Hand protection equipment refers to those types of protective gear that are essential for the protection of the hands of workers working across numerous industry verticals such as healthcare, oil and gas, chemical, and others. Various types of hand protection equipment include armlets, gloves, and wrist cuffs among others. These equipment are made from several types of materials that are suitable for different industries. The market for hand protection equipment is projected to witness a healthy growth during the next five years majorly on account of the presence of various regulations and laws regarding the use of protective equipment in various industries. These laws mandate the usage of various types of personal protective equipment due to the inclined focus of the governments of various countries towards the safety of workers. Also, the recent outbreak of the novel coronavirus disease has also led to an upsurge in the demand for gloves, especially across the healthcare sector around the globe. Gloves are being used across each and every sector majorly for reducing the risk of the spread of this highly communicable disease through human-to-human transmission. Thus, positively influencing the demand for hand protection equipment market growth during the next five years.
COVID-19 is driving the market growth
One of the prime factors that is shaping up the global hand protection equipment market growth especially during the short run is the outbreak of the deadly coronavirus disease that has rapidly boosted the adoption of gloves across various industries operating under the different industry verticals and for home use also. The World Health Organization has declared this virus as a pandemic as it is highly difficult to contain which can be stated by the fact that the number of positive COVID-19 cases has grown exponentially since the outbreak of the disease in December 2019. For instance, according to the coronavirus disease situation reports by the World Health Organization, the total positive COVID-19 cases globally reached 8,708,008 as of 21st June 2020 from only 282 as of 20th January 2020. This, clearly states that the patient curve has not flattened yet despite the constant efforts by the government of various countries of the world to reduce the impact and control the spread. The governments of almost all countries have implemented various regulations such as quarantine and social distancing measures. Moreover, directives by the governments for the use of gloves, masks, and other protective products is also a major factor bolstering the growth, especially during the next six to eight months. Also, the WHO estimates that to meet the response of COVID-19 around 76 million examination gloves, 1.6 million goggles, and almost 89 million medical masks are required globally.
Government regulations are also driving the market growth
The market for hand protection equipment is also being driven by the fact that there are various regulations framed by the government of major developed economies of the world regarding the use of proper protective equipment due to the increased focus for the safety of workers. For instance, the standard number 1910.138, by the Occupational Safety and Health, the U.S Department of Labor, that employees should use appropriate hand protection when hands are exposed to hazardous chemicals, temperatures and are prone to cuts and abrasions among others. Thus, regulations framed by various countries regarding the use of proper hand protection equipment is also considered to be a key factor that is supplementing the demand for various types of hand protection equipment, thus playing a significant role in shaping up the global hand protection equipment marketthroughout the forecast period.
The global hand protection equipment market has been segmented on the basis of type, material type, end-user industry, and geography.
By type, the market has been classified into gloves, armlets, elbow protectors, and wrist cuffs. The gloves segment is projected to hold a substantial share throughout the forecast period on account of the major applications of gloves across various industries. Moreover, the outbreak of the novel coronavirus disease has led to a rapid increase in the demand for gloves for both residential and commercial uses. The armlets segment is anticipated to witness considerable growth in the coming years due to the growing adoption across the construction industry.
By material, the segmentation of the market has been done on the basis of natural rubber, leather, polyamide, vinyl, and others. The natural rubber is expected to hold a considerable share during the next five years. The key factor supporting the growth of this segment includes high application across oil and gas and chemical sectors due to high resistance.
By the end-user industry, the classification of the global hand protection equipment market has been done into oil and gas, construction, chemical, healthcare, and others. The healthcare segment is anticipated to show a robust growth especially during the short run as the intense outbreak of COVID-19 has amplified the use of gloves especially in the healthcare industry as professionals working in the healthcare sector are more susceptible to this disease on account of being in close contact with the patients. Furthermore, the oil and gas, and chemical industries are projected to hold a decent share in the market on account of strict regulations regarding the use of appropriate protective gear and equipment due to extremely harsh working environments in these industries.
ABOUT THE AUTHOR:
Rachit Gulati is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from automation to food and beverages, with a special knack for automotive and healthcare. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets, visit www.knowledge-sourcing.com.