Industrial Safety Gloves - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2018 - 2029

Industrial Safety Gloves - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2018 - 2029

The Industrial Safety Gloves Market size is estimated at USD 10.67 billion in 2024, and is expected to reach USD 15.33 billion by 2029, growing at a CAGR of 7.5% during the forecast period (2024-2029).

Due to stringent regulations towards employees' safety, industrial gloves are finding significant applications in various heavy-duty industries, such as construction, chemicals, automotive, oil and gas, and waste management. In addition, these industrial gloves made of latex, nitrile, and HPPE offer enhanced grip and ease of operation, which is impossible with bare hands. The growing demand for efficient gloves with better grip and convenience encourages the key players to engage in continuous product development and launches. For instance, Showa launched a safety glove named 'Showa 379 gauntlet', which provides extra chemical resistance and is highly flexible.

Rising awareness among industry players regarding the importance of worker safety and security at workplaces, owing to the stringent regulations and high costs associated with workplace hazards, is anticipated to drive the market. The demand for industrial gloves is expected to rise over the forecasted period, as it helps in easy donning, removal, better grip, and less sweat and moisture inside the gloves. The demand for these industrial gloves is expected to grow over the forecast period due to their increased usage across numerous industries such as oil & gas, manufacturing, automotive, and construction. According to IBEF (India Brand Equity Foundation), India's annual production of automobiles in FY21 was 22.65 million vehicles, and 13 million vehicles were produced between April-October 2021. Hence, with the growth of the automobile industry, the demand for nitrile gloves is increasing worldwide.

Industrial Safety Gloves Market Trends

Rising Demand for Occupational Safety

Occupational safety and health at work are vital components of decent work. According to the Istituto nazionale per l'assicurazione contro gli infortuni sul lavoro, the number of work accidents in Italy in 2021 was estimated to be 564 thousand. Data show that over 480 thousand work-related incidents occurred on the job itself, while approximately 84 thousand occurrences occurred on the way to or from work. To reduce the number of such instances, employers in various industries across the world have been focused on enhancing their employees' safety by providing better safety equipment, such as industrial safety gloves or footwear, among other such equipment. This factor has helped propel the sales of industrial safety gloves worldwide over the past few years. Thus, the prevalence of fatal occupational injuries, especially in industries such as construction, mining, utilities, and manufacturing, among others, has led to the increased use of Personal Protective Equipment (PPE), including industrial safety gloves, thereby, driving the growth of the market studied over the review period

Asia-Pacific to Witness the Fastest Growth Rate

The rising presence of various service and manufacturing industries and stringent government rules and regulations on industrial safety are driving the market in Asia-Pacific. For instance, the Occupational Safety and Health Administration (OSHA) offers information on worker protection for functioning in various industrial settings by imposing rules and regulations. Every manufacturing company has a quality department to check the quality of industrial gloves and ensure that the procured gloves are up to the mark in real-time operations. Such factors are influencing the demand for high-quality safety gloves in the region. In Asia-Pacific, rising industrialization and growth in the number of workers are expected to support the demand for industrial safety gloves, especially in China and India. According to industrial sources, there are currently 5,384 disposable glove-related enterprises in China, 2,779 companies registered in 2020, and 235 companies registered in January 2021.

Industrial Safety Gloves Industry Overview

The market is highly competitive with a large number of regional and international players in the market. International players dominate the global industrial safety gloves market like Honeywell International Inc., 3M Corporation, Top Glove Corporation Berhad, Ansell, and Radians, occupying the majority market share. These companies have been further intensifying the competition in the market studied. Companies have been differentiating their products and application efficiently to cater to the increasing demand for gloves due to growing industrialization, as there has been a high demand for safety gloves for worker protection. The companies are rapidly expanding their presence in the market by adopting innovative strategies, such as new product launches, partnerships, and joint ventures.

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