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.
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.
Request Brochure of the Report @
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.
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.
Checkout page @
No comments:
Post a Comment