What Factors Impacting Glove Box Market Trends?
The glove box market 2020 is said to be gaining massive attention from multiple sectors, which can mean a smooth run at a rate of 4.14% between 2016 and 2023 (review period). In a detailed study, Market Research Future (MRFR) reveals that by 2023, the global market can touch a valuation of USD 193.23 million.
Primary Drivers and Key Restraints
It is not only the health aspect but also the economic facet that has taken a hit due to the Coronavirus. The pandemic has casted a long shadow over various industries worldwide. The lockdown situation in many ways has impacted activities such as vendor operations, supply chain operations, and product commercialization. The glove boxes market is also enduring the ramifications of the present situation, but can gain traction due to the resilience shown by the leading players who are striving to curb the revenue loss by using effective marketing strategies.
The glove box market can also offer remarkable opportunities in the forthcoming years, thanks to the expanding global population and the mounting demand for transportation. The surge in the disposable income of people in developed as well as developing region can be a notable plus point for the glove box industry in the years ahead. The escalating awareness levels about the safety precautions among industrial employees are also leading the market to greater heights.
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The soaring concerns with regard to environmental safety and the increasing efforts being given by research institutes all over the world are also expected to result in market boom. The noteworthy growth of the electronics industry in line with the robust demand for smart devices can bolster the market’s growth potential during the evaluation period.
The segmental review of the glove boxes industry has been outlined in the report for better comprehension, which covers product type, as well as end-use.
The product types appraised in the market study are aluminum, plastic, stainless steel, and others.
The end-use sections covered in the report are defense industry, electronic/lithium batteries, pharmaceutical & biotechnology, and more.
The main glove boxes market are Europe, South America, Asia Pacific or APAC, the Middle East & Africa or MEA and North America.
APAC can emerge as the most lucrative market for glove boxes, as a result of the increasing investments in research and development in industries including food, chemical, electronics and automobile. The consistent import of cheap raw materials as well as low-cost glove box systems by international companies from the region also stimulates business growth. The region has also gained significance on a global scale, with immense contributions from developing economies like India and China.
The North American market is performing decently, thanks to the increasing renewal of old gloves that have experienced wear and tear. The strict adherence to instructions among employees for wearing gloves to facilitate safety also boosts the market demand in the region. The thriving electronics industries and the rising use of gloves in fields also foster market growth. Other growth boosters include the soaring demand for vehicles backed by the high financial status of the people in the region. Also, the presence of technologically advanced glove boxes isolation & containment chambers in the region induces market growth. These chambers help provide gloves with conducive pressure environment in a controlled atmosphere.
Renowned companies that are working on a getting a better position in the global glove box market include Inert Corporation (US), Glove Box Technology Limited (UK), Vacuum Atmospheres Company (US), Changsha Deco Equipment Co., Ltd (China), GS GLOVEBOX Systemtechnik GmbH (Germany), Cole-Parmer Instrument Company, LLC (US), Coy Laboratory Products, Inc. (US), MBRAUN (Germany), Jacomex (France), Germfree Laboratories, Inc. (US), Marine & Industrial Plastics Ltd (UK), LC TECHNOLOGY SOLUTIONS, INC (US), Banthrax Corporation (US), Miwa Mfg. Co., Ltd (Japan), Bangalore Vacuum Technology (India), to list a few.
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