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.
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.
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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.
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.
The global industrial gloves market held an opportunity worth
US$5.13 bn in 2015. The market is expected to expand at a CAGR of 9.6% over the
period between 2016 and 2024, and rise to a valuation of US$11.01 bn by 2024.
The segment of disposable gloves accounted for over 85% share in the global
market in 2016 and is expected to remain the dominant product variety over the
forecasting horizon as well. Applications across the pharmaceutical industry
helped the market gain the largest share of revenues, an estimated 25.5% in
2015.
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