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Increasing investment by multi national mining corporations in mining industry of developing economies is expected to play a pivotal role in supporting the growth of PPE in coming years
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Mining industry is marked by companies which vary in size and workforce safety policies. At on end there are large multinationals which have their operations spread across the globe, employ large workforce and also adhere to “safety first” objective. Whereas on the other end of spectrum there are companies which are involved in small scale mining wherein worker safety is not given a lot of importance. As multinational mining companies have expanded their geographic footprint, focus on developing a safe working environment for the workers has increased. Lack of skilled labor force is a major factor which has resulted in developing safety culture in the industry. This is expected to support the demand for PPE in mining activities in coming years. Resource nationalism has been a major challenge for multi national companies expanding their operations across the globe. Through resource nationalism, the local governments seek to assert control over the resources in the territory by introducing laws that mandate majority stake of the local government in mining projects, increase royalties, taxes and also require multi national companies to hire local talent as well. As the volatility in commodity prices continue to influence the mining industry, developmental resource nationalism is expected to play a key role in ensuring inflow of Foreign Direct Investment (FDI) from global mining corporations. Developmental resource nationalism emphasizes on adopting strategies that facilitate negotiated outcomes if the investors agree to meet at least some of the major demands laid down by the host countries. Such initiatives can be beneficial for both the parties.Rising mineral consumption in emerging economies owing to rapid industrialization and infrastructure development has resulted in mining industry shifting towards these regions. Although the emerging economies show a lot of promise related to mining activities, issues such as corruption, access to infrastructure and resource nationalism among others are expected to pose a challenge for rising investments in the region. As the global economy continues to grow, the long term demand for metals and minerals is likely to grow at a moderate pace thus supporting the growth of mining sector. This in turn is further expected to propel the demand for PPE in mining sector during the forecast periodIncreasing investment by multi national mining corporations in mining industry of developing economies is expected to play a pivotal role supporting the growth of PPE in coming years. Multinational mining companies’ compliance with safety regulations is anticipated to influence work safety awareness of employer responsibilities to small companies and service contractors, thereby driving market penetration. This trend will further help to build safety awareness and implement better safety measures within these countries.During the forecast period, majority of segment of growth is likely to be driven by Latin America and Rest of the world (especially Asia Pacific). Progressive mining policies such as formalizing informal miners and distributing royalties earned from mining to local communities coupled with abundant availability of natural resources are likely to be the growth factors for mining industry in the Latin America. Protective footwear, protective gloves, respiratory protection and above the neck protection are the key product segments which are expected to drive the revenue growth of PPE in mining industry. Better adoption rates of these product segments across the industry has been a crucial factor in supporting the growth of these segments.Lack of innovations and industry specific product customizations offer very limited scope for product differentiation which further can affect the market participants ability to attract new customersThe global mining industry PPE market is largely fragmented with a large number of regional and global participants. The mining industry is an import
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