The industrial hand protection gloves market is estimated to be valued at US$ 14201.83 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial hand protection gloves are protective gloves used in various industries like manufacturing, construction, chemicals, food processing, and healthcare to protect workers from risks like cuts, burns, and chemical exposure. These gloves enhance grip, provide insulation from heat and cold, offer mechanical protection from impacts, and act as a barrier from hazardous materials. They are made from materials like leather, rubber, nitrile, neoprene, and Kevlar depending on need.
Market key trends:
One of the key trends driving growth of the industrial hand protection gloves market is rising safety regulations in industries. Regulatory bodies like Occupational Safety and Health Administration (OSHA) and National Institute for Occupational Safety and Health (NIOSH) have imposed stringent regulations regarding use of protective gloves in workplaces involving risk of hand injuries. This has prompted industries to increasingly adopt hand protection gloves to avoid penalties and ensure worker safety. Furthermore, rising awareness about workplace safety and frequent hand injuries have made industrial protective gloves a necessity across manufacturing facilities. Expanding industrial sectors and growing focus on worker well-being will continue spurring demand over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and existing customer base make it easy for new players to enter the market. However, established brands have strong brand loyalty and distribution networks which make it difficult for new entrants.
Bargaining power of buyers: Buyers have higher bargaining power due to the availability of substitute products. They can easily switch to alternatives if prices increase.
Bargaining power of suppliers: Glove manufacturers face moderate bargaining power of raw material suppliers as there exist alternate raw material suppliers in the market.
Threat of new substitutes: Substitute products like fabric gloves pose low threat currently due to advantages of gloves in terms of protection.
Competitive rivalry: Intense due to presence of multiple domestic and international brands competing on pricing and innovation.
SWOT Analysis
Strength: Wide product range and application base in industries like automotive, metal fabrication, healthcare etc. Innovation in material and designs to provide higher protection.
Weakness: Seasonal demand and vulnerable to business cycles. High retail competition squeezing margins.
Opportunity: Growth in developing countries with increasing safety regulations. Expanding e-commerce channels.
Threats: Stringent regulations around material usage impacting production. Supply chain disruptions during pandemic.
Key Takeaways
The Global Industrial Hand Protection Gloves Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing safety regulations in manufacturing, construction and healthcare industries. The Asia Pacific region dominated the market in 2023 with over 35% share owing to presence of manufacturing hubs and rapid infrastructural growth in China, India and other developing Asian countries.
Regional analysis fastest growing and dominating region. The Asia Pacific region is expected to remain the fastest growing as well as the largest market for industrial hand protection gloves during the forecast period. Factors such as rapid industrialization, growing manufacturing industry and stringent worker safety regulations especially in developing countries such as China, India will further drive the demand.
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, Kimberly Clark Corporation, Honeywell, and Alpha Pro Tech Limited. Top players are focused on enhancing their product portfolio as well as expanding geographically to enhance their market share in high growth regions.
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https://www.ukwebwire.com/industrial-hand-protection-gloves-market-size-share-growth-outlook-2023/
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