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Market is heading towards consolidation owing to merger and acquisition activities by major market participants
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The market is consolidated and key market participants have been successful in expanding their market share in the region by focusing on innovations to expand their product portfolio. Market participants are working closely with technology providers (eg:- MCR Safety, Superior Gloves collaborated with D3O to develop impact protection gloves) to develop gloves that suit specific needs for specific end use applications. For example, the market has witnessed introduction of gloves for oil and gas industry that offer high level of protection against impact temperature, abrasion and also facilitate better grip especially in wet and oily surfaces. Quality, ergonomics and cost are the key competitive factors in the regional market. Market participants work closely with customers to incorporate their feedback in product development process. Thus, voice of customers helps the market participants to ensure high customer retention and brand loyalty. This helps to improve the adoption rates for gloves across end users thus supporting the revenue growth during the forecast period. Regulatory updates and introduction of impact standards such as ANSI/ISEA 138 have ensured that workers across various end use industries are equipped with multi-functional gloves that offer protection against multiple hazards. Demand for multi-functional gloves can be attributed to the multiple tasks that a worker has to carry out at the work site. The market has witnessed gloves which provide a combination of cut and chemical protection or gloves which provide durability along with flexibility and breathability. ATG have developed gloves using their patented AD-APT® technology which facilitates comfort and better breathability. Rising awareness for employee safety across end use industries such as construction, transportation, manufacturing, utilities among others is anticipated to play a pivotal role in ensuring revenue growth during the forecast period Low cost imports from China have added to the price pressure and in some cases end users are compromising the safety of the workforce by opting for these low cost products which do not live up to the promise of providing adequate safety required at the work site. Price sensitivity among end users can be a major reason for them inclining towards low cost products. Ansell continues accounts for the largest market share. Extensive hand protection portfolio and focus on research and development to introduce new products has helped the company to achieve competitive edge over other market participants.Furthermore , acquisition of Ringers gloves in February 2019 is expected to help the company to strengthen it impact protection product offering
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