June 11, 2020
According to recent study titled ‘Global Insulating Gloves Market Size study, by Product Type (Low Voltage Insulating Gloves, Medium Voltage Insulating Gloves, High Voltage Insulating Gloves), Application (Electrical and Electronics, Automotive Industry, Power Industry, Communication Industry, Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global insulating gloves market is expected to see substantial returns by the year 2026.
Insulating gloves are used by workers for preventing electrical shocks when operating on near live wires in any residential or commercial or industrial settings. The boom in construction sector, rapid urbanization & industrialization, and strict regulatory ambit about factory workers in are driving the growth of global insulating gloves market, industry analyst claim.
According to International Construction Market Survey, global construction industry registered a growth rate of about 3.5% in the year 2017, which grew to approximately 3.9% in 2018. Additionally, the annual report published by European Construction Industry Federation (FIEC) in 2017 states that construction activity in Europe amounted for about 1.2 billion Euro in 2016, witnessing an increase of 2.2% from the previous year. Moreover, the European construction industry was predicted to grow by 2% in 2017, and 3% in 2018. Thus, steady growth of construction in developed regions alongside the untapped potential in developing nations will add significant momentum to insulating gloves industry growth in the coming years. However, lack of awareness among workers will negatively impact the market outlook over the forecast period.
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Based on the product type, the market is categorized into high voltage insulating gloves, medium voltage insulating gloves, and low voltage insulating gloves. Speaking of the application spectrum, the market is divided into automotive industry, electrical & electronics, communication industry, power industry, and others.
Considering the geographical outlook, global insulating gloves market is split into North America, Europe, Asia Pacific, Latin America, and Rest of the World. North America will continue to display growth trends over the forecast timeline, owing to the positive outlook of the construction sector, fueled by rising urbanization in both United States and Canada.
On the other hand, Asia Pacific insulating gloves industry is expected to grow exponentially over the assessment period, due to rapid industrialization and growth of the manufacturing and construction sector across the region.
Prominent industry players include Derancourt, Stanco Safety Products, Carhartt, Hubbel Power Systems, Secura BC, Regeltex, Yotsugi Corporation, GB Industries, Ansell, and Honeywell Safety.