Albany, NY -- (SBWIRE) -- 09/27/2017 -- 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.
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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.
Rise of End-Use Industries Provide Ample Market Opportunity
The worldwide industrial gloves market is anticipated to exhibit high growth due to a number of factors that promise to propel the industry positively. The rapidly flourishing chemical, pharmaceutical and food and beverage industry will lead to high demand of industrial gloves. Each of these industries require the use of gloves on a tremendous basis, and the food and beverage industry is predicted to be largest market share holder. The food and beverage industry requires strict hygiene standards, and could prove to be a significant market driver.
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The rise of industrial gloves usage across Europe and North America is foretold to be a key factor of the global market growth as well. These regions have recorded almost two-third of the total market revenue, and the increasing awareness of worker safety is expected to aid in maintaining the regions market position.
The market could face some challenges in the form of lower awareness levels, and threat of local market players. The high cost of international products may lead to preference to lower quality and local product usage. Emerging economies may fall prey to lower cost products and hamper the overall market growth. However, with key players focusing on regionalization of their enterprise and making their product cost effective, these market constraints are expected to be overcome easily, leading to general market rise.
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.
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