The trend in the import of asbestos friction materials and articles thereof to Colombia showed significant fluctuations between 2013 and 2023. The import value peaked in 2013 and began a downward trend, decreasing consistently from 2014 to 2018. However, the subsequent period from 2019 to 2023 exhibited some level of stabilization with minor fluctuations. Specifically, by 2023, the import value stood at approximately $9.438 million USD.
For year-on-year variations, the period between 2021 and 2022 marked a slight decrease of 0.4%, followed by another marginal decline of 0.39% from 2022 to 2023. The Compound Annual Growth Rate (CAGR) over the last five years, ending in 2023, was 0.85%.
Future forecasts indicate a continued, albeit marginal, decrease in import values, with a forecasted CAGR of -0.33% leading to a predicted value of $9.2427 million USD by 2028. This reflects a slow but steady decline.
Future trends to watch for:
The impact of international regulations on asbestos products may lead to further reductions in demand.
Emerging technologies and alternative materials could replace asbestos friction materials, affecting imports.
Global economic conditions and trade policies will likely influence the overall trend in imports.
