The import value of asbestos friction materials and articles to South Africa stood at $11.387 million in 2023. Over the last two years, from 2021 to 2023, there has been a slight decrease observed each year, with a year-on-year variation of -0.49% in 2022 and -0.49% again in 2023. The compound annual growth rate (CAGR) over the past five years (2019-2023) marks a slight decline of -0.44% per annum.
Looking back over a longer timeframe from 2013-2023, the trend has been inconsistent with several ups and downs, recording significant year-on-year fluctuations. Notably, there were sharp declines in 2016 and 2020, whereas 2017 and 2021 saw noteworthy increases in import values.
The forecasted data from 2024 to 2028 indicates a gradual decline, aligning with a forecasted 5-year CAGR of -0.41%. This suggests that the market might continue to face diminishing demand or supply constraints in the coming years. Future trends to watch for include potential regulatory changes affecting asbestos materials, shifts towards alternative materials due to health concerns, and the impact of global economic conditions on import practices.
