Albany, New York: The global market for industrial gloves features a markedly high level of consolidation, with the top four players accounting for a collective share of over 75% in the overall market in 2015, states Transparency Market Research in a recent report. Though the market witnesses an intense level of competition among these top companies fighting for the top spot in the global market, which include Showa Group, Ansell Ltd., Honeywell Safety Products, and 3M Corporation, local vendors are giving a tough fight on the regional level.
To gain an edge and acquire an increasingly large share of consumers, top vendors are resorting to strategies such as product innovation and attempts at reducing the cost of products while maintaining the promise of utmost quality. Acquisitions are also increasingly sought as a way of expanding product portfolios and gaining the trust of an established consumer base.
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Flourishing End-use Industries and Rising Awareness Regarding Worker Safety to Bode Well for Industrial Gloves Market
Industries such as pharmaceuticals, food, chemicals, and healthcare are the most prominent consumers of a variety of industrial gloves. The pharmaceutical, chemicals, and food industries accounted for nearly two-thirds of the global industrial gloves market’s overall revenues in 2015. Naturally, growth in these industries is a key requisite for the overall development of the industrial gloves market. In the past few years, these industries have seen flourishing growth across all notable regional markets such as North America, Europe, Asia Pacific, and Latin America, boding extremely well for the industrial gloves market.
The usage of industrial gloves across several operations in these industries is ruled primarily by worker safety mandates instigated by government and private bodies. While employee safety rules have traditionally been much stricter and were adhered to more strictly in developed regions than in cost-conscious developing regions, the scenario is rapidly changing.
Transparency Market Research analysts state that the market for industrial gloves will expand at the fastest CAGR of nearly 12% in Asia Pacific over the forecasting horizon. The factors driving the increased usage of industrial gloves in the region will chiefly be the increasingly stringent worker safety guidelines, rising awareness among employees about the health benefits of high-quality gloves, and flourishing growth of key end use industries.
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Local and Inexpensive Product Varieties and Lack of Awareness among Employees to Threaten Market’s Growth Prospects
The lucrative growth opportunities in the global industrial gloves market has attracted a large number of small-, medium-, and large-sized vendors operating across a variety of product segments and serving several regional markets. While some international players are known for the high-quality of their products, they are also infamous for the high costs of their offerings. High costs of products from international vendors mostly fail to appeal cost-conscious industries, especially located in emerging economies.
The threat of being replaced by locally manufactured, cheaper varieties of industrial gloves across the highly lucrative developing economies is a big loss for international vendors. Expanding their consumer base in lucrative regional pockets will require global vendors to focus on establishing production bases in the target regions, where low raw materials and labor costs will help keep product prices in check. Attempts at improving the level of awareness among workers and employers regarding the several benefits of use of industrial gloves could also help strengthen the positions in regional markets.
The global industrial gloves market held an opportunity worth US$5.13 bn in 2015. The market is expected to expand at a CAGR of 9.6% over the period between 2016 and 2024, and rise to a valuation of US$11.01 bn by 2024. The segment of disposable gloves accounted for over 85% share in the global market in 2016 and is expected to remain the dominant product variety over the forecasting horizon as well. Applications across the pharmaceutical industry helped the market gain the largest share of revenues, an estimated 25.5% in 2015.
This review is based on a recent market research report published by Transparency Market Research, titled “Industrial Gloves Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024.”