Protective Gloves Market Trends

Growth Drivers

• Prevalence of Industrial Accidents – The risk of product contamination and injury caused to the hands of workers due to difficult work environments has increased considerably. Thus, to protect employees from industrial accidents, the demand for protective gloves is expected to increase rapidly. The total number of fatal work injuries in the United States was calculated to be around 5,000 in 2020.

• Rise in Cases of Structure Fires – Flame resistance fabrics are increasingly used in the area that are prone to fire, backed by the rising structure fire cases across the globe, is further predicted to drive the market’s growth. The recent statistics reported that in 2020, there were almost 500,000 structure fires in the United States, an increment of 2 percent from 2019.

• High Investments by Companies in R&D Activities – Key players of the market and the government have been focusing on the development of novel protective gloves that are ec0-friendly as well as effective in offering a protective layer. Thus, investments have been made in the Research and Development sector for new product launches. World Bank showed the data of Research and Development expenditure to be 2.63% of total GDP in 2020, up from 2.13% of total GDP in 2017 worldwide. 

• Rapid Industrialization and Urbanization – With the expansion of industrialization, the number of industries in the world has grown up considerably. As a result, the employment rate in the manufacturing industries leads to higher risks for industrial fatalities injuries, accidents, and trauma. Thus, this trend is expected to increase the utilization rate of protective gloves to promote safety and well-being.  United Nations Organization released data stating that about 55% of the global population was living in urban areas in 2018, which is forecasted to increase to 68% by 2050.

Challenges

• Rising Skin Allergies Due to Latex Material - An allergic reaction to latex is expected to result in hives, itchy skin, or even anaphylaxis, a potentially fatal condition that can induce throat swelling and trouble breathing. A doctor can evaluate whether one already has a latex allergy or are at risk of getting one.
• Constant Fluctuation in Costs of Raw Materials
• High Initial Investment Costs