The global protective gloves market size is predicted to reach USD 33.26 billion by 2029 and exhibit a CAGR of 4.6% during the forecast period. The swiftly expanding construction industry is anticipated to bolster the growth of the market. Fortune Business InsightsTMhas presented this information in its report titled, “Protective Gloves Market, 2022-2029”. The market size stood at USD 21.39 billion in 2021 and USD 24.20 billion in 2022.
Additionally, the growing workplace safety regulations across developing and developed countries are anticipated to create lucrative growth opportunities for the market.
COVID-19 Impact-
Increasing Demand for Disposable Gloves in Healthcare Industry during COVID-19
The novel coronavirus pandemic has upswing the demand for protective gloves. The need for personal protective equipment rose during the pandemic, which has expanded the market’s growth. The increasing awareness for disease prevention in the healthcare sector and patient well-being is likely to boost the market’s growth in the coming years. Furthermore, the unpredictable duration of the coronavirus pandemic is anticipated to propel the market’s growth in the upcoming years.
List of Key Market Players in the Protective Gloves Market are:
- Huihong (NANTONG) Safety Products Co., Ltd (China)
- Ansell Ltd. (Australia)
- Hartalega Holdings Berhad (Malaysia)
- Top Glove Corporation Bhd (Malaysia)
- 3M (U.S.)
- Superior Gloves (U.S.)
- KOSSAN Rubber Industries Ltd. (Malaysia)
- Kimberly-Clark Corporation (U.S.)
- DIPPED PRODUCTS PLC (Sri Lanka)
- Globus (Shetland) Ltd. (U.K.)
- Uvex Group (Germany)
- PIP Global (U.S.)
- Honeywell International Inc. (U.S.)
- Showa Glove Co. (U.S.)
- Towa Corporation (Japan)
- Supermax Corporation Berhad (Malaysia)
- ATG- Intelligent Glove Solutions (Sri Lanka)
- Lalan Group (Pvt) Ltd (Malwana, Sri Lanka)
- Jiangsu Hanvo Safety Product Co., Ltd. (China)
- QS Safety (China)
Report Coverage-
- It highlights detailed information on different market segments, products, raw materials, applications, and others.
- It includes an assessment of the COVID-19 pandemic’s impact on the market.
- It incorporates Porters’ Five Forces Analysis for precise market prediction.
- It addresses the latest developments witnessed in the market.
- It highlights the various restraints and drivers of the market’s growth.
Segments-
On the basis of product, the market is divided into durable and disposable. On the basis of raw material, the market is segmented into leather gloves (durable), vinyl (PVC) gloves, polyurethane, neoprene gloves, nitrile gloves, and natural rubber gloves. On the basis of application, the market is categorized into mining, oil & gas, food & beverages, construction, manufacturing, healthcare & medical, and others. Geographically, the market is classified into Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa.
Drivers & Restraints-
Swiftly Expanding Construction Industry to Stimulate Market Growth
Increasing workplace safety regulations due to the escalating working population across manufacturing, food processing, oil & gas, healthcare, and chemical industries are anticipated to be major propellants for protective gloves market growth. The growing stringent regulatory norms across Europe and the U.S., particularly in the manufacturing industry, are expected to stimulate significant growth for the market.
The swiftly expanding construction industry and the increasing number of workers in the industry are expected to result in an increased demand for protective gloves. The high exposure to several hazards on job sites requires protection, surging the product demand.
Additionally, increasing emphasis of manufacturers on launching more sustainable protective gloves made from hemp, linen, and bamboo is expected to be a key trend fostering the growth of the market.
However, allergic reactions and skin allergies due to latex may restrain the market growth during the forecast period.
Regional Insights-
North America to Gain Prominent Growth Due to Stringent Laws
North America is predicted to attain a major protective gloves market share. The rising stringent laws mandating protective gloves’ use in various industries, coupled with the growing awareness for wellbeing are projected to bolster growth in North America. Additionally, the increasing instances of pandemics including swine flu, Ebola, COVID-19, and others are predicted to favor the region’s market growth.
Asia Pacific is anticipated to witness immense growth due to the rising innovations by several glove manufacturers, rising awareness for workplace safety, and rising raw material prices. Furthermore, the expanding healthcare industry in Japan, India, China, and Malaysia is expected to amplify the region’s market growth.
Europe is expected to witness substantial growth due to the policy framework set by the European Union that mandates the usage of gloves in compliance with the set norms.
Competitive Landscape-
Key Players Adopt Ingenious Strategies to Amplify their Growth Prospects
The highly competitive and fragmented marketplace comprises several international and regional players such as 3M, Honeywell International, Top Glove, Ansell, and others. The major market players adopt various growth strategies such as new product launches, joint ventures, alliances, partnerships, acquisitions, and others to amplify their growth prospects. For instance, KOSSAN Rubber Industries Bhd donated nearly 2 million pieces of medical gloves in March 2020 to support the Malaysian authorities in the fight against the coronavirus outbreak.
Industry Development-
- February 2020: Ansell Limited acquired 50% of the issued shares of Careplus (M) Sdn Bhd from Careplus Group Berhad for a total of USD 9 million. This acquisition will help Ansell to enter the business of surgical gloves and expand the business portfolio.
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