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What is the Hand Protection Equipment Market Size in 2024 and its Growth Rate?
The hand protection equipment market size promises substantial growth. It is projected to surge from $32.5 billion in 2023 to a staggering $35.3 billion in 2024, with a compound annual growth rate CAGR of 8.6%. The significant growth in the historic period can be ascribed to various factors such as stringent occupational safety regulations, increased industrial growth, growing worker safety awareness, expansion of the healthcare sector, and escalated chemical and biological hazards.
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What is the Hand Protection Equipment Market Growth Forecast?
The hand protection equipment market size is anticipated to reflect robust growth, soaring to a staggering $51.34 billion by 2028, at a compound annual growth rate CAGR of 9.8%. This projected growth in the forecast period can be attributed to steady innovation in sustainable materials, escalating healthcare spending, global supply chain considerations, remote work safety, and tailor-made solutions.
What are the Key Drivers Propelling the Growth of the Hand Protection Equipment Market?
The surge in awareness about safety and health measures is propelling the growth of the hand protection equipment market. Adoption of proper safety measures aids in preventing and reducing various health, hand, and arm hazards exposed during operational work. The stringent company policy and government regulation towards the safety and health of employees are instrumental in eliminating workplace risks at the source, typically through technical or organizational means. For instance, in July 2023, the National Irish Safety Organisation NISO, dedicated to promoting health and safety, launched a free short online course, on chemical safety in the workplace.
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Which Major Companies are Operating in the Hand Protection Equipment Market?
Key industry players in the hand protection equipment market include Top Glove Corporation Bhd, Hartalega Holdings Berhad, Honeywell International Inc., 3M Company, Alpha Pro Tech Ltd., Halyard Health Inc., Medline Industries Inc., Cardinal Health Inc., Kossan Rubber Industries Bhd, Globus Ltd., Ansell Limited, E. I. du Pont de Nemours and Company, Mallcom Limited, MSA Safety Incorporated, Radians Inc., Rock Fall Ltd., Kimberly-Clark Corporation, Lakeland Industries Inc., Delta Plus Group, Protective Industrial Products Inc., Showa Group, Towa Corporation, Bata Shoe Company Pvt. Ltd., COFRA Holding AG, Ejendals AB, Rubberex Corporation M Berhad, Jallatte Group, Joseph Leslie & Co. LLP, MCR Safety, Atlantic Safety Products Inc.
What Key Trends are Impacting the Hand Protection Equipment Market?
One key trend gaining momentum in the hand protection equipment market is the expansion of production capacities. Companies are augmenting their production capabilities to address the sudden surge in glove demand from the medical customers. Furthermore, supply chain disruption during the COVID-19 pandemic has prompted governments worldwide to boost domestic production capabilities for emergency products such as medical devices, PPE, among others.
How is the Hand Protection Equipment Market Segmented?
The hand protection equipment market outlined in this report is categorized as follows –
1 By Hand Protection: Durable Gloves, Disposable Gloves
2 By Material Type: Natural Rubber Gloves/Latex, Nitrile Gloves, Vinyl Gloves, Other Material Types
3 By End-User Industry: Healthcare, Industrial Safety & Chemical, Construction, Automotive, Other End-Users
What are the Regional Insights into the Hand Protection Equipment Market?
North America was the largest region in the hand protection equipment market in 2023. In contrast, Asia-Pacific is touted as the fastest-growing region in the forecast period. The regions analyzed in the report encompass Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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