The asbestos market in China has experienced significant fluctuations over the past decade, with a notable decline in market size. In 2013, the market value was at 351.42 million USD, but it decreased sharply in 2014 by 27.22% and continued to decline in subsequent years. A slight recovery was seen in 2017 and 2018, but the trend resumed a downward trajectory, hitting 131.89 million USD in 2023. The overall market contracted with an average annual decline (CAGR) of -7.76% from 2018 to 2023.
Looking forward, the forecast data predicts a continuing decline with an expected market value of 66.099 million USD by 2028. The forecasted CAGR over the next five years is -11.01%, indicating a significant downward trend.
Future trends to watch for include:
- Impact of alternative materials and technological advancements replacing asbestos.
- Stricter environmental and health regulations reducing demand.
- Changes in industrial demand within construction and manufacturing sectors.
