Understanding the Competitive Landscape of the Industrial Gloves Market

Understanding the Competitive Landscape of the Industrial Gloves Market

Industrial gloves are protective clothing that acts as a barrier to protect hands from injuries and infections. They are designed to provide additional grip, puncture and abrasion resistance, and protection against chemicals and heat hazards. Industrial gloves are made from various materials like rubber, nitrile, vinyl, neoprene, and leather depending on the work application. They find extensive usage in healthcare, chemical industries, construction, manufacturing and other occupations that are prone to hand injuries or contacting harmful or hazardous substances.

The global Industrial Gloves Market is estimated to be valued at US$ 8,053 million in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Strict Regulations Regarding Worker Safety
Growing awareness about employee safety and stringent regulations imposed by government bodies regarding use of protective equipment at workplaces presents a lucrative opportunity for the industrial gloves market. Government organizations like OSHA and EHSA outline guidelines for workers safety in hazardous industries. Non-compliance can result in heavy penalties. This encourages organizations to invest more in safety products like industrial gloves to adhere to regulations and avoid legal problems. The increasing focus on worker safety is expected to drive the demand for industrial gloves during the forecast period.

Porter's Analysis

• Threat of new entrants: The threat is moderate as high initial capital investment is required to enter this market. There are also economies of scale advantages and high switching costs.
• Bargaining power of buyers: The bargaining power of buyers is moderate to high as there are many established players in the market providing substitutable products. Large buyers can negotiate for better prices and quality.
• Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers and brand loyalty is moderate. Suppliers do not have differentiation advantage.
• Threat of new substitutes: The threat of substitutes is low as there are limited product substitutes for gloves in industrial applications. Gloves offer unique safety and hygienic benefits.
• Competitive rivalry: The competitive rivalry is high among major players to gain market share and differentiate products on quality, durability, and specialized applications.

SWOT Analysis

• Strengths: Growing industrial safety regulations, unique benefits over alternatives, established brand names and distribution networks
• Weaknesses: Price fluctuations of raw materials, compliance to quality standards, dependency on economic cycles
• Opportunities: Untapped growth markets, new applications in healthcare and food sectors, customized product innovations
• Threats: Substitute products, low-cost competitors, changing trade policies and regulations

Key Takeaways

The global Industrial Gloves Market is expected to witness high growth during the forecast period of 2023 to 2030 supported by increasing safety regulations, industrialization, and awareness. The global Industrial Gloves Market is estimated to be valued at US$ 8,053 million in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.

Regional analysis shows that Asia Pacific currently dominates the market attributed to high manufacturing activity in China, India, Japan and other developing nations. China, India, Japan, South Korea and other developing Asian countries are witnessing rapid industrialization which is increasing the demand for industrial gloves from various manufacturing sectors. In terms of growth, the industrial gloves market in Latin America and Middle East & Africa is expected to grow at a high rate during the forecast period..

Key players operating in the industrial gloves market are Top Glove Corporation Bhd, Hartalega Holdings Berhad, Kossan Rubber Industries Bhd, Supermax Corporation Berhad, Protective Industrial Products, Inc, MCR Safety, Honeywell International Inc, Kimberly-Clark Corporation, Lakeland Industries, Inc, Boss Gloves and Ansell Limited.