In 2023, India's import of artificial corundum stood at approximately 8.5 million USD. Starting in 2024, India’s imports are projected to grow consistently, reaching around 10.877 million USD by 2028. This reflects an upward trend, signifying a steady increase in demand and dependency on this material over the next five years. The year-on-year growth from 2024 to 2028 hovers around 5-6%. The compound annual growth rate (CAGR) over 2024-2028 is indicative of robust growth momentum in this import sector.
Future trends to watch for:
- Potential developments in domestic production that might affect import levels.
- Fluctuations in global commodity prices affecting artificial corundum's cost.
- Emergence of alternative materials that could impact demand.
- Trade policy changes that could influence supply and import costs.
