Published on : Aug 16, 2016
Owing to the substantial growth of food and beverages, chemical, and pharmaceutical industries, there has been a significant rise in the demand for industrial gloves in the global level. As a result, the global industrial gloves market is likely to earn two third of its total revenue form applications in these industries. Moreover, the increase in awareness regarding the safety of industrial workers is also likely to create a spike in the sales of industrial gloves.
Proliferation of End-Users to Fuel Growth of Global Industrial Gloves Market
Food and beverages, healthcare, pharmaceuticals, and chemical industries are the most important consumers of industrial gloves. The adoption of industrial gloves in these industries is basically due to the mandatory regulations imposed by private and government bodies regarding worker safety. The growth of these industries is likely to fuel sales of industrial gloves as more manpower is appointed for the expansion of workforce. North America, Asia Pacific, Latin America, and Europe are likely to serve as potential regions for the development of the industrial gloves market.
Product innovation for providing high quality industrial gloves to end-users are also the key growth drivers of the global industrial gloves market.
Inexpensive and Local Substitutes to Hinder Sales of Industrial Gloves
Considering the growth opportunities that the global industrial gloves market is likely to provide manufacturers with, many small and medium sized vendors have entered into the market in various product segments and across several regions. Though international companies provide high quality industrial gloves, their high price makes them infamous among low budget consumers. As high quality industrial gloves are expensive, small scale industries situated in developing regions opt for inexpensive substitutes in order to meet their budget requirements. Moreover, the variety of choices offered by regional manufacturers is likely to hinder the sales of industrial gloves manufactured by international companies in the regional level.
In order to curb this risk, international manufacturers are focusing on the expansion of their consumer base by establishing manufacturing units in regions where the cost of labor and raw material is comparatively low.
Asia Pacific is expected to emerge as the fastest growing region with a CAGR of 12% from 2016 to 2024. The global industrial gloves market is projected to expand at a 9.6% CAGR from 2016 to 2024. In 2015, the market was valued at US$5.13 bn and is projected to touch US$11.1 bn by the end of 2024.