Like many industries, the rubber glove industry has gone through some significant changes over the last 18 months and so we thought it would be worth looking at what the near-term future looks like for the industry.
What sorts of trends are we likely to see in 2021 and beyond?
Let’s dive in.
Analysts are predicting that the rubber glove industry is going to grow by 43% in 2021 and then at a strong CAGR of 13% over the next 5 years due to significant market expansion and a very competitive environment.
Many governments around the world are implementing various healthcare reforms on the back of this pandemic and many of these involve a much more serious focus on the use of gloves. This is mirrored by non-governmental organizations to a large extent and that’s what will propel the growth in the industry.
New Innovation and Developments
As a result of the increased market size, we’re likely to see a range of new market entrants who seek to get a piece of the pie.
This should drive some exciting innovation in the space, both when it comes to the gloves themselves, as well as the manufacturing process and supply chain needed to get them to customers.
There has been a lot of talk about robotic automation playing a bigger role and so we’re likely to see more of that implemented in the coming years.
In addition, innovations in synthetic rubber categories such as neoprene, polyisoprene, and TPE are starting to bear fruit, creating new types of rubber glove products that are specialized for very niche use cases. We’ve never had more product variety in an industry that is typically thought of as relatively homogenous.
Malaysia to Remain Dominant
It seems likely that Malaysia will remain the dominant player in terms of rubber glove manufacturing thanks to its highly scaled production capacity and adherence to global safety standards.
Even with high levels of competition from other Asian regions as well as manufacturers in Europe, they still maintain a significant price and quality advantage.
China was probably the biggest competitor, but their efforts have been stymied by the global concern about relying on a Chinese supply chain – after the virus emanated from the region.
It’s expected that throughout 2021 when demand is still so high, the price of rubber gloves is going to increase significantly across the board as clients bid against each other.
However, in the years to follow – as the pandemic subsides, this price will normalize once again, albeit at a higher price than pre-pandemic levels. This is also due to the increased demand for higher-quality items that prioritize safety over per-unit costs and the related hikes we’ve seen in raw material prices.
New Industry Expansion
It’s predicted that rubber gloves will begin to expand into new industries that typically weren’t large consumers of gloves because of increased safety standards due to the pandemic. These include hotels, airlines, personal care, beauty, and much more.
These expansions will be significant tailwinds for the industry and should ensure strong market growth across the board.
Those key components make up the market outlook for rubber gloves in 2021 and beyond. It’s clear to see that it’s a very exciting time to be in the industry and it’s set for significant expansion in the years to come.
Here at Nastah, we are passionate about bringing the very best rubber glove products to our clients and we are well set up to scale with the macro-growth that is being predicted.
If you are looking for a world-class supplier of rubber gloves, then look no further.
Request a quote today and let’s get to it.