Industrial Gloves Market expected to expand at the fastest CAGR of 9.7% from 2016 through 2024

Flourishing growth across industries such as pharmaceutical, chemicals, and food and beverages in the past few years has led to a substantial rise in the global demand for a variety of industrial gloves. The global market for industrial gloves earns over 2/3rd of its overall revenues from applications across these industries.

Transparency Market Research states that the global industrial gloves market will expand at a healthy 9.6% CAGR over the period between 2016 and 2024. At this pace, the market will rise from a valuation of US$5.13 bn in 2015 to US$11.01 bn by 2024.

Disposable Gloves Clearly Rule Consumer Choices

On the basis of the reusability of industrial gloves, the global industrial gloves market produces two key varieties of products: disposable and re-usable gloves. Usage of reusable gloves adds the extra task to the operational schedule of a workplace - their proper decontamination and safe storage between uses. In industries where gloves need to be put on and taken off frequently, such as food, chemicals, healthcare and pharmaceuticals, the use of disposable gloves is preferred.

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It is chiefly this factor that enables the segment of disposable gloves acquire the leading position in the market. In 2015, disposable gloves accounted for a share of over 85% in the overall industrial gloves market. The segment is also expected to expand at the fastest CAGR of 9.7% from 2016 through 2024, rising to a valuation of US$9.68 bn by 2024.

Investments Aimed at Applications in Food Industry Promise Best Returns
Of the key end users of industrial gloves, the pharmaceutical industry presently dominates, accounting for over 25.5% of the market in 2015. Although the demand for industrial gloves in the pharmaceutical and chemicals industries is expected to witness growth at a substantial pace, the food industry is expected to emerge as the most promising demand driver for the market.

Demand for observing the uttermost level of hygiene across all operations in the food industry along with the industry’s flourishing growth, especially in emerging economies, will drive the increased need for a variety of industrial gloves in the food industry in the next few years. The industrial gloves market in the food industry will expand at the fastest CAGR of 10.2% from 2016 to 2024.

Excellent Growth across End-use Industries in Asia Pacific to Fuel Demand
North America and Europe are currently the leading consumers of a variety of industrial gloves. Collectively, these two regions accounted for over 60% share in the global industrial gloves market’s revenues in 2015. Sustainable growth in the pharmaceutical and chemical industries, high concerns and strict regulatory mandates regarding worker safety lead to the high consumption of a variety of industrial gloves across these regions.

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Although future growth prospects for the industrial gloves market across these regions are generally promising, the market will gain the highest traction in the Asia Pacific region over the period between 2015 and 2023.

The flourishing chemicals, food and beverages, and pharmaceutical industries in Asia Pacific have led to the formation of a vast store of untapped opportunities for the industrial gloves sector. The consumption of industrial gloves in the industrial sector in Asia Pacific is also driven by the increasingly strict mandates regarding worker safety in industries fostering potentially hazardous work environments.

The market for industrial gloves in Asia Pacific is expected to expand at a CAGR of nearly 12% over the period between 2016 and 2024, witnessing a stark rise in its overall share in the global market over the period, from nearly 20% in 2015 to 24% in 2024.

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This release was published on openPR.