Considering industrialization witnessed in Asia Pacific over the last few decades, the demand for industrial gloves has soared higher than ever. The region has emerged as a lucrative market for a majority of the leading manufacturers, as they target capitalizing on untapped opportunities across developing nations. Besides this, the fact that the leading players in the rubber industry are domiciled in Asia Pacific has catapulted the region at the fore of the overall industrial gloves market.
As workers operating in the rubber industry are often exposed to hazardous environment, wearing industrial protective gears is imperative for them. Growth witnessed in the region’s rubber industry will therefore give significant impetus to its industrial gloves market. This also entails volatility witnessed in the demand for rubber will subsequently have a negative impact on the Asia Pacific industrial gloves market.
Get PDF Sample of Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=22409
Moreover, stringent regulations have compelled industries to invest in industrial protective gears, thus creating opportunities for the Asia Pacific industrial gloves market. Exhibiting a CAGR of 7.6%, the Asia Pacific industrial gloves market is forecast to reach US$1.25 bn by the end of 2025. The market’s valuation was US$0.66 bn in 2016.
Disposable Gloves to Remain High in Demand on Account of their Low Price
Based on product, the dominance is expected to be with the disposable gloves segment through the course of the forecast period. It held nearly 75.4% of the Asia Pacific industrial gloves market in 2016. Manufacturing cost for the same is low compared to its re-usable counterparts. This is a key factor contributing towards the segment’s growth, as it allows producers to maintain a lower price point thus attracting a large number of consumers.
Based on materials, rubber dominated the industrial gloves market in 2016 and is expected to remain the lead through the forecast period. Rubber gloves, also known as latex gloves are natural material which is made from rubber. Some of the key attributes of rubber gloves include its proper fitting, high level of touch sensitivity, good for wearing for a long period of time, durable against high-risk situations that involves infectious materials, cost effective, bio-degradable, and has a high level of elasticity among others.
Based on application, chemicals and pharmaceuticals accounted for the dominant share in 2016. Both industries are expected to maintain their respective positions throughout the forecast period. Workers in chemicals as well as pharmaceutical industries are exposed to hazardous chemicals and thus require high quality industrial protective gears. Also governments keep a strict vigil on these industries to ensure workers’ health and safety. Spurred by this, the market is expected to witness high demand for industrial gloves from chemicals and pharmaceutical industries.
Malaysia to Remain Most Lucrative Market for Industrial Gloves in Asia Pacific
By country, Malaysia has emerged as the most lucrative market for industrial gloves in Asia Pacific. It held over 49.9% of the market in 2016. The country is expected to remain dominant through the forecast period. The flourishing rubber industry will support growth of the industrial gloves market in Malaysia in the coming years. Besides this, China and Thailand are expected to hold considerable share in the market. Industrialization witnessed in these nations will drive the industrial gloves market.
Some of the leading players operating in the Asia Pacific industrial gloves market are Top Glove Corporation Bhd, Hartalega Sdn Bhd, and Kossan Rubber Industries among others