The
global market for industrial gloves features
a markedly high level of consolidation, with the top four players accounting
for a collective share of over 75% in the overall market in 2015, states
Transparency Market Research in a recent report.
Though the market witnesses an
intense level of competition among these top companies fighting for the top
spot in the global market, which include Showa Group, Ansell Ltd., Honeywell
Safety Products, and 3M Corporation, local vendors are giving a tough fight on
the regional level.
To
gain an edge and acquire an increasingly large share of consumers, top vendors
are resorting to strategies such as product innovation and attempts at reducing
the cost of products while maintaining the promise of utmost quality.
Acquisitions are also increasingly sought as a way of expanding product
portfolios and gaining the trust of an established consumer base.
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Flourishing End-use Industries and
Rising Awareness Regarding Worker Safety to Bode Well for Industrial Gloves
Market
Industries such as pharmaceuticals,
food, chemicals, and healthcare are the most prominent consumers of a variety
of industrial gloves. The pharmaceutical, chemicals, and food industries
accounted for nearly two-thirds of the global industrial gloves market’s
overall revenues in 2015. Naturally, growth in these industries is a key
requisite for the overall development of the industrial gloves market. In the
past few years, these industries have seen flourishing growth across all
notable regional markets such as North America, Europe, Asia Pacific, and Latin
America, boding extremely well for the industrial gloves market.
The usage of industrial gloves
across several operations in these industries is ruled primarily by worker
safety mandates instigated by government and private bodies. While employee
safety rules have traditionally been much stricter and were adhered to more
strictly in developed regions than in cost-conscious developing regions, the
scenario is rapidly changing.
Transparency Market Research
analysts state that the market for industrial gloves will expand at the fastest
CAGR of nearly 12% in Asia Pacific over the forecasting horizon. The factors
driving the increased usage of industrial gloves in the region will chiefly be
the increasingly stringent worker safety guidelines, rising awareness among
employees about the health benefits of high-quality gloves, and flourishing
growth of key end use industries.
Local and Inexpensive Product
Varieties and Lack of Awareness among Employees to Threaten Market’s Growth
Prospects
The lucrative growth opportunities
in the global industrial gloves market has attracted a large number of small-,
medium-, and large-sized vendors operating across a variety of product segments
and serving several regional markets. While some international players are
known for the high-quality of their products, they are also infamous for the
high costs of their offerings. High costs of products from international
vendors mostly fail to appeal cost-conscious industries, especially located in
emerging economies.
The threat of being replaced by
locally manufactured, cheaper varieties of industrial gloves across the highly
lucrative developing economies is a big loss for international vendors.
Expanding their consumer base in lucrative regional pockets will require global
vendors to focus on establishing production bases in the target regions, where
low raw materials and labor costs will help keep product prices in check.
Attempts at improving the level of awareness among workers and employers
regarding the several benefits of use of industrial gloves could also help
strengthen the positions in regional markets.
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