Strategic Forecast for the Asbestos Industry: Market Outlook 2025-2034

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Asbestos Market Size Growth Forecast: What to Expect by 2025?
The size of the asbestos market has seen robust growth in the past few years. The market is projected to expand from $0.63 billion in 2024 to $0.68 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.4%. Factors contributing to this growth during the historical period include an upsurge in industrialization, utilization in military operations, advancements in the construction and building sectors, a surge in mining and exports, and adoption by the automotive industry.

How Will the Asbestos Market Size Evolve and Grow by 2029?
A sturdy expansion is being anticipated for the asbestos market size in the upcoming years, with an expected value of $0.97 billion in 2029. The growth is anticipated to feature a compound annual growth rate (CAGR) of 9.3%. A variety of factors contribute to this forecasted growth including regulatory bans and restrictions, increasing understanding of health risks, enhancements in asbestos alternatives, legal proceedings and compensations associated with it, and worldwide economic trends. Notable trends in the prediction period include switching to safer alternatives, the evolving green building practices, regional changes in manufacturing and consumption, advancements in the technologies used for abatement and removal, and investment towards managing asbestos waste.

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What Drivers Are Propelling the Growth of Asbestos Market Forward?
The asbestos market's expansion can be attributed to the rising demand in mining, advancements in technology, and the growth of new markets. For example, the International Trade Administration, an American government agency, reported that Mining made up nearly 10% of the overall GDP in 2020, making a significant contribution to Australia's economy. Moreover, the British Geological Survey, a government agency located in the UK, stated that the worldwide production of various minerals like potash and bauxite saw an increase of over 5% in 2020 compared to the year before.

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What Are the Key Trends Driving Asbestos Market Growth?
Leading firms in the asbestos industry are creating expert asbestos evaluation facilities to accurately detect and identify components containing asbestos. These services assure adherence to safety rules and safeguard public health during construction and restoration works. Expert asbestos evaluation facilities conduct specialized inspection and assessment to determine and calculate the amount of asbestos present in various components. For instance, in August 2024, Benjel, a company based in the US, introduced its Expert Asbestos Evaluation Facilities to provide exhaustive testing answers for businesses and homeowners. The goal of these services is to help them effectively manage asbestos threats and guarantee safety during restoration and demolition tasks. This initiative is aimed to improve security norms and encourage compliance with health laws, eventually securing public health and wellness.

What Are the Key Segments in the Asbestos Market?
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

Subsegments:
1) By Metallurgical Forging: Asbestos-Containing Brake Linings; Asbestos Gaskets; Asbestos Insulation For Metallurgical Applications
2) By Furnace Casting: Asbestos Insulation Materials For Furnaces; Asbestos Molding Compounds; Asbestos-Cement Products For Furnace Applications
3) By Welding And Cutting: Asbestos Protective Clothing; Asbestos Welding Blankets; Asbestos Insulation For Welding Equipment
4) By Glass Production: Asbestos-Containing Fibers For Glass Reinforcement; Asbestos-Insulated Equipment For Glass Manufacturing; Asbestos Gaskets For Glass Production Equipment

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Who Are the Key Players Shaping the Asbestos Market's Competitive Landscape?
Major companies operating in the asbestos market include Abex Corporation, Allied Signal Inc., Allis-Chalmers Corporation, Amchem Inc., American Standard Inc., Armstrong World Industries, Babcock & Wilcox, Bestwall LLC, Bondex International Inc., Celotex Corporation, CertainTeed Corporation, Combustion Engineering, Dana Corporation, Eagle-Picher Industries, Federal Mogul, Flexitallic Gasket Company, Garlock Sealing Technologies, General Electric Company, General Motors, H.K. Porter Company, Johns-Manville Corporation, Kaiser Gypsum Company Inc., National Gypsum Company, Owens Corning, Pittsburgh Corning, Quigley Company, Raybestos Industries, United States Gypsum Corporation, W.R. Grace & Co.

What Geographic Markets Are Powering Growth in the Asbestos Market?
Asia-Pacific was the largest region in the asbestos market in 2024. 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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