The import value of Asbestos Friction Material and Articles Except for Brake to India has shown notable fluctuations over the past decade. In 2023, the import value stood at USD 48.318 million. Over the last two years, there was a year-on-year variation of 4.01% in 2022 and 3.78% in 2023. The average annual growth rate (CAGR) for the past five years leading to 2023 was 3.18%.
Looking at the forecast from 2024 onwards, we see a projected consistent upward trend. By 2028, imports are expected to reach USD 57.5 million, indicating a forecasted 5-year CAGR of 2.73% and an overall 5-year growth rate of 14.43%.
Future trends to monitor include tightening regulations around asbestos use, advancements in alternative friction materials, and potential shifts in global supply chains which could all impact import volumes and values in the coming years.
