Global Asbestos Market Size (2024 - 2030)

The Global Asbestos Market attained a value of USD 11.38 Billion and is forecasted to achieve USD 17.12 Billion by the culmination of 2030. During the prognosticated period spanning 2024 to 2030, the market is anticipated to expand at a CAGR of 6%.

Industry Overview:

In pursuit of safety and the advancement of a society primed for generations to come, the imperative for a secure asbestos removal methodology persists. Given the hazardous nature of asbestos, an intricate and bespoke disposal approach is requisite to prevent the contamination and proliferation of its particles. In response to the grave risks posed by carcinogens, multiple regulatory bodies have instituted guidelines, thereby expediting the production of FIBCs (Flexible Intermediate Bulk Containers). Comprising polypropylene with an HDPE (High-Density Poly Ethylene) liner, asbestos finds predominant utilization in the cement industry, ensuring a safe disposal process and mitigating the risk of spills.

The burgeoning demand for a secure asbestos disposal method is notably escalating due to heightened awareness concerning chemical hazards. As a pivotal player within the industry, asbestos emerges as an economically viable container choice offering flexible packaging, thereby reducing shipping and warehousing costs. Owing to their self-sufficiency, FIBC bulk containers necessitate no additional packaging, thus ensuring unparalleled ease of use. Recognized for its robust yet pliant construction, asbestos boasts the capacity to support weights exceeding 1000 times its own.

COVID-19 Impact:

In a bid to curtail the spread of COVID-19, the integration of heightened automation in public spaces looms imminent. Designers are poised to incline towards the development of antimicrobial textiles and finishes, including existing options such as copper. Strategies like reducing flat surfaces, which serve as potential breeding grounds for germs, and the installation of ventilation systems adept at expelling potentially contaminated air from enclosed spaces, are techniques already in vogue within the healthcare sector and are likely to find application in other public domains. The landscape of healthcare design is slated for enhancement in the foreseeable future, possibly driven by apprehensions of prospective viral outbreaks, prompting architects to conceive spaces conducive to social distancing, even amid scenarios mandating physical proximity. The prevalence of unsafe asbestos handling persists as an "endemic" issue within the construction and building sector, with numerous daily complaints of improper treatment reported at construction sites across the nation. Instances of alleged hazardous asbestos removal at National Broadband Network work sites, jeopardizing the safety of employees and local residents, underscore a broader concern. According to Dave Noonan, the national secretary of the union's construction division, the Construction, Forestry, Mining and Energy Union addresses hundreds of complaints of such nature on a weekly basis.

MARKET DRIVERS

Expansion of Real Estate Sector Propelling Growth in Asbestos Market:

The burgeoning expansion within the oil and gas industry portends a favorable trajectory for the asbestos market in the forthcoming years. The demand for asbestos is chiefly propelled by the burgeoning infrastructure development in emerging economies, necessitating enhanced sewage and drainage systems, thereby exerting a substantial positive influence on the asbestos market.

Surge in Electricity Consumption Driving Growth in Asbestos Market:

A multitude of aging asbestos installations are nearing the culmination of their lifecycle, necessitating replacements. With a lifespan ranging from five to ten years, asbestos employed in cable insulation is witnessing heightened demand within the construction industry owing to its ease of installation, cost-effectiveness, ease of replacement, and extended longevity, thereby fueling the asbestos market.

Expansion in Sewage, Transportation, Residential, and Commercial Industry Sectors Augmenting Market Size:

The escalating investment in real estate ventures, coupled with the burgeoning establishment of restaurants, hotels, and corporate offices within the commercial industry sector, underscores the imperative for meticulously planned and structured sewage and transportation facilities. Consequently, these factors emerge as the primary drivers for the asbestos market. Given asbestos's myriad applications across end-user industries such as sewage transportation, oil and gas, and the commercial sector, key market players are poised to unearth novel opportunities, thereby substantially expanding the market size.

Escalating Global Asbestos Market Size Fueled by Increased Population and Industrialization:

The surge in urban populace concomitant with industrialization has engendered a perceptible shift in societal attitudes. Enhanced standards of living, augmented disposable incomes among the middle-class demographic, and heightened awareness of innovative tools and technologies attributable to amplified investments in the R&D sector have collectively precipitated a marked uptick in the demand for asbestos, thereby fostering global market growth.

MARKET RESTRAINTS

Stringent Government Regulations Impeding Growth in Asbestos Market:

The prohibition on asbestos in select countries, owing to the severe repercussions associated with its production and eventual utilization, stands as a palpable impediment to the growth of the asbestos market. The utilization of asbestos cement pipes has somewhat waned with the advent of alternative materials boasting reduced hazardous content, enhanced durability, and lower procurement costs.

Asbestos Market Segmentation – By Type

• Metallurgical Forging
• Furnace Casting
• Welding and Cutting
• Glass Production

The global Asbestos Market is categorized into four segments based on its types: Metallurgical Forging, Furnace Casting, Welding and Cutting, and Glass Production.

Asbestos Market Segmentation – By Mining Type

• Underground Mining
• Surface Mining

The global Asbestos Market is divided into two segments by mining type: Underground Mining and Surface Mining.

Asbestos Market Segmentation – By Application

• Transportation
• Sewage
• Commercial Sector
• Industrial Sector
• Oil and Gas Industry
• Others

The asbestos market encompasses sales of asbestos products used by businesses (organizations, sole proprietors, and partnerships) engaged in mining asbestos for various applications such as building and electrical insulation. Asbestos fibers are commonly mixed with cement, woven into cloth, or made into mats for their flame and heat-resistant properties. The primary sectors utilizing asbestos are the commercial and sewage industries. Many governmental bodies worldwide are focusing on sewage system maintenance and safe waste disposal methods, thus driving the demand for asbestos and expanding the global market size. Additionally, the oil and gas industry has seen increased usage of asbestos due to the growing demand-supply gap between nations. These technologies find application in automobiles, mechanical equipment, aerospace, trains, and other end-user industries.

Asbestos Market Segmentation – By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

The global Asbestos Market is segmented into five major regions: North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

India leads the Asia-Pacific market for asbestos, driven by developments in irrigation, sewage systems, the oil and gas industry, and other sectors. In North America, asbestos is used for water transportation, contributing to the growth of the market for asbestos pipes. The South African asbestos pipe replacement project will further boost the market for asbestos cement pipes through its water relay scheme. In 2021, Asia-Pacific significantly influenced the asbestos mining market. Leading countries in the asbestos mining market include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

Asbestos Market Segmentation – By Company

1. Oriental Enterprises
2. Balaji Enterprises
3. Chongqing Jincan Insulation Material Co. Ltd.
4. Core Safety Group
5. Unique Udyog

Significant participants in the asbestos mining industry are based in Mumbai. The adoption of Internet of Things (IoT) technology provides miners with valuable insights into their equipment's performance. A prominent trend in the asbestos mining market is the integration of sensors on mining equipment for predictive maintenance, reducing the risk of unexpected downtimes that often deplete mining firms' resources.