Based on the forecasted data, asbestos consumption in the Philippines is expected to steadily decline from 1.92 Thousand Metric Tons in 2024 to 1.66 Thousand Metric Tons in 2028. The actual value for 2023 stood at 2.00 Thousand Metric Tons. Analyzing the year-on-year percentage variations, the trend indicates a consistent decrease, with consumption dropping by approximately 3.1% annually from 2024 to 2028. The Compound Annual Growth Rate (CAGR) over the 5-year period from 2024 to 2028 is expected to reflect an average decrease of 3.5% per year.
Future trends to watch for include regulatory changes impacting asbestos use, shifts in industrial demand, and advancements in alternative materials. Monitoring these factors will be crucial in anticipating fluctuations in asbestos consumption.
