The Asia Pacific industrial gloves market is consolidated with top four companies holding a massive 61% of the market. These players are: Top Glove Corporation Bhd, Hartalega Sdn Bhd, Kossan Rubber Industries Bhd, and Supermax Corporation Bhd. Players in the market are competing with each other and attempting to gain an edge by means of product innovation, states a new report by Transparency Market Research (TMR). Key players are acquiring established players in an effort to gain more market shares. A key strategy adopted by players is expanding their manufacturing capacities to acquire more share in the market. Exploring untapped markets and collaborating with companies are some of the other business strategies adopted by players in the Asia Pacific industrial gloves market.
As per the report, the Asia Pacific industrial gloves market was worth US$0.66 bn in 2016 and is expected to reach US$1.25 bn by the end of 2025, expanding at a 7.6% CAGR between 2017 and 2025. On the basis of type, the market is expected to be led by disposable gloves. Re-usable gloves cause hygiene concerns and thus, disposable gloves are being preferred. In 2016, disposable gloves segment accounted for 75% of the market. On the basis of country, Malaysia is anticipated to continue to lead. The country accounted for 49.9% of the market in 2016.
Increasing Importance of Maintaining Worker Safety Driving Demand for Industrial Gloves
Worker safety and worker health are gaining importance from the past few years and this is expected to drive the demand for industrial gloves. A number of industries have shown a positive response towards adopting industrial gloves for the sake of having a safe working environment for workers, thus boosting the market. In addition to this, stringent regulations have been implemented by governments across countries in Asia Pacific, which is anticipated to fuel the demand for industrial gloves. Rising cases of accidents in workplaces have created a need for safety measures, which is aiding the growth of this market. Governments and other regulatory bodies are taking strong actions against those employers and industries that do not adhere to the safety norms. This is compelling employers and industries to adopt various protective gears for their employees.
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Lack of Awareness among Worker Population to Challenge Demand
Asia Pacific is anticipated to witness a strong growth in the industrial gloves market as the region is facing rapid industrialization and flourishing industries such as textile, chemical, or automotive. Demand for industrial gloves is especially high from the rubber industry. 93% of the global rubber production is in Asia and thus, a high demand for gloves persist from this industry. Rubber industries are domiciled in Indonesia and Thailand. On the other hand, a large number of the worker population is still unaware about industrial protective gears, which is obstructing the market’s growth. However, steps are being taken towards educating workers about the importance of following safety standards. This is anticipated to reduce the impact of this restraint in the forecast period. “In addition to this, there lies an opportunity in the untapped developing countries in Asia Pacific,” states a TMR analyst. Moreover, it is expected that some new industries will emerge in this region, which will create a heightened demand for industrial gloves by creating fresh opportunities in the market.
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