Between 2013 and 2023, India's asbestos consumption has experienced notable fluctuations. The consumption value peaked in 2018 at 376.0 thousand metric tons and faced significant drops in certain periods such as 2020, which saw a decrease due to the global pandemic impact. By 2023, the consumption was at 328.02 thousand metric tons, which is a decline from 2018 but shows some recovery from 2020's low. The CAGR over the past five years indicates a -2.69% variation, reflecting a declining trend.
Looking forward from 2024 to 2028, the asbestos consumption is forecasted to further decline at a CAGR of -0.63%, with the value reaching 315.28 thousand metric tons by 2028. This forecast suggests a gradual but relatively steady decrease in consumption.
Future trends to watch for include the potential impact of regulatory changes banning or restricting asbestos use, shifts toward alternative materials, and overall economic conditions influencing demand in sectors reliant on asbestos. Additionally, advancements in health and safety standards and their implementation may significantly affect asbestos consumption trends in India.
