CAGR: 7.12%Current Market Size: USD 28.98 billionFastest Growing Region: APAC
Largest Market: EuropeProjection Time: 2022-2028Base Year: 2021
Global hand protection equipment market is expected to reach USD 47.63 billion by 2028, at a CAGR of 7.12% from 2022 to 2028. The growth of the hand protection equipment market is significantly driven by the increasing concern for the safety of workers in industrial and medical settings. The increasing demand for such equipment in several applications has led to high sales in the past few years. The developed countries are the major end-users of hand protection equipment owing to the presence of a mature healthcare sector.
Hand protection equipment is used for safeguarding the worker’s hand from an injury that may happen during working hours. The protection of hands is vital in order to be productive at work. The human hands are vulnerable to injuries especially in industrial settings, as most of the tasks demand dealing with heavy equipment. Often, the hands come in contact with hazardous chemicals, which can affect the skin. If not protected, hands can suffer from traumatic injuries while working with heavy equipment. The machinery component can cause abrasion or fracture in the hand. There are multiple works that require repetitive motion, in which the worker has to repeat the same hand movement for a longer period of time.
The companies are investing in hand protection equipment to safeguard their workers from such injuries. This will eventually help them to increase their productivity and save on medical costs. There is various equipment available in the market which can be used for diverse applications. This equipment are categorized on the basis of their use.
Request sample:- Global Hand Protection Equipment
Market Dynamics
Drivers:
The rising concern for the safety of the worker in industries is promoting the use of hand protection equipment. The growth of the industries has called for more extensive practices, which require the use of heavy equipment and rigorous hand movement. In the healthcare industry, workers have to deal with sharp tools and hazardous chemicals, which can harm the hands of healthcare professionals. Further, the chemical industry requires the worker to come in contact with solvents, flammable liquids, and acids. These materials can cause permeation injury to the worker’s hands. Thus, the industries have adopted the use of hand protection equipment to limit the occurrence of injuries.
The industries are increasingly adopting hygiene practices owing to the rising prevalence of infectious diseases. There are various infectious diseases that can be transmitted from human to human. Transmissions are becoming common due to which prevention is crucial, especially in the healthcare industry. The hand protection equipment can prevent the unrequired touching of substances and thus prevent any cross-contamination. Thus, this factor is providing a major driving growth for the hand protection equipment market.
Restraints:
The hand protection equipment market's expansion is being hampered by the variable cost of raw materials necessary for product development. The upstream price of raw materials has an impact on the production's final price. As a result, the shifting cost of raw materials has an impact on the market expansion of hand protection equipment companies
Opportunities:
The government and other concerned agencies of many regions are imposing stricter guidelines for the protection of workers at the workplaces. The regional governments are specifically providing safety guidelines for healthcare workers to limit the chances of mishappening during work. The agencies have also imposed huge penalties for the breach of the standards. Thus, the imposition of such regulations is providing a lucrative opportunity for market growth.
Challenges
There is lower awareness for hand protection equipment in underdeveloped regions and some parts of developing regions. These regions do not have any such safety laws for their working population. Also, the industrial sector is highly unregulated and the workers sometimes operate in a risky environment. The employers are not aware of the labor security laws and thus the market is not able to reach such regions.
Segmentation Analysis
The global hand protection equipment market has been segmented based on product type, raw material, end-user, distribution channel, and regions.
By Product Type
The product type segment includes reusable and disposable. The reusable segment led the hand protection equipment market with a market share of around 66.92% in 2021. Reusable hand protection equipment is majorly used in manufacturing industries in order to avoid any injuries such as abrasion, cuts, chemicals, etc. The reusable gloves can be used multiple times until it is worn out.
By Raw Material
The raw material segment includes neoprene, nitrile, natural rubber/latex, vinyl, and others. The natural rubber segment led the hand protection equipment market with a market share of around 31.18% in 2021. Natural rubbers are easily available and cost lower as compared to other segments. Natural rubber is preferred to be used in sensitive applications as the equipment made from natural rubber is tactile. These are even used for medical procedures for performing surgery. Natural rubber-made protection equipment is also comfortable to wear and is flexible.
By End-user
The end-user segment includes manufacturing, construction, chemicals, food, oil and gas, mining, transportation, healthcare, pharmaceuticals, and others. The healthcare segment led the hand protection equipment market with a market share of around 34.03% in 2021. Healthcare workers are required to maintain hygiene according to the prescribed standards by the concerned regional authorities. Further, the sales of hand protection equipment have boomed in a couple of years, owing to the prevalence of covid-19.
By Distribution Channel
The distribution channel segment includes online and offline. The offline segment led the hand protection equipment market with a market share of around 78.45% in 2021. The quality of the hand protection equipment is required to be in accordance with the applications. Consumers would prefer to check the quality in accordance with their requirements.
By Regional Analysis
The regions analyzed for the hand protection equipment market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. Europe region dominated the hand protection equipment market and held 34.93% share of the market revenue in 2021.
Key Industry Players Analysis
To increase their market position in the global hand protection equipment business, top companies are focusing on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, and partnerships, joint ventures, etc.
