Iconic Worldwide Berhad marks a new milestone in its corporate history with the grand opening of its RM200 million manufacturing facility for gloves and face masks in Batu Kawan. The opening comes in less than a month after it secured a 510 (k) premarket notification approval from the US Food and Drug Administration to distribute its medical-grade gloves throughout the United States.
Penang Chief Minister officiated the launch which already has six double former glove dipping lines that has started running at the factory, and Iconic says by March 2022, a total of 12 double former glove dipping lines and 20 medical face mask production lines will be installed and commissioned. The factory, which is built on a 5.5-acre land, is expected to yield a minimum production capacity of 3.3 billion pieces of gloves and 220 million pieces of disposable face masks per annum.
With the Group already locking in mass orders for its gloves and face masks, predominantly from the United States, Europe, Africa, and Asia, the factory’s opening puts Iconic Worldwide on the right track to become a major player in the global market within 5 years.
Managing Director Dato’ Tan Kean Tet added that despite the extensive vaccinations globally, the demand for gloves and face masks will continue to be sustained. While Iconic Worldwide is relatively new in the PPE manufacturing market, its international recognition – including from the US FDA – and the inquiries from potential customers, make it one of the leading beneficiaries of this continued demand for PPE.
A report by Arizton Advisory and Intelligence forecasts that the medical glove market size is expected to reach US$18.56 billion by 2026, up from US$9.58 billion in 2020. The global medical face mask market, according to Arizton, is expected to reach US$5.73 billion. The world continues to see an increase in demand for medical-grade gloves and face masks due to higher hygiene requirements, and as a manufacturer, we see a huge opportunity for us.”
In the third and fourth quarters of the current financial year, Iconic Worldwide will ship out approximately 500 million pieces of nitrile gloves to the United States, Europe, Africa, Middle-East, and South-East Asia. The sales will be partially factored into the Group’s financial year 2022 accounts, and fully realised in the financial year 2023.
“Once our 12 glove production lines and 20 face mask production lines are fully operational, we expect to generate a potential revenue and profit to the company for years to come,” Dato Tan added.