Global Industrial Gloves Market Report, published by Variant Market Research, forecast that the global market is expected to reach $9 billion by 2024 from $4 billion in 2016; growing at a CAGR of 8.6% from 2016 to 2024. By geography, Asia Pacific and North America are expected to grow at a CAGR of 9.6% and 8.5%, respectively, during the forecast period.
Increasing awareness for safety and hygiene at workplaces is expected to drive the industrial gloves market. Moreover, rapid industrialization and rules and regulations supporting the use of protective gears at workplaces is also boosting the market growth. However, fluctuations in raw material prices and availability of substandard products may limit the growth of the market. Furthermore, initiatives taken by government organizations and increasing R&D for product innovations provide growth opportunities in the upcoming years.
The global industrial gloves market is bifurcated into products type, application, and material type. By product type, the global industrial gloves market is further segmented into re-usable gloves and disposable gloves. Disposable gloves accounted for the largest market share in 2016, and are likely to continue its dominance during the forecast period 2016-2024. Moreover, by application, the market is segmented as pharmaceuticals, food, healthcare, chemicals, manufacturing and others. Pharmaceuticals and chemicals dominated the applications segment accounting about 26.3% and 25.1% respectively in 2016.
Geographically, the market has been segmented into North America, Europe, Asia-Pacific and rest of the world (RoW). North America accounted for the largest market share of 37.4% in 2016, owing to increase in the number of accidents and stringent regulations regarding worker safety. Europe accounted for the second largest market share of 29.6%. In terms of growth, Asia-Pacific is expected to attain the fastest CAGR of 9.6% during the forecast period 2016-2024, owing to the rapid industrialization and expansion of railways in the countries such as India and China among others.
Market players have used various strategies to increase their market share. For instance, in January 2016, Southern Glove, Inc., had introduced a new protective glove, called as the Arctic Gripper thermal glove, which is designed to provide warmth, comfort and dexterity under cold or icy working conditions. The major players in the market include Honeywell Safety Products, 3M Corporation, Showa Group, Ansell Ltd., MSA Safety, Lakeland Industries, Inc., Bacou-Dalloz, Inc., Liberty Gloves & Safety, Inc., Westchester Holdings, Inc, Protective Industrial Products Inc., Southern Glove, Inc., and Towa Corporation among others.