Global Cut-Resistant Gloves Market - Drivers and Forecasts by Technavio

Technavio has published a new report on the global cut-resistant gloves market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--Technavio analysts forecast the global cut-resistant gloves market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global cut-resistant gloves market 2017-2021. The market is segmented by end-user (automotive, machinery and equipment, and metal fabrication) and by geography (the Americas, EMEA, and APAC).

The global cut-resistant gloves market is expected to reach a revenue of USD 1,640 million by 2021. The automotive industry will show the fastest growth due to the global increase in commercial and passenger cars. India and China in the APAC region will post the highest CAGR in the global cut-resistant gloves market due to rapid industrialization and increased investments in manufacturing industries.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global cut-resistant gloves market:

Increasing emphasis on glove safety standards

Manufacturers are emphasizing on the safety standards set by different countries. There are two different global performance standards for determining cut-resistance. First one is EN38, which is used in Europe, APAC, South America, Mexico and certain parts of Canada. The second one, ANSI/ISEA 105 standard, is mainly used in North America.

Sayani Roy, a lead research analyst at Technavio, says, “The emphasis on these standards is growing, and manufacturers such as Ansell, Honeywell, 3M, and Kimberly-Clark provide gloves that adhere to these standards. Workers are becoming more aware of safety standards, which will impact the demand for cut-resistant gloves. Working professionals will demand gloves that comply with safety standards to ensure optimum hand protection during industrial activities.”

Robust increase in rubber production

Rubber, one of the main raw materials for gloves, is directly affected by the growth in production. As per the Malaysian Rubber Glove Manufacturers Association, the revenue generated from exports is expected to reach USD 3.22 billion in 2016. Malaysia holds a share of over 60% in the rubber glove producer market. “The demand for rubber gloves is primarily driven by the healthcare market. This demand and global increase in the production of rubber will drive the global cut-resistant gloves market during the forecast period,” adds Sayani.

Growth in end-user industries

The growth of various end-user segments like manufacturing, chemicals, construction, mining, and metal fabrication has driven the growth of the global cut-resistant gloves market. These industries are adopting measures to ensure worker safety and prevent accidents in the workplace. It was found that every 15 seconds, 153 workers encounter a work-related accident.

As per the International Monetary Fund, the manufacturing output globally will grow from 3.1% in 2016 to 3.4% in 2017, with a slow growth rate in advanced economies in North America and Europe. In developing regions such as India and China, the manufacturing segment is expected to grow at an accelerated rate. Many activities in the manufacturing industry require the use of PPE to protect the workers from any hazards.

Top vendors:

  • Ansell
  • Honeywell International
  • Kimberly-Clark
  • 3M

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global cut-resistant gloves market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com