The global mining personal protective equipment (PPE) market is likely to garner revenues of more than $3.4-billion by 2023.
This represents a compound annual growth rate of 4.1% from 2018, says business consultancy Frost & Sullivan (F&S) in its ‘PPE market forecast to 2023’.
The company notes that the rising global demand for natural resources and increasing investments by mining multinational corporates in developing economies have been identified as the key trends driving the revenue boost.
“As multinational mining companies have expanded their geographic footprint, the focus on developing a safe working environment has increased and has resulted in the industry adopting a ‘safety-first’ culture.
“This is expected to support the demand for PPE in mining activities in the coming years,” says F&S research VP Sanjiv Bhaskar.
In 2018, the Chinese mining industry contributed the most to global PPE market revenues, generating $529-million, followed by the North American and Central and Eastern European mining sectors, which generated $511-million and $450-million, respectively.
However, F&S points out that Latin America and the rest of the world, especially the Asia-Pacific region, are more 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 multinational corporates to smaller mining organisations are expected to play a pivotal role in driving growth in the PPE market.
“Geological potential, coupled with the political stability of the host countries, is expected to play a key role in fostering mining activities. In turn, it is likely to provide PPE manufacturers with additional revenue-generation opportunities in the future,” notes Bhaskar.
F&S suggests that PPE manufacturers can 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 use of PPE; and establishing an efficient supply chain to ensure timely delivery of products to remotely located mines.