What Is The Current and Historic Market Size Analysis Of The Asbestos Market?
The asbestos market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant surge in the size of the asbestos market. This market is projected to escalate from $1.15 billion in 2024 to $1.27 billion in 2025, with a compound annual growth rate (CAGR) of 9.9%.
The noteworthy growth during the historic period is credited to multiple factors such as the explosion in industrialization, military uses, the expansion of the construction and building sectors, a boom in mining and exports, and the adoption by the automotive industry.
What are the Market Size and Expected Growth Rates for the Asbestos Market?
The asbestos market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of asbestos is predicted to experience robust expansion in the coming years, projecting a growth to $1.82 billion in 2029 with a compound annual growth rate (CAGR) of 9.5%.
The advancement during the prediction period can be ascribed to legislative prohibitions and limitations, an increasing consciousness of health dangers, progress in substitutes for asbestos, global economic trajectories, legal disputes, and remuneration. Key trends anticipated during the forecast period encompass the replacement with safer alternatives, the rise of environmentally friendly building practices, regional alterations in production and consumption, technological advancements in abatement and removal, and investment in managing asbestos waste.
Which Key Drivers Are Propelling The Asbestos Market's Growth?
The expansion of the asbestos market is attributable to the escalating demand for mining, enhanced technologies, and burgeoning markets. For instance, the International Trade Administration, a U.S. government organization, stated in 2022 that Mining constituted nearly 10% of the entire GDP in 2020, significantly contributing to Australia's economy. Moreover, the British Geological Survey, a government organization based in the UK, reported that the worldwide production of various minerals like potash and bauxite saw an increase of over 5% in 2020 compared to the prior year.
What Are The Key Segments Within The Global 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
Pre-Book The Asbestos Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are New Trends Impacting The Size Of The Asbestos Market?
Significant businesses in the asbestos market are expanding professional asbestos analysis services to efficiently detect and characterise asbestos-infused materials, adhering to safety guidelines and safeguarding public health during the execution of construction and refurbishment projects. This professional analysis service requires specialized testing and assessment to locate and measure the existence of asbestos in a range of materials. For instance, in August 2024, Benjel, a company based in the US, introduced Professional Asbestos Analysis Services, offering complete testing solutions to commercial entities and property owners, assisting them to address asbestos-related hazards effectively and ensuring safety during the remodeling and destruction projects. The purpose of this strategy is to amplify safety parameters and facilitate adherence to health regulations, eventually defending public health and well-being.
Who Are the Key Players In The Asbestos Market?
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 Are The Regional Insights Into 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.
