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The worldwide insulating gloves industry is expected to grow remarkably in the next several years, driven by the expansion of the chemicals sector. The manufacturing and chemical sector is also anticipated to present lucrative opportunities for suppliers, considering the wide application of the product in healthcare chemical industries.
Insulating gloves are used to protect the workers from electric shocks while working on cables and live wires. It has dielectric properties, flexibility, and physical strengths. It is made of rubber and reduces the risk of electrical shocks and burns. These gloves are divided based on their voltage capacity. These gloves are known as protective gloves due to their safety features that save workers from cuts, burns, shocks, and burns on their hands. The growing awareness about labor force protection from various accidents that takes place in the workspace. Growing industrialization in the global market is forecasted to be the major cause of market growth. Various technological developments to propel the market growth.
Robots are swiftly replacing human labor more and more in the manufacturing industry as automation is being used across industrial verticals. Major industrial organizations are expected to produce increased operational efficiency with the highest degree of accuracy as long as they embrace automation based on cutting-edge technologies. The emergence of such technologies would decrease the use of personal workplace safety equipment shortly, such as industrial safety gloves.
According to a research study by Business Research Insights, the global market for insulating gloves is projected to rise at a CAGR of 4.6% during 2022-2027. In 2020, the market value stood at USD 334.9 million. The market is anticipated to grow and stand at 438.7 million by 2028.
Business Research Insights Presents the Top 5 Prominent Players in the Insulating Gloves Industry
- Honeywell Safety- is an engineering and technology corporation. The business develops and produces technology to address problems in several industries, including security, energy, productivity, safety, and global urbanization. Process technologies, electronics, specialty chemicals, sophisticated materials, productivity, sensing, safety, security technologies, technical services, repair, management, overhaul, spare parts, and maintenance services are all provided by Honeywell.
- Ansell- is an Australia-based company that generates revenue through manufacturing and sales of body and hand protection products for the industrial and healthcare sectors. The company is headquartered in the U.S.
- Gb Industries - was incorporated on 16 June 2011 and is an Indian company headquartered in Pune, Maharashtra state of India. The company majorly manufactures machinery and equipment for the past 12 years.
- Yotsugi Co. Ltd.- was founded in 1961. The company is located in Japan. The company includes the manufacturing of rods, tubes, unsupported plastic profiles, and other shapes.
- Regeltex- founded in 1976 and headquartered in France, mainly manufactures electrical hand gloves. These hand gloves are seamless as they are made of latex rubber. The company is also a dealer, supplier, manufacturer, and exporter of safety shoes, safety nets, safety showers, safety gloves, and safety helmets.
Major Challenges Posed by COVID-19 Pandemic
Higher Demand and Lower Product Manufacturing Affected Market Growth
The pandemic outbreak had a significant impact on market growth. The COVID-19 outbreak severely hampered the consumer goods sector as the manufacturing and distribution. The demand was higher during the pandemic, but the supply chain was disrupted due to the lockdown imposed by the government. The major population shifted back to their hometowns due to layoffs, which caused a loss to the market. The manufacturing, chemical, automotive, and transport industries were shut, reducing insulating glove consumption.
Major Upcoming Trends in the Industry
Workplace Safety Rules to Surge the Growth of the Market
The escalating number of healthcare, oil & gas, manufacturing, and food processing industries are estimated to boost the demand for insulating gloves. The government has developed various safety measures and policies for workers. The demand for electrical safety gloves is forecasted to be driven by rising worker security and safety consciousness due to strict government rules and guidelines covering the use of safety gear and its quality standards in these countries. The market for industrial safety gloves frequently sees the launch of cutting-edge solutions that aim to increase efficiency via the fusion of high-performance materials used in industrial safety glove manufacture. Industrial safety gloves made of leather are selling well, boosting demand for nitrile and rubber gloves for various industrial applications.