Pune, India, April 27, 2021 (GLOBE NEWSWIRE) -- As per a report published by Fortune Business Insights™, the protective gloves market expected to reach USD 35.20 billion by 2027 at a CAGR of 11.7% between 2020 and 2027. The market was USD 12.37 billion in the year 2019. The global protective gloves market size is expected to gain impetus from the rapid growth of various sectors such as food processing, oil & gas, healthcare, chemical, and production facilities. These gloves help to minimize occupational risks of various factors and are a necessity in several industries.
The world is undergoing a major economic crisis as a result of the rising COVID-19 pandemic. The healthcare industry is facing a major crisis as the number of coronaviruses positive patients are exceeding the number of beds available at hospitals and medical centers. Most of the businesses are at a temporary halt and the ones able to manage to work from home are barely able to survive the rough waters.
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 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.
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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.
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 the 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.
Companies Forming Strategic Alliances to Maintain Strong Foothold
The competitive landscape of the global protective gloves market is fragmented in nature on account of the presence of many players. The top five companies holding significant shares in the market are Honeywell International, Top Glove, Hartalega, Ansell, and 3M. Key strategies adopted by these players include partnerships, contracts and agreements, and new product launches. The other companies operating in the market for these gloves are engaging in research and development of sustainable and recyclable gloves for gaining a competitive edge in the market.
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Prominent Industry Developments of this Market are:
February 2019 – A safety protection company called Ansell Limited adopted Ringers Gloves for employers working in the general and oil & gas industries for strengthening its position.
October 2019 – Riverstone Holdings Limited and Showa Glove Co. engaged in a collaborative agreement for the manufacturing of cleanroom gloves. The main objective behind this partnership is to expand their portfolios in the glove manufacturing market.
List of Top Players Profiled in Protective Gloves Market 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.)
- DIPPED PRODUCTS PLC (Colombo, Sri Lanka)
- PIP Global (New York, U.S.)
- Uvex Group (Fuerth, Germany)
- Globus (Shetland) Ltd. (Manchester, United Kingdom)
- Honeywell International Inc. (Charlotte, U.S.)
- Kimberly-Clark Corporation (Delaware, U.S.)
- Towa Corporation (Kurume, Japan)
- Superior Gloves (New York, U.S.)
- ATG- Intelligent Glove Solutions (Sri Lanka)
- Ansell Ltd. (Melbourne, Australia)
- Top Glove Corporation Bhd (Shah Alam, Malaysia)
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Market Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Price Trend Analysis
- Value Chain Analysis
- Qualitative Insights Impact of COVID 19 on Global Protective Gloves Market
- Supply Chain Challenges
- Steps were taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Impact of COVID-19 on End-Use Industries
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