In 2023, the asbestos market size in China stood at approximately $0.102 per capita, marking the transition point to the downward trend in forecasts. From 2023 to 2028, the market size per capita is expected to decline steadily, with year-on-year decreases of about 9.68% by 2025 and 14.86% by 2028. Over the five-year horizon, the compound annual growth rate (CAGR) indicates an average annual decrease of approximately 11% due to regulatory constraints and health concerns.
Future trends to watch for include:
- Increased regulation and potential policy changes limiting asbestos use.
- A shift towards alternative materials due to health awareness and innovations.
- Potential impact of international trade policies influencing the domestic market.
