Based on the data provided, the import of glass fibres and glass wool to India has shown a consistent upward trend from 2013 to 2023, increasing from $123.45 million to $366.72 million. This demonstrates a remarkable growth with variations in annual percentages fluctuating due to economic factors and market demands. Specifically, the year-on-year growth rate peaked in 2015 at 30.48% before moderating over the subsequent years. Notably, the CAGR over the last five years (2019-2023) stood at 4.1%, highlighting a stable growth period.
Looking at future trends, forecasted data from 2024 onwards suggests a continued positive trajectory, with the import value projected to reach $443.28 million by 2028. The expected CAGR for the next five years is 2.98%, indicating sustained but slightly slower growth. It's essential to consider potential market drivers such as advancements in construction and infrastructure, technological improvements in material efficiency, and shifts in global trade policies impacting these forecasts.
