Thai Rubber Glove and Medical Glove Export: Sri Trang Gloves and the Post-COVID Market Reset
Thai rubber glove, medical glove export ~USD 1.5-2.5B annual segment combining medical exam-glove, surgical-glove, industrial-glove. Sri Trang Gloves (STGT SET-listed; Sri Trang Agro-affiliated tier-1), Top Glove Thailand (Malaysian tier-2), Hartalega Thailand (Malaysian tier-2). Post-COVID 2022-2025 market normalisation. Watchpoints: post-COVID demand normalisation, Malaysian Top Glove competition, US 19% tariff impact.
Key takeaways
- 1
Thai rubber glove, medical glove export ~ annual (volatile post-COVID).
- 2
Sri Trang Gloves (STGT SET-listed; STA-affiliated) tier-1 Thai.
- 3
Top Glove Thailand, Hartalega Thailand, Kossan Thailand Malaysian-affiliated tier-2.
- 4
- 5
Post-COVID 2020-2022 boom (glove-prices 3-5x); 2022-2025 normalisation.
- 6
Watchpoints: post-COVID demand, Malaysian competition, US tariff, EU CSDDD.
Questions this report answers
How big is Thai rubber-glove export? Per Customs / DITP: Thai rubber glove, medical glove export industry runs ~ annual export FY2024 (volatile post-COVID). Tier-1 Thai anchor: Sri Trang Gloves (STGT SET-listed; subsidiary of Sri Trang Agro-Industry STA SET-listed; tier-1 Thai medical-glove producer). Foreign-affiliated tier-2: Top Glove Thailand (Malaysian Top Glove world's #1 glove producer), Hartalega Thailand, Kossan Thailand.[, , ]
What's natural-rubber, nitrile-latex feedstock structure? Per STA: Thailand benefits from natural-rubber, nitrile latex feedstock (STA tier-1 natural-rubber producer). Major export markets: US (~), EU (~), Japan (~), ASEAN (~), Latin America, GCC, Africa (~).[]
What's post-COVID, watchpoint structure? Per Bangkok Post: Post-COVID 2020-2022 boom β glove-prices spiked 3-5x; Sri Trang Gloves IPO 2020 raised significant capital. Post-2022 normalisation: prices reverted; Malaysian Top Glove, Hartalega capacity reduction; Thai Sri Trang Gloves restructuring 2024-2025. Watchpoints: post-COVID demand normalisation, Malaysian Top Glove, Hartalega competitive intensity, US tariff impact, EU CSDDD compliance, nitrile-vs-natural-latex transition.[]
Executive summary
Thai rubber glove, medical glove export ~ annual. Sri Trang Gloves (STGT SET-listed STA-affiliated) tier-1 Thai.[, ]
Top Glove Thailand, Hartalega Thailand, Kossan Thailand Malaysian-affiliated tier-2.[]
Post-COVID 2020-2022 boom (3-5x prices); 2022-2025 normalisation. Watchpoints: post-COVID demand, Malaysian competition, US tariff, EU CSDDD.[]
Thai rubber-glove export structure
Annual export
Value
~USD 1.5-2.5B
Notes
Volatile post-COVID.
Sri Trang Gloves (STGT)
Value
Tier-1 Thai medical-glove
Notes
STA-affiliated SET-listed.
Value
Malaysian-affiliated tier-2
Notes
World's #1 glove parent.
US export share
Value
~30-35%
Notes
Tier-1 buyer market.
Post-COVID 2020-2022 boom
Value
Glove-prices 3-5x
Notes
Sri Trang IPO 2020.
Post-2022 normalisation
Value
Prices reverted
Notes
Malaysian capacity reduction.
| Metric | Value | Notes |
|---|---|---|
| Annual export | ~USD 1.5-2.5B | Volatile post-COVID. |
| Sri Trang Gloves (STGT) | Tier-1 Thai medical-glove | STA-affiliated SET-listed. |
| Top Glove Thailand | Malaysian-affiliated tier-2 | World's #1 glove parent. |
| US export share | ~30-35% | Tier-1 buyer market. |
| Post-COVID 2020-2022 boom | Glove-prices 3-5x | Sri Trang IPO 2020. |
| Post-2022 normalisation | Prices reverted | Malaysian capacity reduction. |
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