From 2013 to 2023, the asbestos market size in India fluctuated significantly. The market peaked in 2015 before experiencing steep declines in 2016 and 2017. By 2023, the market stood at USD 808.83 million, reflecting a trend of minor yearly declines from 2021 to 2023, and forecasting a continuous but gradual decline up to 2028, with a forecasted CAGR of -0.69%.
Key Observations:
- 2013-2016: Initial growth followed by a steep decline.
- 2017-2020: Minor recovery, then another significant decline.
- 2021-2023: Slight recovery and stabilization with minor yearly declines.
- 2024-2028: Forecasted decline at a CAGR of -0.69%.
Future Trends to Watch For:
- Health and safety regulations might further impact the asbestos market negatively.
- Innovation in alternative materials could accelerate market decline.
- Potential legislative changes banning or reducing asbestos usage will be crucial to monitor.
