The Industrial Hand Protection Gloves Market is estimated to be valued at US$ 11,485.1 million in 2023 and is expected to exhibit a CAGR of 11.20% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Industrial hand protection gloves are protective wear used to protect hands from various dangers such as cuts, burns, chemicals, vibration, etc. in industrial environments. These gloves offer advantages such as shielding hands from injuries, minimizing infections, allowing secure grip, and protecting from hazardous chemicals and materials. The need for industrial gloves arises from the requirements of occupational safety standards and regulations.
Market key trends:
Increased focus on workplace safety has been driving the demand for industrial hand protection gloves in recent years. Stringent regulations around worker safety and employers’ responsibility to provide a safe work environment has bolstered the adoption of protective handwear across industries. According to the American Society of Safety Professionals, work-related illness and injuries in the U.S. cost over $250 billion annually. This has prompted companies and organizations to follow better work practices and invest more in protective equipment like hand gloves to create a risk-free working space for employees and avoid legal liabilities. Government efforts to raise awareness on occupational hazards have also pushed the need for protective hand gears across industries dealing with hazards. The high costs associated with workplace accidents are compelling firms to spend considerably on hand safety gloves to shield workers against risks on the job.
Threat of new entrants: The threat of entry into the industrial hand protection gloves market is moderate due to the presence of well-established players and the requirement of large capital investments for setting up manufacturing facilities. However, low brand loyalty makes entry easier.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of various product options from different manufacturers and standardization of products. Buyers can easily switch between brands based on pricing and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the availability of raw materials like latex, polyvinyl chloride, and nitrile is abundant. However, switching costs for suppliers are high.
Threat of new substitutes: The threat of new substitutes is low as there are limited product substitutes that can provide the desired protection, flexibility, and comfort.
Competitive rivalry: Intense among dominant players.
Strength: Wide product portfolio and extensive distribution networks of key players. Innovation is a key strength with the development of specialty gloves for varied industries.
Weakness: Vulnerable to price fluctuations of raw materials. Seasonal demand impacts sales and profitability.
Opportunity: Growing demand from industries like oil & gas, automotive, construction, etc. Emerging economies offer huge growth potential.
Threats: Competition from local and regional manufacturers impacts pricing. Stringent regulations can increase compliance costs.
The Global Industrial Hand Protection Gloves Market is expected to witness high growth, exhibiting CAGR of 11.20% over the forecast period, due to increasing safety awareness among industry workers. The industrial sector is witnessing rapid transformation with adoption of advanced technologies and changing work dynamics which is boosting the demand for specialized gloves.
Regionally, Asia Pacific dominates the global industrial hand protection gloves market and is expected to grow at the fastest pace during the forecast period. This can be attributed to growth of end use industries such as automotive, construction, and electronics manufacturing in China and India. Furthermore, rapid industrialization along with implementation of stringent worker safety regulations by governments will further aid regional expansion.
Key players operating in the industrial hand protection gloves market are Kossan Rubber Industries Bhd, Uvex Group, 3M Company, COFRA Srl, Hartalega Holdings Berhad, MCR Safety, Top Glove Corporation Berhad, Midas Safety Inc., Protective Industrial Products, Inc., Ansell Limited, Honeywell, Kimberly Clark Corporation, and Alpha Pro Tech Limited. These players are focusing on new product development, acquisitions, and expansion of their distribution networks to gain higher market shares.