The import of asbestos friction material to India, excluding brake applications, is projected to moderately increase over the next five years. In 2023, the volume stood at around 3.8 million kilograms. The forecasted growth from 2024 to 2028 shows a consistent average annual growth rate (CAGR) of approximately 2.4%. From 2024 onwards, slight year-on-year increases are noted, with values rising from 3.9348 to 4.3268 million kilograms by 2028, indicating a gradually escalating demand or requirement in related sectors.
Future trends to watch include regulatory changes impacting asbestos use, technological advancements driving replacement materials, and shifts in industrial demand that may affect the volume of these imports. Monitoring global and domestic policies on asbestos is crucial, as environmental and health considerations could significantly impact market dynamics.
