The import of asbestos friction materials to South Korea has shown considerable fluctuation over the past decade. In 2023, the value stood at $29.62 million USD, reflecting a 2.53% decline from the previous year. The trend over the last two years shows a decrease of approximately 2.53% annually. The compound annual growth rate (CAGR) over the last five years is -1.98%, indicating a consistent decline in imports.
Looking ahead, forecasts suggest a continuation of this downward trend, with the value expected to reach $25.612 million USD by 2028. The forecasted CAGR for the next five years stands at -2.3%, translating to an overall decline of about 11% in the forecast period.
Future trends to watch for:
- Potential regulatory changes affecting the import of asbestos-containing materials.
- Shifts in global supply chain dynamics that could impact material availability.
- Technological developments in brake and friction materials that might reduce the reliance on asbestos.
- Growing environmental and health awareness driving demand for alternative materials.
