Marked improvement in awareness adds thrust to the market growth
Kuala Lumpur, Malaysia – September 9, 2014 – The frenetic pace of economic growth in Asia-Pacific is enhancing consumer awareness about products, which, in turn is leading to better compliance and uptake of disposable gloves. A thriving healthcare sector, particularly in Southeast Asian countries, has been a shot in the arm for the market.
New analysis from Frost & Sullivan, Analysis of the Asia-Pacific Disposable Gloves Market, finds that the market earned revenues of more than US$309.8 million in 2013 and estimates this to reach US$435.7 million in 2018. Australia and Indonesia are the two key revenue contributors. The study covers the product segments of surgical and examination gloves, industrial gloves, automotive gloves, critical environment gloves, food industry gloves and retail gloves.
Countries such as Thailand, Malaysia and Singapore have emerged as medical tourism hubs and expectedly, there is a discernible rise in the availability of medical insurance facilities and number of hospitals. This growth, along with the large population in these countries, has augmented the demand for medical disposable gloves, which constitute at least 50 percent of the total number of disposable gloves sold, globally.
“Being highly price sensitive, the market holds considerable potential for glove manufacturers that are able to deliver quality products at affordable rates,” said Frost & Sullivan Chemicals, Materials & Food Research Analyst Aparna Balasubramanian. “As the region is home to a number of low-quality manufacturers that compete on price, the competition is stiff.”
Despite their cost consciousness, consumers are willing to test out new products such as nitrile gloves due to the allergic reactions common to traditional latex gloves. Nitrile gloves have proven to be far superior to rubber gloves due to their high resilience, higher elasticity and elastic memory, and less propensity to wear and tear.
“Already, more than 30 percent to 35 percent of all disposable gloves sold in the region are nitrile,” noted Balasubramanian. “The higher adoption rates and prices of nitrile gloves are boosting the overall revenue growth rates of the disposable gloves market.”
With the regulatory environment becoming stricter and higher proliferation of media and various sources of information, industries, employees, and management are acknowledging the need for quality disposable gloves. The influx of educational material will continue to highlight the value of using the appropriate type and quality of gloves for each application.
Overall, the market is exhibiting high growth prospects due to the improving awareness regarding health and hygiene, compliance levels, and economic outlook for countries in the region.
If you are interested in more information on this study, please send an email to Donna Jeremiah, Corporate Communications, at [email protected].
Analysis of the Asia-Pacific Disposable Gloves Market is part of the Materials (http://www.chemicals.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Asia-Pacific Market for Plastics in Medical Devices, and Analysis of the Asia-Pacific Above the Neck PPE Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
