Asbestos Global Market Report 2024

The primary asbestos types encompass metallurgical forging, furnace casting, welding, cutting, and glass production. Glass manufacturing facilities produce a range of glass types such as flat, container, pressed, blown, or fiberglass by melting raw materials to create molten glass, shaping it into sheets, containers, fibers, or other desired forms. These facilities rely on one or more continuous glass melting furnaces for glass production. Technologies like closed die, open die, and others are integral in industries such as automotive, mechanical equipment, aerospace, railways, and various end-user sectors. Mining methods encompass both underground and surface techniques.

The asbestos market research report is one of a series of new reports provides asbestos market statistics, including asbestos industry, regional shares, competitors with a asbestos market share, detailed asbestos market segments, market trends and opportunities, and any further data you may need to thrive in the asbestos industry. This asbestos global market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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%. During the historic period, expansion can be attributed to the surge in industrialization, increased military applications, growth within the construction and building sectors, a booming mining industry facilitating exports, and widespread adoption within the automotive industry.

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%.
In the forecast period, growth is expected due to regulatory bans and stricter restrictions, heightened awareness of health risks associated with asbestos, advancements in safer alternatives, global economic shifts, and increased legal actions leading to compensations. Key trends anticipated include the replacement of asbestos with safer alternatives, the rise of eco-friendly building methods, regional changes in production and consumption patterns, technological innovations in asbestos abatement and removal, and investments directed towards managing asbestos waste.

The growth in the asbestos market stems from heightened demand due to mining expansions, technological advancements, and emerging markets. For instance, in 2022, as per the International Trade Administration, mining constituted nearly 10% of Australia's total GDP in 2020, showcasing its significant role in the economy. Additionally, data from the British Geological Survey indicates a global rise of over 5% in the production of minerals like potash and bauxite in 2020 compared to the prior year.

Anticipated growth in the asbestos market is closely tied to the upsurge in residential construction. Asbestos, prized for its heat and flame resistance, has historically been a preferred material in construction, particularly in roofing, insulation, and fireproofing. The U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported a 1.0% increase in completed housing units in January 2023, signifying a potential uptick in demand, given asbestos's historical use in such constructions.

The integration of Internet of Things (IoT) technology in mining operations has revolutionized the industry, providing enhanced insights into equipment functionality. Utilizing sensors on mining machinery enables predictive maintenance, significantly minimizing unplanned downtimes that typically drain mining resources. Asbestos mining companies are embracing this trend, deploying sensors to monitor equipment performance. These sensors generate substantial data, allowing for more cost-effective operations and reduced overall downtime through insightful analysis.

Key players in the asbestos market are strategically focusing on introducing DustBoss misting cannons to gain a competitive edge. These specialized machines are pivotal in dust control across industrial and construction sectors. For instance, in June 2023, a U.S.-based asbestos remediation and demolition firm integrated DustBoss misting cannons during structure demolition, particularly in asbestos-containing structures. This technology efficiently suppresses dust and airborne particles, ensuring worker safety and mitigating environmental impact during demolition activities.

In June 2023, WSP Global Inc., a Canadian professional services firm, completed the acquisition of Calibre Professional Services One Pty Ltd., an Australian-based company, for an undisclosed sum. This acquisition bolsters WSP's standing as a premier service provider throughout the entire life cycle of mining assets. It is projected to notably expand WSP's footprint in Western Australia and reinforce its position within the mining industry. Additionally, this move aims to enhance WSP's Earth and Environment capabilities. Calibre Professional Services One Pty Ltd specializes in construction and mining operations, including expertise in asbestos-related services.

Major companies operating in the asbestos market report are 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.

Asia-Pacific was the largest region in the asbestos market in 2023.the regions covered in the asbestos market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.

The countries covered in the asbestos market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The asbestos market includes revenues earned by entities by providing mining services for asbestos mines such as amosite, crocidolite, or anthophyllite types. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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