SAN FRANCISCO, Nov. 17, 2021 /PRNewswire/ -- The global hand protection equipment market size is expected to reach USD 30.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2019 to 2028. The rising awareness among industry participants pertaining to the importance of worker security and safety at workplaces on account of the stringent regulations is expected to drive the market.
Key Insights and Findings:
The durable gloves segment dominated the market and accounted for 56.5% of the global revenue share in 2020 owing to the increasing demand for high utility and durable protective gloves in various industries such as oil and gas, mechanical, machinery, and refining
The demand for nitrile gloves is estimated to witness a CAGR of 7.2% over the forecast period owing to their ability to provide high puncture resistance, excellent barrier protection, and high durability
The penetration of hand protection equipment in the healthcare industry is estimated to witness a CAGR of 8.8% over the forecast period, on account of the increasing product adoption to limit the spread of COVID-19 infection caused through surface contact
Europe accounted for 31.0% of global revenue share in 2020 owing to the presence of stringent norms concerning occupational health and safety established by regulatory bodies European Commission and the European Committee for Standardization
India is expected to witness a CAGR of 9.4% over the forecast period, on account of the growing concerns regarding high-risk activities in the construction and manufacturing sectors
Manufactures of the market are focusing on introducing new technologies for manufacturing gloves and integrating them across various stages of the value chain in order to gain a competitive edge in the market
Companies have established safety guidelines and prioritized worker safety to reduce workplace hazards, thereby limiting the adverse impact on the overall operational costs in the form of arbitrated settlements or compensation. The demand for hand protection equipment in the healthcare sector is witnessing growth with the rising prevalence of infectious diseases.
Increasing awareness about the safety and health measures related to emergency response occurrences coupled with the treatment of patients is anticipated to augment the demand for hand protection equipment in the healthcare sector. Moreover, risks associated with on-the-job transmission of blood-borne pathogens have the increased adoption of hand protection.
Manufacturers of hand protection equipment are focusing on the expansion of production facilities to increase the production capacity. For instance, In March 2020, Hartalega purchased land to expand its glove production facilities in Sepang, Malaysia, as the demand for hand protection has surged owing to the COVID-19 pandemic.
Grand View Research has segmented the global hand protection equipment market on the basis of product, raw material, end use, and region:
Hand Protection Equipment Product Outlook (Revenue, USD Million, 2017 - 2028)
Hand Protection Equipment Raw Material Outlook (Revenue, USD Million, 2017 - 2028)
Hand Protection Equipment End-use Outlook (Revenue, USD Million, 2017 - 2028)
Oil & Gas
Hand Protection Equipment Regional Outlook (Revenue, USD Million, 2017 - 2028)
Central & South America
Middle East & Africa
List of Key players of Hand Protection Equipment Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.