Asbestos Market Size, Research, Analysis And Forecast 2024-2033

The Business Research Company recently released a comprehensive report on the Global Asbestos Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The asbestos market size has grown rapidly in recent years. It will grow from $1.07 billion in 2023 to $1.19 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to industrialization boom, military applications, construction and building industry growth, mining and export boom , automotive industry adoption.

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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Market Drivers and Trends:

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.

Internet of Things technology gives miners greater insights into the working condition of their equipment. Sensors on the mining machinery drive predictive maintenance that in turn reduces the likelihood of unplanned, unscheduled downtimes that often drain the resources of mining companies, which is the major trend in the Asbestos market. Several large asbestos mining companies are planning and evaluating ways to start their digital journey and digitalization in the mining industry to manage day-to-day mining operations. For instance, they are implementing sensors on mining equipment and systems that monitor the equipment and its performance. These sensors generate large chunks of data, which are then analyzed to discover more cost-efficient ways of running operations and reducing overall operational downtime.

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Major Key Players of the Market:

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

Asbestos Market 2024 Key Insights:

• The asbestos market size will grow to $1.75 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Growing Demand For Mining Drives The Market
• Integration Of IOT In Asbestos Mining
• Asia-Pacific was the largest region in the asbestos market in 2023

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