DUBLIN--(BUSINESS WIRE )--The "Nitrile Gloves - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Nitrile Gloves Market to Reach $57.1 Billion by 2026
Amid the COVID-19 crisis, the global market for Nitrile Gloves estimated at US$14.1 Billion in the year 2020, is projected to reach a revised size of US$57.1 Billion by 2026, growing at a CAGR of 23.3% over the analysis period. Powder-Free, one of the segments analyzed in the report, is projected to grow at a 24.8% CAGR to reach US$59.9 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Powdered segment is readjusted to a revised -2.8% CAGR for the next 7-year period. This segment currently accounts for a 9.6% share of the global Nitrile Gloves market.
The market received a considerable push from the COVID-19 outbreak that created exponential demand for nitrile gloves. Infection risk and implementation of strict hygiene protocols established nitriles gloves as a compelling option as these gloves play an important role in preventing spread of the infection while keeping laboratory and medical procedures sanitary.
The U.S. Market is Estimated at $11.4 Billion in 2021, While China is Forecast to Reach $13.6 Billion by 2026
The Nitrile Gloves market in the U.S. is estimated at US$11.4 Billion in the year 2021. The country currently accounts for a 33.58% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$13.6 Billion in the year 2026 trailing a CAGR of 29.1% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 18.3% and 22.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 20.2% CAGR while Rest of European market (as defined in the study) will reach US$14.8 Billion by the close of the analysis period.
The pandemic has led to remarkable spike in personal protective equipment demand from the healthcare industry and the general public. The scenario made it extremely challenging for manufacturers and other businesses to maintain desirable stock for ensuring employee safety. While the initial focus was on notable shortage of N95 masks, the short supply and escalating unit prices of nitrile gloves emerged as major concerns.
Majority of hospitals and healthcare facilities were left struggling with shortage of medical-grade gloves rather than protective gowns and face masks. While significant shortages of essential items such as face masks, respirators and disinfecting wipes led to safety concerns, the sudden drop in availability of nitrile gloves remains a formidable challenge for healthcare facilities that rely heavily on these gloves owing to their high durability along with puncture- and chemical-resistant nature.
Disposable nitrile gloves experienced a dramatic incline in global demand amid COVID-19 that grew three-fold in 2020. The incredible increase in demand was witnessed over a short span due to high use by healthcare professionals and the implementation of strict hygiene protocols. In addition, various health systems and government entities started stockpiling for dealing with another wave of the pandemic. Majority of healthcare facilities globally reported notable drop in supply of medical-grade gloves.
While global demand associated with nitrile gloves touched the 500 billion plus mark in 2020, manufacturers were able to product just 370 billion units. Meanwhile, the nitrile gloves market also faced supply challenges as pandemic disrupted production at various facilities.
While nitrile glove manufacturers are working at their full capacity, the supply has been unable to match the demand since the outbreak of COVID-19 in 2020. The gap is affecting a large number of end-users, including healthcare professionals and other industrial users.
In addition, there is stark shortage of nitrile gloves across various US states, indicating significant mismatch between demand and supply. The global demand for nitrite gloves is anticipated to remain unabated in the coming months on account of increasing need for protection to healthcare professionals as well as general public and workers across different industry verticals.
Furthermore, the announcement of COVID-19 vaccination programs across different countries is poised to provide a significant impetus to global demand for these gloves. Healthcare and government organizations conducting these vaccination programs are required to ensure sufficient availability of nitrile gloves for medical professionals intended to administer the COVID-19 to people for desirable hand hygiene and protection.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900