Together, due to Covid-19, we are facing an unprecedented situation. The global coronavirus pandemic is affecting all of our families, our businesses, our communities, and our way of life. During this time, I want to reach out and update you on how we are approaching the situation at PMB.
As you know, the huge demand for gloves and other PPE products caused by the pandemic has resulted in price increases never seen before. While prices for non-glove PPE products might have seen their peak at 10-fold price increases, the prices of gloves continue to increase. Exponential global increases in demand from all industries including governments, hospitals, healthcare professionals and other non-medical industries have caused a severe shortage in gloves. Factories, working at full capacity, are unable to meet the increased demand. Additionally, factories are facing severe shortages in NBR, the raw material needed to manufacture Nitrile gloves. At this time, the shortage of NBR is estimated to be 40%.
Currently these factors have resulted in three to five-fold increases in the price of gloves. We expect this upward trend in price to continue in the remaining months of 2020 and the 1st quarter of 2021.
Despite this shortage, PMB is proud that we have been able to provide gloves to our valued customers without allocations or back orders.
With all of this in mind, while you may see some increases in your cost, please know that we are holding these increases to the absolute minimum. And will reduce the price on gloves as soon as possible.
Thank you for your understanding and continued loyalty.