Albany, NY -- (SBWIRE) -- 11/02/2018 -- Industrial gloves are protective wear that protects the skin from heat, sharp metals, and harmful environments. They are designed in a way to provide extreme comfort to the wearer and do not obstruct the efficiency and adroitness of the wearer. They find application in manufacturing plants, assembling plants, chemical plants, and medical institutions among others where they provide protection from heat, corrosive substances, and sharp objects.
Industrial gloves find extensive usage in the automotive and transportation, oil and gas, and food industry. Product innovation is one of key drivers of the global industrial gloves market. This market includes a variety of small and major players such as Showa Group, 3M, Honeywell, Ansell, and Uvex. These manufacturers are engaged in extensive R&D to bring out new products in the industrial gloves market.
The global industrial gloves market is expected to reach around US$ 15,271.1 Mn by 2026. The market is expected to grow in terms of volume sales at a CAGR of 9.3% during the period 2016-2026. The North America industrial gloves market is expected to incur the highest market share, accounting for US$ 21,615.8 Mn in 2026. Increasing incidence of accidents in workplaces has led end use industries to adopt PPE products, industrial gloves being one of them. Additionally, stringent regulations set by governing bodies are fueling the demand for industrial gloves.
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The revenue growth of industrial gloves in the pharmaceutical and food segment is the highest compared to other industries. In these industries, hand protection works both ways: protecting the workers from chemical hazards and preventing food from getting contaminated. Pharmaceutical and food segment are also expected to maintain high growth rate during the forecast period, owing to the increasing demand for gloves in these segments.
One of the main challenging factors impacting the growth of the industrial gloves market is availability of local and inexpensive products. Locally manufactured gloves are extensively used across several application segments due to which the major manufacturers in the field face stiff competition from them. Additionally, employers find it easy to procure economical glove products as they are readily available in the local market, ignoring its lower safety levels. This factor is highly restraining the market currently; but due to the strict regulations set by regulating bodies regarding the quality of these products, the impact of the restraint is likely to reduce in the future.
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Additionally, lack of awareness regarding usage of industrial gloves is proving to be restraint for the growth of the industrial gloves market. Many workers in developing and underdeveloped countries in Asia Pacific, South America, and Middle East & Africa are unaware about industrial gloves and the protection that they offer, which is highly restraining the market in these regions. According to the U.S. Bureau of Labor Statistics (BLS), nearly 20% of workplace injuries involve cuts and lacerations to the hand and fingers annually out of which more than 50% of the cases happen because of lack of awareness among the workers about safety protection equipment.
However, developing regions such as Asia Pacific, South America, and the Middle East are yet to be tapped fully. Developing countries in Asia Pacific have significant potential for the growth of the industrial gloves market.
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Some of the major players in the global industrial gloves market are 3M Corporation, Honeywell Safety Products, Ansell Ltd., Lakeland Industries, Semperit A.G., Showa Group, and Hartalega Sdn. Bhd. etc.