Sri Trang Gloves
Sri Trang Gloves (SET: STGT) is a world top-5 medical, examination glove manufacturer by capacity. FY2024 consolidated revenue approximately THB 27B. Vertically integrated — parent Sri Trang Agro-Industry (STA) supplies natural, synthetic rubber feedstock, giving STGT structural cost advantage vs Malaysian peers (Top Glove, Hartalega, Kossan). ~80% export-oriented across US, EU, Japan, ASEAN. Post-COVID glove oversupply cycle 2022-2024 compressed margins materially; recovery pace is the near-term variable.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 27B
FY2024
Rank
World top-5 medical/exam glove
FY2024
Ticker
SET: STGT
Listed 2020
Integration
Sri Trang Agro-Industry rubber parent
Vertical
What this company actually does
STGT manufactures nitrile, latex medical, examination gloves at massive scale in southern Thailand. Parent Sri Trang Agro-Industry (STA) supplies rubber feedstock; STGT operates gloving plants, export logistics. Customer mix: hospital, clinic, distributor, industrial globally with US, EU as largest markets. COVID demand-spike 2020-2021 drove record margins; post-COVID oversupply cycle 2022-2024 compressed industry margins across Thai, Malaysian cluster.[]
Strategic position: STGT is Thailand's anchor medical-consumables manufacturer, structural cost-advantage player via rubber-vertical integration. Competitive set: Top Glove, Hartalega, Kossan (Malaysia). Post-COVID cycle recovery, synthetic-nitrile vs natural-latex feedstock mix, ESG, labour-compliance reputation management are the binding variables.[, ]
Operations footprint
Manufacturing capacity
World top-5 glove producer
Multiple production lines in Hat Yai, Songkhla and satellite facilities. Annual capacity approximately 40-50 billion gloves (nitrile and latex combined). Post-COVID expansion brought additional lines online before the oversupply correction compressed utilisation to approximately 60-70% through 2022-2024.
Vertical integration
Sri Trang Agro-Industry rubber supply
Parent Sri Trang Agro-Industry (STA, SET:STA) is one of Thailand's largest natural-rubber processors, supplying concentrated latex and RSS grades directly to STGT plants. Cost advantage vs Malaysian peers (Top Glove, Hartalega, Kossan) who procure rubber at spot is approximately USD 0.10-0.20 per glove.
Product mix
Nitrile 70%, latex 30%
Nitrile (synthetic, acrylonitrile-butadiene) accounts for approximately 70% of volume — driven by hospital and industrial demand for latex-allergy-free protection. Natural latex gloves retain share in examination and dental segments. Nitrile feedstock (acrylonitrile) is petrochemical-derived; prices track oil and chemical cycles.
Export markets
~80% export — US, EU, Japan, ASEAN
US is the largest single market (healthcare procurement, distributor networks); EU second (regulated healthcare, PPE mandate). Japan and ASEAN supplement. Export is sold via distributors, group purchasing organisations (GPOs), and direct hospital procurement frameworks. Thai origin benefits from no US punitive tariff vs Malaysian peers.
Medical glove peer comparison
FY2024 estimates. Sources: company filings.
Top Glove
Ticker
MYX:7113
FY2024 revenue
~MYR 3-4B
Annual capacity (bn pcs)
~100B
Rubber integration
Partial
Hartalega
Ticker
MYX:5168
FY2024 revenue
~MYR 2-3B
Annual capacity (bn pcs)
~45B
Rubber integration
None
Kossan Rubber
Ticker
MYX:7153
FY2024 revenue
~MYR 2B
Annual capacity (bn pcs)
~30B
Rubber integration
None
| Entity | Ticker | FY2024 revenue | Annual capacity (bn pcs) | Rubber integration |
|---|---|---|---|---|
| Sri Trang Gloves | SET:STGT | ~ $782.6M | ~40-50B | Yes (STA parent) |
| Top Glove | MYX:7113 | ~MYR 3-4B | ~100B | Partial |
| Hartalega | MYX:5168 | ~MYR 2-3B | ~45B | None |
| Kossan Rubber | MYX:7153 | ~MYR 2B | ~30B | None |
Key drivers 2025-2026
Oversupply recovery
Industry utilisation normalisation
Post-COVID glove oversupply built up 2021-2023 as pandemic-era expansion collided with demand normalisation. Industry utilisation needs to recover above 75-80% globally before pricing power returns. Thai baht appreciation vs US dollar is an additional headwind for USD-export revenues converted back to THB.
US tariff advantage
Malaysian competitor tariff exposure
US tariffs on Malaysian glove imports (triggered by forced-labour investigations at Top Glove and Supermax) gave STGT a relative cost advantage in US hospital procurement. Continued enforcement or extension of these tariffs would structurally favour Thai and other non-Malaysian producers in the US market.
ESG compliance
Labour-standard certification
Post-Supermax, global hospital GPOs tightened social-compliance auditing for glove suppliers. STGT's compliance track record and SA8000 or equivalent certifications are a competitive differentiator in retaining tier-1 US and EU hospital contracts. Any adverse audit finding would risk contract loss.
Watchpoints
Glove oversupply cycle recovery
Industry utilisation, pricing normalisation pace.
Synthetic-nitrile vs natural-latex mix
Feedstock cost, customer-preference shift.
STA parent rubber-feedstock cost
Vertical-integration advantage pass-through.
ESG, labour compliance
Migrant-worker, environmental audits affect customer retention.
Related Market profiles
Peers, parents, partners, agencies, and other Medical Devices actors.
Competitor
Siemens Healthineers Thailand
Different segment; MNC imaging vs STGT consumables.
Open Market profile →
Competitor
Medtronic Thailand
Different segment; MNC surgical vs STGT consumables.
Open Market profile →
Sector peer
Abbott Thailand
US-parent MNC diagnostics, CGM, nutrition, cardiovascular; FreeStyle Libre anchor; ~6% Thai medical-device market share.
Open Market profile →
Sector peer
Becton Dickinson Thailand (BD Thailand)
Thai subsidiary of Becton Dickinson (NYSE: BDX); distributes and markets BD's medical devices, diagnostics, and life-science products across the Thai healthcare market.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Sri Trang Gloves PCL (SET: STGT) FY2024 Form 56-1 One Report
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Sri Trang Gloves PCL (SET: STGT) FY2024 Form 56-1 One Report | Sri Trang Gloves (Thailand) PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thailand Rubber Industry Natural Synthetic Market Intelligence
Thailand's largest rubber glove manufacturer, Sri Trang Group subsidiary
Open report →
Sits alongside 5 other Atlas profilesThai Rubber Glove and Medical Glove Export: Sri Trang Gloves and the Post-COVID Market Reset
Tier-1 Thai medical-glove producer; Sri Trang Agro-affiliated.
Open report →
Sits alongside 5 other Atlas profilesThailand Medical Devices Market Intelligence
World top-5 medical-glove manufacturer; vertically integrated via Sri Trang Agro-Industry parent; FY2024 revenue ~THB 27B.
Open report →
Sits alongside 7 other Atlas profilesThailand Natural Rubber Export Deep Dive
Sri Trang Gloves downstream natural-rubber demand.
Open report →
Sits alongside 2 other Atlas profilesThailand Songkhla, Southern Rubber Export Deep Dive
Global rubber glove leader, Hat Yai manufacturing.
Open report →
Sits alongside 2 other Atlas profiles