ALBANY, New York, April 6, 2017 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Asia Pacific Industrial Gloves Market-Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017-2025" in terms of revenue, the market was valued at USD 0.66 billion in 2016 and the same is expected to reach USD 1.25 billion by the end of the forecast period, expanding at a CAGR of 7.6% during the forecast period. However, in terms of volume, the market stood at 24.54 billion pairs in 2016 and the same is expected to reach 43.07 billion pairs by the end of the forecast period, expanding at a CAGR of 6.7% during the forecast period.
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Product innovation by the key players operating in the field of industrial gloves is one of the key factors responsible for the growth of the industrial gloves market. These companies are engaged in extensive research and development activities to bring out new and innovative offerings for its consumers.
Fluctuating prices of the raw materials is a key factor hindering the growth of the market at present. However, strengthening economic condition of countries such as India, and China would attract the manufacturers of industrial gloves to set up production facilities in these countries, thereby contributing to domestic production of such gloves in the future. Currently, India accounts for a minor market in this market in terms of production. However, this is expected to increase in the future due to the potential investments by the major players operating in this field.
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On the basis of application industries, chemicals accounted for the largest market share in 2016 and are expected lead the market throughout the forecast period, although a minor decline is expected in the future. Safety is a critical aspect in the chemicals sector as the workers have to deal with a number of hazardous chemicals. Spillage of these chemicals may cause severe injuries and thus there is high demand for personal protective equipment in this sector, especially industrial gloves. Gloves that are manufactured in this sector should possess properties such as fire resistant, and heat insulation among others. Additionally, safety boards in many companies are working on investigating the accidents caused by hazardous chemicals and promoting the use of safety products in laboratories. Pharmaceuticals, however accounted for the second largest market share in 2016, followed by the healthcare segment. In the pharmaceuticals industry, hand protection works both ways, which includes protecting the workers from chemical hazards and preventing the products from getting contaminated. This industry is also expected to maintain a high growth rate during the forecast period, owing to the increasing demand for gloves in this sector. The primary purpose for the usage of industrial gloves in this industry is to avoid contamination of the product. Additionally, contamination by the biological agents of parenteral drugs can have adverse consequences on the patients.
Further, industrial gloves find fair application in the healthcare segment as well. Hand hygiene is an integral part in this industry as the hands of the healthcare staff are the most common means of transmission of infections such as harmful micro-organisms. Thorough hand washing is important but the correct use of gloves is by far the most important factor in order to maintain a proper and hygienic environment and to prevent contamination or cross-contamination either with chemicals, micro-organisms, or organic matter.
Based on product, disposable gloves dominated the market in terms of revenue and volume in 2016. Recurring purchase of the same is the key factor leading to the high production of such gloves in Asia Pacific. Further, the rubber economy in Asia Pacific is fairly strong, which is another major factor for the rapid growth of the disposable gloves segment.
Based on material, rubber/latex and nitrile accounted for the major market share in 2016, although nitrile accounted for the fastest growing market and rubber/latex is expected to lose its demand during the forecast period.
Malaysia dominated the industrial gloves market in Asia Pacific in 2016 and is expected to retain its position throughout the forecast period. Thailand held the second largest market share in 2016, followed by China and Indonesia.
The industrial gloves market in Asia Pacific is marked by some intense competition from the major players operating in this market. Frequent product innovations, mergers and acquisitions and joint ventures and partnerships are some of the key strategies adopted by these players in order to ensure long terms sustenance in the market. Top Glove Corporation Sdn Bhd, Kossan Rubber Industries and Supermax Corporation Bhd are some of the major players operating in this market.
This report covers the industrial gloves market and provides estimated in terms of revenue and volume (USD billion and billion pairs) from 2017 to 2025, with 2016 as base year. Market estimates on the basis of product, application, material and country has been incorporated under the scope of the research.
The market has been segmented as follows:
The report segments the industrial gloves market as:
Asia Pacific Industrial Gloves Market, by Product:
- Disposable Gloves
- Re-Usable Gloves
Asia Pacific Industrial Gloves Market, by Material:
Asia Pacific Industrial Gloves Market, by Application:
Asia Pacific Industrial Gloves Market, by Country:
- Rest of Asia Pacific
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