Asbestos Mining Market Characteristics
The asbestos mining market consists of sales of asbestos by entities (organizations, sole traders and partnerships) that mine asbestos, which is used in applications as electrical insulation for hotplate wiring and in building insulation. When asbestos is used for its resistance to fire or heat, the fibers are often mixed with cement or woven into fabric or mats.
Competitive Landscape of the Asbestos Mining Market
Major players in the global asbestos mining market include Oriental Enterprises, Core Safety Group, Chongqing Jincan Insulation Material Co Ltd, Balaji Enterprises, Pune, Unique Udyog Mumbai.
Asbestos Mining Market Size
The asbestos mining market size is expected to reach a higher value by 2022, significantly growing at a steady CAGR during the forecast period. The growth in the asbestos mining market is due to increasing demand for mining, improving technologies and emerging markets.
However, the market for asbestos mining is expected to face certain restraints from several factors such as interest rate increases, workforce issues and safety.
Asbestos Mining Market Segmentation
The global asbestos mining market is further segmented based on type and geography.
By Type - The asbestos mining market is segmented into metallurgical forging, furnace casting, welding & cutting, glass production.
By Geography - The global asbestos mining is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific asbestos mining market accounts the largest share in the global asbestos mining market.
Trends in the Asbestos Mining Market
Internet of Things technology gives miners greater insights on the working condition of their equipment. Sensors on the mining machinery drives predictive maintenance that in turn reduces the likelihood of unplanned, unscheduled downtimes that often drain the resources of mining companies, is the major trend in the asbestos mining market.
Potential Opportunities in the Asbestos Mining Market
With increase in positive economic outlook, improved earning capacity, emerging markets growth, the scope and potential for the global asbestos mining market is expected to significantly rise in the forecast period.