Global Gloves Market Expected to Reach $118.5 Billion by 2025-Allied Market Research

According to a new report published by Allied Market Research, titled, "Gloves Market by Type and Industry: Global Opportunity Analysis and Industry Forecast, 2021-2025," the global gloves market was valued at $48.0 billion in 2017, and is projected to reach $118.5 billion by 2025, registering a CAGR of 8.6% from 2021 to 2025.

Gloves protect and comfort hands against cold or heat, damage by friction, and abrasion &disease. It is important to wear gloves when working with hazardous chemicals and other materials because they protect hands from infection and contamination. There are three common types of gloves in healthcare such as latex, vinyl, and nitrile which is commonly used.

During the sudden increase of Coronavirus disease 2019 pandemic across the globe,medical gloves have been essential during the COVID-19 outbreak. They help slow the spread of the disease by protecting the hands from coarse contaminants and protect health care providers. Medical gloves are a part of the personal protective equipment (PPE) used to protect health care professionals and patients from the spread of infection. In addition, in May 2020, CDC recommended that the use of the gloves should be during food handling, cleaning, gardening, trades, or caring for someone who is sick, and while in contact with blood, stool, or body fluids, such as saliva, mucus, vomit, and urine. If gloves are not used appropriately, they can pose a risk of spreading germs, putting workers and others at risk. Therefore, this has concluded that due to the everyday rise in number of cases of corona virus across the globe has made an impact on the disposable gloves industry, by giving opportunities to the key players for expanding the manufacturing of disposable gloves to uplift the industry.

The major factors that boost the market growth include rising concerns for safety and hygiene, growing number of end users, and increase in rubber production. In addition, increase in awareness regarding hygiene among healthcare service providers and advancements in technology can boost the market. However, high price competition and toxic reaction to certain gloves are expected to restrain the market growth. On the contrary, developing economies and untapped markets is anticipated to provide lucrative growth opportunity for the market growth in the near future.

The global gloves market is segmented on the basis of type, industry, and region. Based on the type, the market is segmented into disposable sterile gloves, disposable examination and protective gloves, and consumer gloves. In addition, disposable sterile gloves is further divided into disposable surgical sterile gloves, disposable examination sterile gloves, and other sterile gloves. Further, disposable examination and protective gloves is further divided into disposable nitrile examination and protective gloves, disposable latex examination and protective gloves, disposable vinyl examination and protective gloves, and other disposable examination and protective gloves. Based on industry the market is segmented into medical, horeca, cleaning, beauty, food and drinks, pharmaceutical, chemical, automotive, electronics, construction, and others, Region wise, North America, Europe, Asia-Pacific, LAMEA.

On the basis of type, the disposable sterile gloves segment held the dominant share in 2017, owing to the factors such as wide usage of these gloves by medical practitioners during surgical or examining procedures. Further, disposable gloves made using vinyl or natural rubber are generally used for low-risk general procedures, including non-invasive physical examination applications.

By industries, the electronics and automotive segment occupied the largest market share in 2017. The growth of the segment is due to factors such as precision electronic components and equipment installation handling.

By Region, the Europe is accounted for the largest growth in 2017. This is attributed due to the increase in spread of covid-19 and infectious disease within the European region are expected to drive the growth of the gloves market during the forecast period. In addition, government in the European region favors the use of medical disposable gloves, as these provide superior protection against infections during medical diagnosis or surgeries. Furthermore, rise in health awareness, increase in healthcare income have fueled the adoption of disposable gloves in Europe, which in turn has contributed to the market growth. On the other hand, Asia-Pacific is expected to be the largest growth during the forecast period. Owing to increase in compliance to the standards and presence of large population base are the major contributing factors toward the robust growth of the Asia-Pacific market. In addition, the healthcare infrastructure has witnessed a paradigm shift in this region over the last few decades, which has fueled the growth of the market. Further, due to increased compliance and sheer size of population in countries such as Australia and Korea. Key countries, such as India and China, have witnessed an increased demand for disposable gloves in medical and food sector, which in turn is expected to augment the growth of the disposable gloves market in Asia-Pacific region.
 

KEY FINDINGS OF THE STUDY

• Disposable sterile gloves segment is projected to grow at a significant CAGR of 8.5% during the forecast period.
• North Americawas the second leading region in the market, accounting for largest share in 2017.
• Medical segment was the leading segment in the market, accounting for market share in 2017
• Asia-Pacific region is the fastest growing region, contributing the highest share in 2017.