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Lack of policy transparency, and uncertain regulatory environment have restricted the growth of the mining sector in Africa
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African mining PPE market generated revenue of $ 202.2 million in 2018 and is expected to grow at an estimated CAGR of 4.0% during the forecast period. The region is expected to generate revenue of $ 245.6 million in 2023.Uncertainty in the South African economy as well as a lack of technological investment in the last couple of years has negatively affected the growth of mining industry. Lack of policy transparency, uncertain regulatory environments have further affected the growth of the mining sector in Africa.Inappropriate application of regulatory tools and corruption have decreased investment attractiveness. Political Instability and poorly executed policy reforms have reduced investor confidence. By 2016 79% of mining companies still hadn’t met mining charter specifications. This proves that lack of policy transparency, uncertain regulatory environments have restricted the growth of the mining sector .According to the Department of Mineral Resources there are 6,000 abandoned mines in South Africa; It further states that massive job cuts will continue. In 2018, about 3,000 jobs were cut despite shaft closures.Large players are restructuring, focusing on low-cost operations and job cuts. In 2018, Impala Platinum and Sibanye-Stillwater and Gold Fields faced financial woes in absence of significant growth. With rising female workforce in the mining sector, there is an opportunity to capture the currently unmet demand for women-specific PPE . Diversifying product portfolio to include female-specific wear will provide a competitive advantage to PPE manufacturers.Implementation of Broad Based Socio Economic Charter (BEE) For The Mining and Minerals Industry in 2018, is expected to act as catalyst to provide lucrative growth opportunities for local mining goods suppliers as well as local workforce. This is further likely to support the demand for mining PPE in the regionAs per the charter, it is mandatory that from the total amounts of mining goods and services procured, at least 70% must be provided by manufacturers in South Africa. Also, the goods used should have at least 60% of the local content used during manufacturing and assembly. For services, the charter makes it mandatory that around 80% of total spend on mining services should be sourced from companies based out of South Africa.3MSouth Africa, HSE Solutions, Drager South Africa, GreenLine, MSA, PSA Africa, North Safety Products, Select PPE, Crowcon, MSA,Centmark Systems, GDSA, Draeger, Jonsson Workwear, Southern Workwear, Blaize Workwear, MB Workwear, TPT Workwear are some of the major market participants in the region.
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