The global protective gloves market is expected to gain impetus from the rapid growth of various sectors such as food processing, oil & gas, healthcare, chemical, and production facilities. Protective gloves help to minimize occupational risks of various factors and are a necessity in several industries. A published report by Fortune Business Insights estimates the market to rise at a CAGR of 11.7% between 2020 and 2027. The value of this market as per the report titled, “Protective Gloves Market Size, Share & Industry Analysis, By Product (Disposable Gloves, and Durable Gloves), By Raw Material (Natural Rubber Gloves, Aramid Fiber Gloves, Nitrile Gloves, Neoprene Gloves, Polyurethane, Vinyl (PVC) Gloves, and Leather Gloves), By Application (Healthcare & Medical, Manufacturing, Construction, Food & Beverages, Oil & Gas, Mining, and Others), and Regional Forecast, 2020-2027,”was USD 12.37 billion in the year 2019 and is expected to reach USD 35.20 billion by the end of 2027.
The world is undergoing a major economic crisis as a result of the rising COVID-19 pandemic. The healthcare industry is facing major crisis as the number of coronavirus positive patients are exceeding the number of beds available at hospitals and medical centres. Most of the businesses are at a temporary halt and the ones able to manage working from homes are barely able to survive the rough waters. Meanwhile, Fortune Business Insights is offering special analytical reports on different industries impacted by the COVID-19 pandemic. These reports will help investors study the market in detail and accordingly make strategies for future revenue generation.
Drivers & Restraints-
Growing Application by Food and Beverage Sector to Bolster Growth
The surging rate of population and the rapid growth of various industrial setups such as manufacturing industries, food processing, chemical, and oil & gas are the key factors propelling the global protective gloves market growth. In addition to this, the advent of technological advancement into various industries will help add impetus to the growth of the market.
On the contrary, factors such as skin issues, namely, rashes, allergies, and others related to the continuous use of protective gloves for long duration may hamper the growth of the market in the forecast period. Nevertheless, the current coronavirus pandemic propelled the imposition of stringent regulations by the governments on employee safety and security. These are likely to create lucrative future growth opportunities for the market in the long run.
Information source: https://www.fortunebusinessinsights.com/protective-gloves-market-103369