PUBLISHER: Grand View Research | PRODUCT CODE: 1511824
PUBLISHER: Grand View Research | PRODUCT CODE: 1511824
The Germany hand protection equipment market size is anticipated to reach USD 2.37 billion by 2030 and is growing at a CAGR of 7.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Stringent occupational safety regulations and standards in industries, such as manufacturing, construction, healthcare, and automotive, have been major drivers of the market.
Healthcare expenditures in Germany are growing, contributing to the country's demand for hand protection equipment. This increase in healthcare spending is multifaceted and influenced by the country's aging population, advancements in medical treatment, and surged standards for hygiene and patient care. According to the OECD Health Expenditure and Financing Database 2023, the total healthcare expenditure per capita in Germany increased from USD 5,719.0 in 2018 to USD 6,448.2 in 2022.
Germany's increasing demand for hand protection equipment is also driven by its industrial sector. Germany is a highly industrialized country whose industrial sector is a major contributor to its economic growth. Moreover, according to the Fazit Communication GmbH, this sector in Germany is dominated by four industries: automotive, chemicals, mechanical, and electrical. These industries are expected to witness growth over the forecast period after experiencing a drop in growth in 2020 as an aftermath of the COVID-19 restrictions. In 2020, the output of the manufacturing industry in Germany declined by 4.3% compared with that of 2019, according to the World Bank.
Furthermore, the growing electrical industry in Germany underscores a parallel increase in the industry's demand for hand protection equipment. The surge in electricity generation activities and the expansive installation of solar power plants necessitate stringent safety measures, including the use of specialized hand protection gear.
Manufacturers of hand protection equipment are adopting several strategies, such as acquisitions, mergers, joint ventures, new product launches, and geographical expansion, to enhance market penetration and cater to changing technological demands from various end-use applications, including construction, manufacturing, oil & gas, chemicals, food, pharmaceuticals, healthcare, transportation, mining.
For instance, in February 2024, Ansell introduced a new addition to its product line, the MICROFLEX Mega Texture 93-256, a nitrile disposable glove featuring ultra-texture for enhanced grip and durability. Designed for industrial workers, this glove is ideal for use with tear-resistant, highly visible, and grip-secure handwear in auto shops.