Variant Market Research forecasted that the global industrial gloves market is forecasted to reach $9 billion by 2024 from $4 billion in 2016; growing at a CAGR of 8.6% from 2016 to 2024. There are the several driving factors of the market such as rapid industrialization, and rising awareness for safety & hygiene at workplaces. However, availability of substandard products and variations in raw material prices may restrain the growth of the market. Furthermore, increasing R&D, initiatives taken by government organizations are the major opportunities of the market.
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Key segments of the global industrial gloves market are products type, material type, application, and geography. Re-usable gloves and disposable gloves are the key sub segments of the product type segment. In 2016, disposable gloves sub segment has highest market share and it will continue to dominate the segment during the forecast period 2016-2024. Moreover, application segment has been segmented into healthcare, chemicals, pharmaceuticals, manufacturing, food, Pharmaceuticals, chemicals, and others.
North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global industrial gloves market. In 2016, North America region accounted for the highest market share of 37.4%, owning to, strict rules & regulations regarding worker safety and upsurge in the number of accidents. Additionally, Asia-Pacific is predicted to grow at the highest CAGR of 9.6% during 2016-2024, driven by rapid industrialization across the emerging economies.
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The market players have been adopting several strategies to increase their product portfolio and geographical presence. For instance, Southern Glove, Inc., announced Arctic Gripper thermal gloves, in January 2016, which is designed to bring comfort, warmth and dexterity under icy or cold working conditions. The key market players in the industrial gloves market are Westchester Holdings, Inc, Towa Corporation, Honeywell Safety Products, 3M Corporation, Showa Group, Ansell Ltd., Lakeland Industries, Inc., MSA Safety, Liberty Gloves & Safety, Inc., Protective Industrial Products Inc., Bacou-Dalloz, Inc., Southern Glove, Inc., among others.
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