Growth Opportunities in the Industrial Safety Gloves Market: Anticipated CAGR of 4.5% during 2017
The global Industrial Safety Gloves Market will grow at a moderate CAGR from 2017 to 2026, predicts Future Market Insights. By the end of 2026, it is anticipated that global sales of industrial safety gloves will generate over US$9,500 million in revenue.
Disposable Gloves being Relatively More Favored in End-use Industries
Industrial safety gloves are increasingly being employed in various industrial settings for guaranteeing the employee safety in the work environment. Growing awareness among consumers regarding health and hygiene, mounting number of accidents at workplaces, and the need for safety against hazardous chemicals and equipment handling has fuelled adoption of industrial safety gloves. Disposable gloves are being relatively more favored in end-use industries. Comparatively lower cost than re-usable gloves is a major factor driving demand for disposable gloves. Industries are obligated for ensuring their workers’ safety from occupational operational hazards. Various standards and laws have been enlisted by the Occupational Safety and Health Administration (OSHA), which are required to be complied with by the industrial sectors. This further creates demand for various industrial safety gloves such as neoprene gloves or nitrile gloves.
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Robots have been increasingly replacing manpower in manufacturing as well as various other industrial sectors. There has been robust and huge negative effects of implementing robots on wages and employment across economies influenced by automation. Proliferated adoption of automation in various industrial settings are likely to reduce human efforts, as they enable increased accuracy and higher operational efficiency. This will subsequently limit demand for personal protective equipment such as industrial safety gloves to certain specific operations. One of the recent trends being observed in the global industrial safety gloves market is utilization of recyclable & green materials.
Sales of Industrial Safety Gloves in Europe will Register Highest CAGR through 2026
North America dominated the global industrial safety gloves market in 2017. However, the market in Europe is projected to outpace that in North America, to become the most remunerative market for industrial safety gloves by 2026-end. Sales of industrial safety gloves in Europe will register the highest CAGR through 2026, followed by those in Asia-Pacific excluding Japan (APEJ). Revenues from industrial safety gloves’ sales in APEJ will exceed US$ 2,000 Million by 2026-end.
On the basis of product type, chemical protective gloves are expected to remain the leading revenue contributor to the market, followed by leather gloves. Rubber insulating gloves are also anticipated account for a major portion of the market’s revenue share by 2026-end. Sales of metal mash and fabric gloves will exhibit the fastest expansion in the market through 2026. In addition, sales of rubber insulating gloves and synthetic gloves are projected to register a parallel expansion through 2026.
Manufacturing Sector to Remain Dominant End-user in the Market
Based on end-user, manufacturing sector will remain dominant in the market, in terms of revenues, although witnessing a relatively slower expansion through 2026. Revenues from sales of industrial safety gloves in transportation and mining will register a parallel increase through 2026, In addition, Pharmaceuticals and food industries are anticipated to remain the fastest expanding end-users of industrial safety gloves, exhibiting a similar CAGR through 2026.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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