Hand Protection Equipment Market – Industry Insights by Product and End-use

The global hand protection equipment market size was valued at USD 24.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2019 to 2028.

The global Hand Protection Equipment Market size is expected to reach USD 30.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2019 to 2028. The rising awareness among industry participants pertaining to the importance of worker security and safety at workplaces on account of the stringent regulations is expected to drive the market.

Companies have established safety guidelines and prioritized worker safety to reduce workplace hazards, thereby limiting the adverse impact on the overall operational costs in the form of arbitrated settlements or compensation. The demand for hand protection equipment in the healthcare sector is witnessing growth with the rising prevalence of infectious diseases.

Increasing awareness about the safety and health measures related to emergency response occurrences coupled with the treatment of patients is anticipated to augment the demand for hand protection equipment in the healthcare sector. Moreover, risks associated with on-the-job transmission of blood-borne pathogens have the increased adoption of hand protection.

Manufacturers of hand protection equipment are focusing on the expansion of production facilities to increase the production capacity. For instance, In March 2020, Hartalega purchased land to expand its glove production facilities in Sepang, Malaysia, as the demand for hand protection has surged owing to the COVID-19 pandemic.

Related Press Release@ Hand Protection Equipment Market Report

Hand Protection Equipment Market Report Highlights

• The durable gloves segment dominated the market and accounted for 56.5% of the global revenue share in 2020 owing to the increasing demand for high utility and durable protective gloves in various industries such as oil and gas, mechanical, machinery, and refining
• The demand for nitrile gloves is estimated to witness a CAGR of 7.2% over the forecast period owing to their ability to provide high puncture resistance, excellent barrier protection, and high durability
• The penetration of hand protection equipment in the healthcare industry is estimated to witness a CAGR of 8.8% over the forecast period, on account of the increasing product adoption to limit the spread of COVID-19 infection caused through surface contact
• Europe accounted for 31.0% of global revenue share in 2020 owing to the presence of stringent norms concerning occupational health and safety established by regulatory bodies European Commission and the European Committee for Standardization
• India is expected to witness a CAGR of 9.4% over the forecast period, on account of the growing concerns regarding high-risk activities in the construction and manufacturing sectors
• Manufactures of the market are focusing on introducing new technologies for manufacturing gloves and integrating them across various stages of the value chain in order to gain a competitive edge in the market