Hand protection market growing fast
The industrial safety gloves market is estimated to surpass 9 billion dollars by 2024, according to a new research report by Global Market Insights, Inc.
Rising awareness about workers’ wellbeing and the increasing number of occupational fatalities in the manufacturing sector will help drive the industrial safety gloves market penetration. So will standards set by OSHA, ANSI and the European Union (EU).
Industry expansion has broadened the range of hazards from which safety gloves need to protect workers. They include metal cuts, hazardous chemicals, high temperatures, mechanical hazards, electric shock, radiation, and microbial contamination.
According to Global Market Insights, the biggest area of growth in specialized protection gloves is expected to be in the mechanical segment, which is anticipated to grow at more than a 5.5% compound annual growth rate (CAGR) from 2018 to 2024. Improved shock proof benefits coupled with the anti-vibration advantages will enhance the product demand in the market. A strong demand from the electric, mining, construction, and earth moving industries is anticipated.
Mechanical industrial safety gloves market will witness over 7.5% CAGR in terms of revenue up to 2024. These products are highly durable and work effectively in machinery manufacturing, handling and maintenance. Increasing workers’ protection against the higher mechanical risk associated with industries like construction, automotive, mining, manufacturing, steel, machinery, and the equipment industry will enhance the overall business expansion.
The natural rubber industrial safety gloves market is projected to surpass 4 billion units by 2024. Natural rubber latex is used in the manufacturing process owing to the resistance offered by it against acids, iodine, chlorine, formaldehyde and bases. Increasing natural rubber protective glove usage in the manufacturing and food processing applications will augment the product portfolio. Key properties such as high durability, dexterity, fitting and comfort along with environmentally friendly and cost-effective will further boost the business expansion.
Automotive application of the industrial safety gloves was valued more than 1.5 billion dollars in 2017, thanks to their use in press shop operations, dexterity applications, body painting and assembling operations. Increased machinery handling by workers due to shifting consumer preferences towards the electric vehicle segment will affect the industry landscape.
The Europe industrial safety gloves market will have an estimated CAGR of more than 7 percent from 2018 to 2024. Stringent government guidelines and regulations pertaining to the use of protective wear and its quality benchmarks will promote product penetration in the region. Health and Safety Executive (HSE), the UK agency responsible for workplace safety, provides a regulatory framework for workplace wellness in Great Britain. Numerous applications and requirements of the product in countries like Germany and Russia will drive the overall regional industry growth.
The Latin American industrial safety gloves market will surpass 700 million dollars by 2024. Rapid industrialization, rising awareness about industrial safety and the implementation of protective regulations are among the major growth drivers in the region. The region mainly receives its supply from Southeast Asia and various countries that have trade agreements with glove manufacturing countries.
The global industry share is highly fragmented and consists of a large number of multinational as well as regional manufacturers. Ansell Limited, Honeywell International, Top Glove Corporation Bhd, Riverstone Holdings Limited and Rubberex (M) Sdn Bhd are among the major manufacturers in the business. The manufacturers engage in business expansion, mergers & acquisitions along with joint ventures, and numerous products launches to gain a competitive edge over others. For instance, in June 2018, Ansell Limited introduced Alphatec 58-735, a new innovative multi-hazard hand protection safety glove. This helped the company to expand its industrial safety gloves products portfolio in the market.
Browse key industry insights spread across 426 pages with 528 market data tables & 17 charts & figures from the report, “Industrial Safety Gloves Market Size By Product (Mechanical [Multi-Purpose, Cut Protection, Oil Repellent, Specialized], Chemical & Liquid Protection [Chemical Solutions, Single Use/Disposable], Thermal, Special Protection), By Material (Nitrile, Natural Rubber, Vinyl, Neoprene, Polyethylene), By Application (Automotive, Chemical, Machinery & Equipment, Metal Fabrication, Oil & Gas, Mining) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, Poland, China, India, Japan, South Korea, Malaysia, Thailand, Indonesia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Growth Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents: