The global Protective Gloves Market analysis is expected to gain impetus from the rapid growth of various sectors such as food processing, oil & gas, healthcare, chemical, and production facilities. Protective gloves help to minimize occupational risks of various factors and are a necessity in several industries.
Drivers & Restraints-
Growing Application by Food and Beverage Sector to Bolster Growth
The surging rate of population and the rapid growth of various industrial setups such as manufacturing industries, food processing, chemical, and oil & gas are the key factors propelling the global protective gloves market growth. In addition to this, the advent of technological advancement into various industries will help add impetus to the growth of the market.
On the contrary, factors such as skin issues, namely, rashes, allergies, and others related to the continuous use of protective gloves for long duration may hamper the growth of the market in the forecast period.
Nevertheless, the current coronavirus pandemic propelled the imposition of stringent regulations by the governments on employee safety and security. These are likely to create lucrative future growth opportunities for the market in the long run.
A published report by Fortune Business Insights estimates the market to rise at a CAGR of 11.7% between 2020 and 2027. The value of this market as per the report titled, “Protective Gloves Market Size, Share & Industry Analysis, By Product (Disposable Gloves, and Durable Gloves), By Raw Material (Natural Rubber Gloves, Aramid Fiber Gloves, Nitrile Gloves, Neoprene Gloves, Polyurethane, Vinyl (PVC) Gloves, and Leather Gloves), By Application (Healthcare & Medical, Manufacturing, Construction, Food & Beverages, Oil & Gas, Mining, and Others), and Regional Forecast, 2020-2027,”was USD 12.37 billion in the year 2019 and is expected to reach USD 35.20 billion by the end of 2027.
Healthcare & Medical Segment Bagged Largest Share Attributed to Increasing Use of Medical and Surgical Gloves
The global market for protective gloves was dominated by the healthcare and medical sector in 2019. This is attributed to the outbreak of the COVID-19 pandemic and the increasing use of medical and surgical gloves among the healthcare workers. However, the construction segment earned 19.5% in terms of share 2019 and is likely to showcase significant growth in the coming years on account of the rising infrastructural development, especially in the developing nations.
Browse Complete Research Report Summary: https://www.fortunebusinessinsights.com/protective-gloves-market-103369
Some of the Key Players of the Market forProtective Gloves include:
Jiangsu Hanvo Safety Product Co., Ltd. (Jiangsu Province, China)
Huihong (NANTONG) Safety Products Co., Ltd (Shanghai, China)
QS Safety (Shanghai, China)
Hartalega Holdings Berhad (Kuala Lumpur, Malaysia)
Lalan Group (Pvt) Ltd (Malwana, Sri Lanka)
3M (Minnesota, U.S.)
Supermax Corporation Berhad (Selangor, Malaysia)
Kossan Rubber Industries Bhd (Kuala Lumpur, Malaysia)
Showa Glove Co. (New York, U.S.)
North America Dominated Market Due to Stringent Government Regulations on Gloves and Mask Use
Regionally, North America earned a revenue of USD 4.68 billion in 2019 and emerged dominant on account of the rising awareness about the importance of health and stringent impositions on the use of protective products such as masks, sanitizers, gloves, and others. Furthermore, the rising outbreak of pandemics such as Ebola, Swine Flu, Coronavirus, and others are likely to aid in the expansion of the regional market in the coming years.
On the other side, the market in Asia Pacific will showcase a notable growth on account of the growing price of raw materials, a rise in the awareness about maintaining safety measures in workplaces, and the improving infrastructure and facility of the healthcare sector.