The import of asbestos friction materials and articles to India stood at 61.297 million USD in 2023. Over the last two years, there was a year-on-year increase of 4.1% in 2022 and 3.86% in 2023. The average annual growth rate (CAGR) over the past five years is 3.36%, indicating a steady rise. Historical data from 2013 shows fluctuations, with notable increments in 2014 and a sharp dip in 2020, followed by significant growth in 2021.

Future trends to watch for:

Expected steady growth with a forecasted CAGR of 2.79% over the next five years.
An anticipated increase in import values, reaching 73.198 million USD by 2028.
Potential market shifts due to regulatory changes affecting asbestos use.
Technological advancements and innovations in alternative friction materials may influence market dynamics.