13 bn in 2015, is expected to arrive at US$11.01 bn at the end of 2024. The market is prognosticated to showcase a 9.6% CAGR over the forecast duration of 2016 to 2024. Disposable gloves is expected to be leading market segment, showcasing a 9.7% CAGR.
Disposable Gloves to Remain Dominant Owing to Hygiene Issues
Industrial gloves market is segmented by type into disposable and reusable gloves. Reusable gloves need to be sterilized and decontaminated time to time. In an industry, this adds to the work process. In production industries such as pharmaceuticals, chemicals, healthcare, and food, wherein gloves need to removed and put back on frequently, it is not feasible to use reusable gloves. This is the primary factor behind the popularity of disposable gloves- making them the leading market segment.
The market for industrial gloves in Asia Pacific is predicted to be promising over the forecast period. On account of the food and beverage industry, chemicals, and pharmaceuticals, industrial gloves are slated to witness high demand. Increase in stringent worker safety mandates in this region is also expected to contribute to the fast growth of the region. However, North America and Europe are prognosticated to hold over 60% of the market revenue over the forecast duration, due to considerable surge in chemical and pharmaceutical businesses.
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