Latest Development
In April 2018, a major player, Top Glove Corporation Bhd, acquired another player, AspionSdnBhd. The acquisition was done in order to increase the production capacity of the gloves.
In August 2020, a well-known company named Ansell Healthcare Products LLC, had signed a distribution partnership along with OneMed, who is a provider of medical supplies.
Report Metrics
Report Attributes |
Details |
Study Period |
2018-2028 |
Base Year |
2021 |
Projection Period |
2022-2028 |
Market Share Unit |
USD Billion |
Segments Covered |
Product Type, Tile Type, End-user and Distribution Channel |
Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
Major Players |
Adenna LLC, MCR Safety, Top Glove Corporation Bhd, Superior Gloves, Ammex Corporation, Halyard Health Inc., Cardinal Health, Globus Ltd., Hartalega Holdings Berhad, Atlantic Safety Products Inc., Kimberly Clark Corporation, Medline Industries, Sempermed USA Inc., Kossan Rubber Industries Bhd |
Scope of the Report
Global Hand Protection Equipment Market by Product Type:
Global Hand Protection Equipment Market by Raw Material:
Global Hand Protection Equipment Market by End-user:
Global Hand Protection Equipment Market by Distribution Channel:
Global Hand Protection Equipment Market by Region:
Global hand protection equipment market is expected to reach USD 604.34 billion by 2028, at a CAGR of 6.40% from 2022 to 2028.
The regions analyzed for the hand protection equipment market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
The hand protection equipment market has been segmented based on product type, raw material, end-user, distribution channel, and regions.
Leading market players active in the global hand protection equipment market are Adenna LLC, MCR Safety, Top Glove Corporation Bhd, Superior Gloves, Ammex Corporation, Halyard Health Inc., Cardinal Health, Globus Ltd., Hartalega Holdings Berhad, Atlantic Safety Products Inc., Kimberly Clark Corporation, Medline Industries, Sempermed USA Inc., Kossan Rubber Industries Bhd, among others.
The increase in the use of hand protection equipment in the manufacturing and healthcare industry is primarily driving the growth of the market. These protection equipment are used for protecting the workers from harmful chemicals, instruments, etc. Further, the imposition of stringent regulations by global and regional authorities has provided guidelines to the end-user industries for maintaining the worker’s safety.
Manufacturers in the hand protection equipment market are using advanced production technologies to incorporate better results and performance of the whole process. In addition, the rising number of investments will contribute to demand for the hand protection equipment. The boom in manufacturing and healthcare industries in many developing and developed regions is providing lucrative opportunities to market growth.
The pandemic has significantly affected several industries and has caused a worldwide economic slowdown. Many regions imposed various lockdowns during the fiscal year 2020. The emphasis on hygiene practices has increased owing to the spread of the virus. The use of hand protection equipment has been mandated in many regions, especially in the healthcare sector, to limit the transmission of the virus among healthcare professionals. Further, the manufacturing facilities such as food and beverages have also adopted the use of hand protection equipment for their workers, to avoid cross-contamination.
Political- The government and other concerned agencies of many regions are imposing stricter guidelines for the protection of workers at the workplace. The regional governments are specifically providing safety guidelines for healthcare workers to limit the chances of mishappening during work. The agencies have also imposed huge penalties for the breach of the standards. Thus, the imposition of such regulations is providing a lucrative opportunity for market growth.
Economic- The hand protection equipment market's expansion is being hampered by the variable cost of raw materials necessary for product development. The upstream price of raw materials has an impact on the production's final price. As a result, the shifting cost of raw materials has an impact on the market expansion of hand protection equipment companies. Because of the outbreak of Covid-19, the prices of the raw materials upsurged which hampered the growth of the market.
Social- Europe has stringent labor protection laws, which is promoting the use of hand protection equipment in several regional countries. Further, the rise in occupational injuries has called for use of effective equipment in manufacturing industries such as metal, oil and gas, food and beverages, automotive, etc. The improving standards of safety will provide new lucrative opportunities. Asia-Pacific is likely to register substantial growth during the Projection period due to the use of hand protection equipment in the manufacturing and healthcare industry. The improvisation of healthcare settings in the regional countries is positively impacting the market growth.
Technological-The development of environmentally friendly supplies & solutions helps in improving energy efficiency which is going to help in decreasing air pollution. Manufacturers in the hand protection equipment market are using advanced production technologies to incorporate better results and performance of the whole process. The technological advanced and better processing techniques have improved the quality of the hand protective equipment.
Environmental- Rise in environmental concern over the past few years, has propelled national and international regulatory authorities to implement strict regulations directed to address the threat of harmful products being disposed of in the environment. This has boosted the demand for hand protection equipment made from biodegradable substances.
Legal- Top Glove Corporation Bhd, acquired another player, AspionSdnBhd. The acquisition was done in order to increase the production capacity of the gloves. A well-known company named Ansell Healthcare Products LLC had signed a distribution partnership along with OneMed, which is a provider of medical supplies.
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