Rubber glove makers rake in RM50 billion in four months as global demand surges

KUALA LUMPUR, 22 JULY 2026 —

Malaysia’s rubber glove makers generated RM50 billion in turnover from March to July alone, while their combined market capitalisation more than tripled from RM44.43 billion on Feb 28 to RM140.22 billion, according to Inter-Pacific Asset Management Sdn Bhd chief executive officer Datuk Dr Nazri Khan.

Top Glove, which holds a 26% global market share and an annual capacity of 80.2 billion pieces, saw its share price jump from RM1.55 on Jan 2, 2020 to RM26.24 before a share split on Sept 7. The stock last traded around RM6.60. The company reported a record fourth-quarter net profit of RM1.29 billion for the period ended Aug 31, 2020, up 1,615% from RM74.17 million a year earlier.

Full-year net profit rose 417% to RM1.86 billion, while revenue climbed 51% to RM7.23 billion.

The four largest glove makers—Top Glove, Hartalega, Kossan Rubber Industries Bhd and Supermax—accounted for more than RM40 billion in trading volume, or 13.5% of total turnover on the FTSE Bursa Malaysia Kuala Lumpur Composite Index. MIDF Research upgraded the sector to “positive,” noting that Supermax and Kossan Rubber have maintained market caps above RM20 billion. Supermax was added to the FBM KLCI on Dec 3 following FTSE Bursa Malaysia’s semi-annual review.

Smaller manufacturers also posted strong earnings. When Malaysia imposed a March lockdown, producers operated at half capacity, creating a supply gap. The Malaysian Rubber Glove Manufacturers Association intervened to resolve the bottleneck.

Yet the year also brought unprecedented challenges. In July, the United States Customs and Border Protection banned Top Glove units Top Glove Sdn Bhd and TG Medical Sdn Bhd over alleged forced labour, sending Top Glove’s shares down 10% to RM19.70 on July 16. On the same day, vaccine optimism erased RM10.5 billion in combined market value from Top Glove, Hartalega, Supermax and Kossan.

Top Glove faced additional pressure when more than 4,000 workers tested positive for COVID-19, creating the country’s largest outbreak tied to the Teratai cluster. The company was cited for alleged breaches under the Workers’ Minimum Standards of Housing and Amenities Act 1990. Authorities shuttered Top Glove facilities in stages for screening and extended an Enhanced Movement Control Order on worker dormitories until Dec 14. Eight production lines in Klang continued operating, reducing output by 10%–20%.

Top Glove expects current-year revenue to be trimmed by 3% due to the temporary closures.

Despite the setbacks, research houses retained “buy” recommendations on Top Glove, citing its status as the primary beneficiary of pandemic-driven demand. The U.S. later lifted a ban on WRP Asia Pacific Sdn Bhd, another Malaysia-based producer that had faced similar forced-labour allegations.

Looking ahead, the industry expects sustained strength as COVID-19 vaccines roll out. Analysts forecast global glove demand could rise by 18 billion pieces annually if 60% of the world’s 7.5 billion people receive two doses each year. Malaysia’s share is projected to reach 68%, supplying 280 billion pieces against a 410 billion-piece global market in 2021, compared with a 67% share in 2020.

New entrants such as Luster Industries Bhd and Mah Sing Group Bhd are expected to contribute only 5–7 billion gloves in 2021 and 10–12 billion in 2022, industry estimates show.

Related: Top Glove Corp Bhd · Bursa Malaysia · Datuk Dr Nazri Khan · Kuala Lumpur