Latex Gloves Market Comprehensive Study With Key Trends, Major Drivers And Challenges 2022-2030
Latex Gloves Market Overview:
The global latex gloves market is growing profusely since the onset of COVID 19. With the pandemic ever-increasing across the globe, the market demand is rising substantially. The onslaught of the pandemic has still been hovering despite stringent vaccination measures by Governments worldwide. With newer strains emerging regularly, it is expected that the latex gloves market would witness significant traction during the years to come.
According to Market Research Future (MRFR), government initiatives to promote public health safety create vast growth opportunities for the latex gloves industry. MRFR, in its recent study report, asserts that the global latex gloves market is projected to witness significant gains by 2030, growing at an 9% CAGR during the review period (2022-2030).
COVID-19 disruptions seem to have impacted the global latex gloves industry positively. Of course, the pandemic posed several challenges to industry players such as broken supply chains, logistic issues in delivering end products, and attracting workers from quarantines, wreaking havoc on the demand-supply dynamics. However, on the other side, it significantly increased the demand for latex gloves across the private and commercial healthcare sectors.
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The market is rapidly returning to normalcy post the lockdown mandates getting relaxed. COVID 19 crises are virtually posing a greater challenge to healthcare authorities across the globe. Countries are proactively lending a helping hand to one another, and geographical barriers are no longer hindering in getting help. Latex gloves manufacturers are taking up various research and development activities exclusively to improve their product lines.
The latex gloves market has been witnessing several developments over the past decade due to the adoption of industrial safety solutions in various verticals. Currently, many factors are favoring the setting up of glove production factories, more preferably latex gloves production units. New setups must conduct a proper cost-benefit analysis and provide a product that is affordable yet uncompromised in terms of quality.
Also, the reusability of latex gloves can facilitate price savings and boost product demand, nurturing market growth. More stringent laws relating to workers' safety and hygiene across many end-user industries have further boosted the global demand for latex gloves. Spurring growth in the global economy and healthcare sectors boosts the latex gloves industry.
Besides, factors such as rapid industrialization, urbanization, and population worldwide, act as major driving forces. Growing safety concerns across the industrial landscape escalate market growth. Rising adoption of industrial safety products led by stringent industrial safety regulations fosters the latex gloves market size. Moreover, increasing product developments and customization complying with stringent OSHA requirements and standards drive the demand in the market.
Competitive Analysis
The latex gloves market is estimated to witness several strategic partnerships, alongside other strategic initiatives such as expansion, collaboration, mergers & acquisitions, and product & technology launches. Latex gloves manufacturers are making significant investments to foster research and development activities and expansion plans.
For instance, recently, on Mar 31, 2021 ---- The SRAM & MRAM Group (the UK), a leading global conglomerate at the forefront of providing solutions to COVID-19, announced its partnership with the leading players to sell its own brand of gloves across the globe.
Goldmark Limited (Hongkong), a longtime distributor of the group and JV Partner, has taken the onus to market and distribute Walletz4u products worldwide. SRAM & MRAM has also associated with multiple partner manufacturers in order to strengthen the manufacturing capability and is currently looking to create a big foothold on the gloves, rubber, and latex products across the globe.
Key players active in the market are Hartalega Holdings Berhad (Malaysia), Ansell Healthcare (US), Cardinal Health (US), Kossan Rubber Industries Bhd (Malaysia), Top Glove Corporation Bhd (Malaysia), Supermax Corporation Berhad (Malaysia), MREPC Marketplace (Malaysia), Clean Q Grip (Malaysia), SHIELD Scientific (The Netherlands), UG Healthcare (Malaysia), Rubberex (Malaysia), and Valutek (US), among others.
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Market Segmentation
The latex gloves market forecast is segmented into form, sterile type, end-users, and regions. The form segment is sub-segmented into powdered gloves and non-powdered gloves. Of these, the non-powdered gloves segment holds the largest market share, witnessing extensive applications of these gloves in surgeries and other sensitive procedures.
The sterile type segment is sub-segmented into sterile gloves and non-sterile gloves. Among these, the sterile gloves segment holds the largest market share, witnessing higher demand for these gloves from healthcare providers to avoid contamination.
The end-users segment is sub-segmented into hospitals, clinics, ambulatory surgery centers, diagnostic imaging centers, rehabilitation centers, and others. Among these, the hospital segment holds the largest market share due to the vast consumption of latex gloves in various healthcare setups. The region segment is sub-segmented into the Americas, Europe, Asia Pacific, and rest-of-the-world.
Regional Analysis
North America holds the largest share in the global latex gloves market mainly due to the presence of well-developed healthcare infrastructures and major industry players in this region. Besides, the rising prevalence of diseases and the rising demand for sterile gloves drive the market growth.
Major latex gloves manufacturers in the region closely work with major safety industry standard-setting groups and trade associations to improve product productivity, providing enormous growth opportunities. The North American latex gloves market is anticipated to maintain its market position throughout the assessment period.
Europe holds the second position in terms of latex gloves market revenues globally. The market growth is driven by the rising use of latex gloves due to widespread awareness of health safety and favorable government policies. Moreover, increased R&D investments to improve the productivity of latex gloves in the region substantiate the market size.
The rising demand for latex gloves from the healthcare sectors in the region escalates the growth rate of the market. Additionally, the resurging economy plays a causal role in influencing the region's current latex gloves market share, increasing per capita healthcare expenses.
The Asia Pacific region is witnessing a spurring rise in the latex gloves market value. With its raw material advantage and the ample availability of cost-competitive workforces, the region attracts major foreign investors. Furthermore, advancements in manufacturing techniques and improved technical infrastructure drive regional market growth. The APAC latex gloves market is expected to register significant growth during the forecast period.
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