by The Global Industrial Hand Protection Gloves Market is estimated to be valued at US$ 11,485.1 million in 2023 and is expected to exhibit a 4.5% CAGR over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial hand protection gloves help reduce hand injuries in workplaces by protecting hands from cuts, abrasions, chemicals, heat and cold. They are made using various materials such as leather, rubber, nitrile and kevlar depending on the type of protection required. Industries such as automotive, manufacturing, construction, chemicals and healthcare widely use these gloves to prevent hand injuries. The growing awareness among employers about the importance of worker safety is fueling the demand for hand protection gloves.
Market key trends:
One of the key trends in the industrial hand protection gloves market is the rising demand for cut-resistant gloves. With industrialization leading to increased use of sharp equipment and tools, the risk of cuts and lacerations has risen. Manufacturers are increasingly developing cut-resistant gloves made of materials that do not tear or cut easily when in contact with sharp tools and objects. For example, gloves embedded with micro-cut resistant fibers are gaining popularity. These ultra-thin and lightweight gloves provide cut protection without compromising on dexterity. The development of advanced cut-resistant gloves with improved protection and comfort is expected to drive the growth of industrial hand protection gloves market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and availability of raw materials has lowered the threat of new entrants in the industrial hand protection gloves market.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products in the market.
Bargaining power of suppliers: Few global players dominate the supply side resulting in lower bargaining power of suppliers in the industrial hand protection gloves market.
Threat of new substitutes: Low threat of substitutes as gloves are important for safety in various industries like manufacturing, construction, chemicals etc.
Competitive rivalry: Intense competition among existing players has resulted in pricing pressures in the industrial hand protection gloves market.
Key Takeaways
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 regulations in manufacturing, chemical and construction industries.
North America dominated the industrial hand protection gloves market in 2021 owing to stringent worker safety standards in countries like US and Canada. Asia Pacific is anticipated to be the fastest growing market due to expansion of manufacturing and construction industries in countries like China and India.
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. Top Glove Corporation Berhad is the leading player with wide product portfolio and global footprint.
