New York, March 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nitrile Gloves Market Size, Share & Trends Analysis Report By Type, By Product, By End-use By Region And Segment Forecasts, 2023 - 2030" - https://www.reportlinker.com/p06428238/?utm_source=GNW
Nitrile Gloves Market Growth & Trends
The global nitrile gloves market size is anticipated to reach USD 10.19 billion by 2030. The market is projected to expand at a CAGR of 5.7% from 2023 to 2030. The industry is primarily driven by rising healthcare expenditures, the growing importance of safety at workplaces, and a significant surge in protective equipment demand during the COVID-19 pandemic.
Increasing awareness among industry participants regarding the importance of worker safety and security at workplaces, on account of the stringent regulations and high costs associated with workplace hazards, is anticipated to drive market growth.The importance of worker safety has significantly increased owing to the increasing employment in industries across Asia Pacific.
The rapid spread of the COVID-19 pandemic is anticipated to increase the demand for nitrile gloves among frontline healthcare workers for testing and examination purposes.
In addition, nitrile gloves have witnessed a substantial increase in demand in the healthcare industry on account of their necessity in various other healthcare and medical applications.Increasing requirement of hand protective equipment by healthcare professionals during the COVID-19 pandemic in 2020 has boosted the demand for nitrile gloves across the globe.
Hence, manufacturers such as Top Glove Corporation Bhd and Kossan Rubber Industries Bhd had to increase their manufacturing capacity to match global demand.
Nitrile Gloves Market Report Highlights
• The powder free segment contributed to 72.8% of the global revenue share in 2022 owing to their increasing preference across numerous industries, including medical, food processing, and chemical
• The penetration of disposable nitrile gloves is expected to witness growth at a CAGR of 6.0% from 2023 to 2030 on account of their cost-effectiveness, ease-of-disposal characteristics, and rising demand from healthcare and F&B industries
• The market in India is likely to grow at a CAGR of 6.8% over the forecast period on account of factors such as increasing demand for PPE, greater health awareness, and increasing expenditure by the public and private players in the healthcare industry
• In March 2020, Hartalega Holdings Berhad announced a land purchase to expand its glove production facilities in Sepang, Malaysia, as the demand for hand protection surged due to the COVID-19 pandemic
Read the full report: https://www.reportlinker.com/p06428238/?utm_source=GNW
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