Based on the provided data, Malaysia's import of fabricated asbestos fibers is set to rise progressively from 2024 to 2028. The 2023 import value stood at 6.4 million USD. For 2024, the forecast is 6.5227 million USD, marking a year-on-year increase of 1.9%. The growth trend continues with a 1.58% increase in 2025, a 1.52% increase in 2026, a 1.46% increase in 2027, and a 1.4% increase in 2028. The compound annual growth rate (CAGR) over the five years from 2024 to 2028 is approximately 1.57%.
Future trends to watch for:
- Diversification and potential reduction in the reliance on asbestos due to environmental and health concerns.
- Technological advancements and alternatives to asbestos materials.
- Influence of international regulations and trade policies impacting asbestos imports.
- Economic factors and demand fluctuations in key industries using asbestos.
