Frost & Sullivan’s recent analysis of the global mining industry personal protective equipment (PPE) market reveals that the sector is set to garner revenues in excess of US$3.4 billion by 2023, registering a CAGR of 4.1 per cent from 2018.
Rising global demand for natural resources and increasing investments by mining MNCs in developing economies were identified as the key trends driving the revenue boost.
Sanjiv Bhaskar, Vice President of Research, Frost & Sullivan believes that as multinational mining companies expand their geographic footprint, the focus on developing a safe working environment increases and results in the industry adopting a ‘safety-first’ culture.
“This is expected to support the demand for PPE in mining activities in the coming years,” added Mr Bhaskar.
Frost & Sullivan’s latest research, Global Mining Industry Personal Protective Equipment (PPE) Market, Forecast to 2023 provides a comprehensive analysis of the personal protective equipment sector catering to the global mining industry. The research examines key market drivers and industry trends and offers detailed revenue forecasts through the year 2023.
In 2018, the Chinese mining industry contributed the most to global PPE market revenues, generating US$529 million, followed by the North American and Central and Eastern European mining sectors, which generated US$511 million and US$450 million, respectively.
Latin America and the Rest of the World (RoW), especially Asia-Pacific, however, are most likely to emerge as the fastest-growing mining PPE markets in the next five years. An abundance of natural resources, the adoption of progressive mining policies, and the permeation of a robust work safety culture from MNCs to smaller mining organisations are expected to play a pivotal role in driving these markets.
“Geological potential, coupled with the political stability of the host countries, is expected to play a key role in fostering mining activities,” noted Mr Bhaskar.
“In turn, it is likely to provide PPE manufacturers with additional revenue-generation opportunities in the future.”
PPE manufacturers could potentially supplement their revenues by:
- Entering into partnerships with mining companies to supply PPE products
- Helping mining companies develop and implement effective work-safety procedures
- Offering training services for the selection and usage of PPE
- Establishing an efficient supply chain to ensure timely delivery of products to remotely located mines