SELBYVILLE, Del. - October 22, 2020 - (Newswire.com)
According to a new report by Global Market Insights Inc., the U.S. Safety Gloves Market was valued at $6.5 billion in 2019 and is slated to exceed $11 billion by 2026, registering a CAGR of 5.5% from 2020 to 2026. The new research report delivers a highly detailed analysis of the overall market estimations and size, significant investment pockets, major winning strategies, opportunities and drivers, shifting market trends, and competitive scenarios.
Surging awareness towards workers' safety and security in construction, transportation, automotive, food & beverage, paper, healthcare & medical, oil & gas, mining, and machinery industries will drive the product demand. This will support the U.S. safety gloves market's growth over the forecast period.
The necessity to reduce workplace injuries is propelling the U.S. safety gloves market growth. Development in safety standards and regulations pertaining to the use of gloves is augmenting the industry size. Moreover, stringent norms and rising concerns pertaining to medical expenses and worker's compensation across varied end-use industries is likely to propel industrial safety gloves market size. As per OSHA, the annual financial cost of hand injuries is over USD 300 million in the U.S.
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Increasing occurrences of hand injuries in workplaces have urged the regulatory bodies such as OSHA to lay down stringent measures to ensure protection and safety at the workplace. According to the U.S. Bureau of Labor Statistics and National Safety Council, in 2017, almost 180,000 workers in the U.S had sustained lost-time hand injuries in FY 2017.
Technological advancements towards the development of antifungal, inflammable, cut resistance, acid, and heat resistant gloves to stop fatal accidental damages are supporting the overall industry share. The product is designed to protect the user from cold, heat, injuries, handling high-temperature materials, and harmful chemical reactions while working in critical operating conditions.
Thermal protection gloves account for around an 8% revenue share of the U.S. safety gloves market in 2019. Gloves used for thermal protection are designed to provide protection against high heating applications whereas the ones used for specialized operations are generally made up of materials, such as aramid, that offer high tensile strength and have resistance to a variety of forces. A positive application outlook across the oil & gas, electrical, chemical, and automotive industry owing to the presence of arc flash environment will positively influence the demand for arch flash protection gloves.
Vinyl Gloves account for around 14% volume share in the U.S. safety gloves market size in 2019. They are inexpensive to manufacture, making them a cost-effective alternative to latex. The synthetic nature of the gloves has increased its popularity among users who have a latex allergy. The material offers high flexibility and can hold up against puncture, wear, and tear. It is also effective in protecting the user against oily substances, emulsions, and acids, which has augmented its use in chemical and oil industries. One key characteristic of vinyl gloves is their anti-static nature, thereby protecting consumers from chafing.
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Mining applications will showcase considerable growth at over 9.5% in terms of revenue over the forecast timeframe. The U.S. mining industry is expected to reach USD 396 billion in 2020. Workers in the mining sector require protection from cuts, punctures, and impacts. In order to mitigate such risks for gaining superior protection for workers, the major types of products used in this industry include mechanical gloves, chemical & liquid protection, thermal gloves, and special protective gloves. Stringent government regulations for protecting and safeguarding mining workers will fortify mining gloves demand thereby propelling safety gloves market growth.
Blaklader B.V, Honeywell International, Inc., Ansell Limited, Atlas Safety Products, Hartalega Holdings Berhad, Riverstone, and Arco Limited, are among the key industry players. The U.S. safety gloves industry share is moderately fragmented in nature due to the presence of international and regional players. The key strategies observed among the major players include mergers & acquisitions, new product development, and strategic collaborations. In February 2019, Ansell acquired Ringers Gloves, a key manufacturer of Oil & Gas gloves, to enhance their regional share.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company-level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Original Source: The U.S. Safety Gloves Market to Surpass an $11 Billion Valuation by 2026, Says Global Market Insights Inc.