The import of asbestos to India showed significant fluctuations between 2013 and 2023, with its value expressed in Million US Dollars. In 2023, the value stood at 175.96, down from the peak of 274.03 in 2014. There was an overall decline after 2015, with minor rebounds in 2018 and 2021. Most notably, the values for the last two years saw a slight dip of around -0.35% year-on-year. The compound annual growth rate (CAGR) for the last five years up to 2023 was -0.55%.
Future trends to watch for include a continued gradual decline in asbestos imports, with forecasted values decreasing at a CAGR of -0.29% by 2028. This decrease suggests a trend towards reduced reliance on asbestos, potentially due to increased health regulations and shifts to alternative materials. Key factors to monitor will be changes in import policies, market demand, and the emergence of safer substitutes.
