The asbestos market size is expected to see rapidly grown in the next few years. It will grow to $1.75 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to regulatory bans and restrictions, rising awareness of health risks, advancements in asbestos alternatives, global economic trends, legal litigation and compensation. Major trends in the forecast period include substitution with safer alternatives, emergence of green building practices, regional shifts in production and consumption, technological innovations in abatement and removal, investment in asbestos waste management.
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Segmentation & Regional Insights
The asbestos market covered in this report is segmented –
1) By Type: Metallurgical Forging, Furnace Casting, Welding and Cutting, and Glass Production
2) By Mining Type: Underground Mining, Surface Mining
Asia-Pacific was the largest region in the asbestos market in 2023.The regions covered in the asbestos market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
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Major Driver Impacting Market Growth
The growth in the asbestos market is due to increasing demand for mining, improving technologies, and emerging markets. For instance, in 2022, according to International Trade Administration, a US-based government agency, Mining accounted for almost 10% of the total GDP in 2020, being a major contributor to Australia’s economy. Further, according to British Geological Survey, a UK-based government agency, the global production of several minerals such as potash and bauxite increased by more than 5 percent in 2020 compared to the previous year.
Key Industry Players
Major companies operating in the asbestos market report are Oriental Enterprises, Core Safety Group, Chongqing Jincan Insulation Material Co Ltd., Balaji Enterprises, Johns-Manville, A.B.B. Lummus Global Inc., Armstrong Contracting and Supply Corporation, A.P. Green Industries, Abex Corporation, Amatex Corporation, Armstrong World Industries, Babcock & Wilcox, Bell Asbestos Mines, Bestwall Gypsum, Borg Warner Company, Burnham Holdings, C.E. Thurston & Sons, Celotex, CertainTeed Corporation, Cleaver-Brooks, Combustion Engineering, Congoleum Corporation, Crown Cork and Seal, Daimler Chrysler, Dana Corporation, EaglePicher Industries Inc., Ehret Magnesia, E.J. Bartells Company, GAF Corporation, Garlock Sealing Technologies, General Electric Company, Georgia-Pacific Corporation, Goodyear Tire and Rubber Company, H.K. Porter Company
The asbestos market report table of contents includes:
1. Executive Summary
2. Asbestos Market Characteristics
3. Asbestos Product/Service Analysis -Product/Service Examples
4. Asbestos Market Trends And Strategies
5. Asbestos Market – Macro Economic Scenario
………………………
68. Global Asbestos Market Competitive Benchmarking
69. Global Asbestos Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Asbestos Market
71. Asbestos Market Future Outlook and Potential Analysis
72. Appendix
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