At 14.34% CAGR, Nitrile Gloves Market size is Expected to Reach USD 14.08 Billion, globally by 2028, says Brandessence Market Research

At 14.34% CAGR, Nitrile Gloves Market size is Expected to Reach USD 14.08 Billion, globally by 2028, says Brandessence Market Research

PR Newswire

LONDON, Jan. 12, 2022

Global Nitrile Gloves Market is valued at USD 5.51 Billion in 2021 and expected to reach USD 14.08 Billion by 2028 with the CAGR of 14.34% over the forecast period.

LONDON, Jan. 12, 2022 /PRNewswire/ -- According to Brandessence Market Research, the Nitrile Gloves Market size reached USD 5.51 Billion in 2021. The Nitrile Gloves market is likely to grow at robust CAGR of 14.34%, and reach size of USD 14.08 Billion by 2028 end. The growing number of accidents, including hand and finger injuries in the oil and gas industry has prompted companies to focus more on hand injury prevention gear, which is driving the growth of the Nitrile Gloves

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Global Key Players for Nitrile Gloves Market Report

Many others are contributing in the Market Growth. The nitrile gloves market remains a competitive, innovative, and fragmented landscape. The market remains home to new opportunities, as growing end-use, increased innovation, and efficacy of nitrile gloves remain promising drivers of growth. The growing demand for nitrile gloves in medical settings remains a short-term key growth trend, which may show potential in the long-run as well. The growing awareness of chemical safety in industrial settings, and availability of promising products remain key opportunities for growth.

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Nitrile rubber, also known as NBR, Acrylonitrile butadiene rubber, and Buna-N is a variety of synthetic rubber. It is known by a variety of other names in the industry including Europrene, Krynac, Perbunan, and Nipon, among others. The rubber is essential for use in medical, automotive, and various other industrial applications, thanks to its resistance to fuel, chemicals, and oil. Due to the its strong resistance, it is commonly used in oil, and fuel handling hoses, grommets, seals, and fuel tanks in the automotive sector. Conventionally, the automotive sector remained the largest sector for end-application for nitrile gloves. Moreover, the advancements in nitrile gloves with introduction of varieties like hydrogenated nitrile rubber, carboxylate nitrile rubber have advanced its application. For example, earlier nitrile gloves remained limited in its use in relation to chemicals, as these were susceptible to chemical degradation. However, the new varieties offer high chemical, thermal, abrasion resistance making them far more promising in end-applications.

The Global Nitrile Gloves Market is segmented on the basis of fabric type, grade, texture, end-use

By Type:

By Grade:

By End-Use:

The covid-19 pandemic provided a major boost to growth of nitrile gloves globally. The nitrile gloves, widely used in both medical and laboratory settings witnessed growing use of single-use nitrile gloves. The pandemic also provided boost to various other nitrile-based apparels including medical gowns, masks, and respirators. The covid-19 period between 2019-2020 also witnessed a major increase in costs, as supply chain derailment led to increased costs of raw materials. The increased support from governments around the world to manufacture PPE equipment like nitrile gloves, and premium pricing enjoyed by manufacturers in many places remained promising driver of the increased valuation of the nitrile gloves market. The pricing incentives and increased demand led to major new investment in the nitrile gloves market. For example, VIP gloves Ltd installed additional production lines, boosting their capacity by as much as 60%, while promising more investments in additional capacity in the near future. 

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News: Yanimed Announced Joint Venture with Guangdong Guyun Medical Technology Co. Ltd.

On April, 29th 2021; Yanimed announced the formation of a joint venture with Guangdong Guyun Medical Technology Co., Ltd, a Chinese manufacturing business specializing in R&D, production, and manufacturing of disposable medical items, including nitrile gloves. Blokkx Ltd. has made a big step toward becoming a major player in the medical consumables sector in the United States by partnering with Guyun Medical. Yanimed and Guyun Medical have formed a joint venture to create Yanimed,  YaniPure, a new brand that will operate exclusively in the United States. As a result of this partnership, the two organizations will collaborate to create a distribution network that will serve hospital groups across the United States, supplying high-quality gloves both now and after the epidemic. In both the American and European markets, Guyun Medical is in high demand. In the aftermath of the Covid-19 outbreak, the company has been working nonstop to expand its production capacity. Guyun Medical has over 100 international certifications, including EN455, EN374, CE, and ISO9001, and is on the cusp of getting FDA 510k approval.

Nitrile gloves market doubled its growth amidst the pandemic, as demand for medical gloves skyrocketed in 2020. In 2019, global exports for nitrile gloves reached USD 8,264,965 in valuation. In 2020, this figure reached USD 17,067,220. The growing demand for nitrile gloves in medical applications amidst the global pandemic, and its key benefits like resistance to infection spread, highly puncture resistant nature make them ideal grade solution. Growing research in medical gloves also points to significant penetration of latex allergies among healthcare workers. This makes it essential to replace latex rubbers with nitrile gloves, especially during an infectious global pandemic. Advanced varieties like hydrogenated nitrile rubber, carboxylate nitrile rubber promise robust innovation with increased functionalities, and efficacy. The slowdown in automotive sector remains an immediate concern in the nitrile gloves market.

Nitrile Gloves Market: Key Trends

On Special Requirement Nitrile Gloves Market Report is also available for below region:

North America

Europe

Asia-Pacific

Latin America

Middle East and Africa

Get Full Access of all Report: https://brandessenceresearch.com/chemical-and-materials/nitrile-gloves-market

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