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Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.


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Protective Gloves Market to Hit USD 35.20 Billion by 2027; Growing Stringency in Workplace Safety Regulations in Developed Economies to Fuel the Market, Says Fortune Business Insights(TM)

12:55 pm ET September 8, 2020 (Globe Newswire) Print

The global protective gloves market size is projected to reach USD 35.20 billion by 2027, exhibiting a CAGR of 11.7% during the forecast period. The heightened pace of the spread of the coronavirus pandemic will accelerate the growth of this market, observes Fortune Business Insights(TM) in its report, titled "Protective Gloves Market Size, Share & COVID-19 Impact Analysis, By Product (Disposable Gloves, and Durable Gloves), By Raw Material (Natural Rubber Gloves, Aramid Fiber Gloves, Nitrile Gloves, Neoprene Gloves, Polyurethane, Vinyl (PVC) Gloves, and Leather Gloves), By Application (Healthcare & Medical, Manufacturing, Construction, Food & Beverages, Oil & Gas, Mining, and Others), and Regional Forecast, 2020-2027".

As of August 30, 2020, the global coronavirus cases topped 25 million worldwide, with more than 840,000 people dead across the globe, according to the latest data released by Johns Hopkins University in the US. One of how the COVID-19 infection spreads is through the droplets left by infected persons on surfaces, according to the World Health Organization (WHO). Protective gloves provide adequate protection to frontline healthcare workers who are in constant contact with patients. With hospitals getting overwhelmed with the skyrocketing increase in cases, the demand for disposable protective gloves is escalating worldwide. The WHO estimates that 76 million examination gloves are required each month to support the COVID-19 response.

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The report states that the global market value stood at USD 12.37 billion in 2019 and provides the following:

-- Tangible analysis of the factors driving the growth of the market;

-- Piecemeal evaluation of the different market segments;

-- In-depth study of the regional prospects and competitive milieu of the market; and

-- Exhaustive examination of the various challenges facing the market.

Market Driver

Availability of Eco-friendly Gloves to Bolster Market Growth

The protective gloves market growth is expected to gather considerable momentum as the availability of eco-friendly gloves widens. Companies have been developing and launching gloves made from sustainable materials to reduce plastic pollution created by the rampant use of non-degradable protective equipment across industries. For example, Japan-based Showa Corporation developed biodegradable nitrile gloves using its proprietary Eco Best Technology to allow gloves to biodegrade in landfills. In 2018, a California-based company called Eagle Protect launched its FineTOUGH nitrile glove, which weighs 50% lesser than a regular food-handling glove, making the product easy to dispose with lower emissions. Thus, development of sustainable protective gloves for various industries is brightening the prospects of this market.

Regional Insights

Staggering Rise in COVID Numbers in the US to Accelerate the Market in North America

The number of coronavirus cases surpassed 6 million in August 2020, precipitating an unprecedented health crisis in the country. The astronomical rise in cases is expected to surge the adoption of protective gloves in North America as this equipment is essential in ensuring safety of frontline health workers. Besides this, stringent implementation of workplace safety regulations will further foster growth of the regional market.

In 2019, the region's market size stood at USD 4.68 billion.

In Asia Pacific, spreading awareness about occupational safety and increasing construction activities will enable the region to strengthen its position in the protective gloves market share in the coming years. Additionally, exponential spread of COVID-19 is anticipated to create booming demand for disposable gloves in the region. The main growth driver in Europe will be the rising adoption of safety gloves in the region's chemicals manufacturing sector.

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Competitive Landscape

Companies to Capitalize on Expansion Opportunities Generated by COVID

The COVID-19 pandemic has generated unique expansion opportunities for key players in this market. In response, several players are adopting strategies that can effectively enable them to deepen their foothold in the market, whilst also allowing them to support the fight against this deadly pandemic.

Industry Developments:

July 2020: Japan-based Showa Corporation partnered with the Central Association for the Blind and Visually Impaired (CABVI) to cater to the critical need for personal protective gloves in the US amid the coronavirus pandemic. Showa is presently the only manufacturer of nitrile, single-use PPE gloves in the US, serving frontline health workers across the country.

January 2020: CORDOVA SAFETY PRODUCTS expanded its OGRE product line by adding three new, cut-resistant gloves to its portfolio. Called the NEW CORDOVA-CRX(TM) and made from high performance polyethylene, the gloves are designed for the kind of jobs that require efficient protection from impacts and cuts as well as for providing gripping power.

List of Key Players Covered in the Protective Gloves Market Report:

-- QS Safety (Shanghai, China)

-- Lalan Group (Pvt) Ltd (Malwana, Sri Lanka)

-- Supermax Corporation Berhad (Selangor, Malaysia)

-- Showa Glove Co. (New York, U.S.)

-- PIP Global (New York, U.S.)

-- Globus (Shetland) Ltd. (Manchester, United Kingdom)

-- Kimberly-Clark Corporation (Delaware, U.S.)

-- Superior Gloves (New York, U.S.)

-- Top Glove Corporation Bhd (Shah Alam, Malaysia)

-- Ansell Ltd. (Melbourne, Australia)

-- Jiangsu Hanvo Safety Product Co., Ltd. (Jiangsu Province, China)

-- ATG- Intelligent Glove Solutions (Sri Lanka)

-- Honeywell International Inc. (Charlotte, U.S.)

-- Uvex Group (Fuerth, Germany)

-- Kossan Rubber Industries Bhd (Kuala Lumpur, Malaysia)

-- Hartalega Holdings Berhad (Kuala Lumpur, Malaysia)

-- Towa Corporation (Kurume, Japan)

Browse Detailed Overview of This Research:

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Fortune Business Insights(TM) offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights(TM), we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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