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Asbestos Market Research Report – Segmentation By Type (Metallurgical Forging, Furnace Casting, Welding and Cutting, Glass Production); By Mining Type (Underground Mining, Surface Mining); By Application (Transportation, Sewage, Commercial Sector, Industrial Sector, Oil and Gas Industry, Others) ;and Region - Size, Share, Growth Analysis | Forecast (2023 – 2030)

Global Asbestos Market Size (2023 - 2030)

The Global Asbestos Market was valued at USD 11.38 Billion and is projected to reach a market size of USD 17.12 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6%.

ASBESTOS

Industry Overview:

For our safety and a better society that is prepared for the next generation, a safe removal technique for asbestos is required. Because asbestos is a hazardous substance, it requires a very precise and tailored disposal method to avoid contaminating and infecting surfaces. Due to the dangerous nature of carcinogens, numerous regulatory agencies have enacted regulations, which has sped up the production of FIBCs (Flexible Intermediate Bulk Containers). Since the asbestos is constructed of polypropylene and has a liner made of HDPE (High-Density Poly Ethylene), it is mostly utilised in the cement industry for a safe disposal process. This helps to prevent asbestos spills.

The need for a safe method of disposing of asbestos is rising at a highly encouraging rate due to the increased awareness over chemical hazards. Asbestos is a significant player in the industry in this regard. The asbestos is a very economical container option that has flexible packing, which lowers the cost of shipping and warehousing. Because FIBC bulk containers don't require any additional packaging, they are incredibly simple to use. Asbestos is renowned for its sturdy yet adaptable construction and its ability to support 1000 times its own weight.

COVID-19 Impact:

More automation will be implemented in public areas to slow the spread of COVID-19. Designers will obviously favour developing antimicrobial textiles and finishes, as well as those that are already available, like copper. Reducing the quantity of flat surfaces where germs might spread and installing ventilation systems that help remove potentially contaminated air from any given place are two construction techniques that are already used in the health care industry and may find application in other public areas. The design of healthcare will very certainly be improved in the near future as well. It is conceivable that worries about potential virus epidemics would prompt architects to design with an eye toward open areas that allow and encourage people to spread out, even when social distance would seem to be required. According to union leaders, dangerous handling of asbestos is "endemic" in the building and construction business, where there are several complaints every day about its improper treatment at construction sites across the nation. The discovery of alleged hazardous asbestos removal at National Broadband Network work sites, which may have put employees and community members in danger, hints to a larger issue. According to Dave Noonan, national secretary of the union's construction division, hundreds of complaints of this nature are handled by the Construction, Forestry, Mining and Energy Union each week.

MARKET DRIVERS

Expansion of real estate sector is driving growth in Asbestos Market

The oil and gas industry's expansion are projected to contribute to the asbestos market's potential growth in the upcoming year. Asbestos demand is mostly driven by the increasing infrastructure in developing nations since these constructions ask for better sewage and drainage systems, which has a large positive impact on the market for Asbestos.

Rise in electricity consumption is driving growth in Asbestos Market

Millions of already installed Asbestos are nearing the end of their life cycle and will need to be replaced. Asbestos has a lifespan of between half a decade and ten years. Consequently, the market for Asbestos is in greater demand. Asbestos that protects cable is more in demand in the construction industry today because they are simple to install, affordable, simple to replace, and has a longer lifespan, which is what is driving the market for Asbestos.

Growth in the sewage, transportation residential, and commercial industry sectors is bolstering the market size:

Rising investment in real estate projects and an increasing number of restaurants, hotels, and corporate offices across the commercial industry sector are driving the need for more planned and structured sewage or transportation facilities. Thus, they are the major driving force for the asbestos market. Since asbestos has a number of usages in end-user industries such as sewage transportation, oil and gas industries, and the commercial sector.  Hence, the major players are aiming to identify new opportunities, growing the market size considerably.

The increased population along with industrialization fuelling global asbestos market size:

With the increase in urban population along with industrialization, there has also been a significant shift in the mindset of people. Improved standard of living and increased disposable income among the middle-class population, along with people’s awareness of new tools and technologies due to rising investments in the R&D sector have resulted in a remarkable increase in the demand for asbestos resulting in global market growth.

MARKET RESTRAINTS

Strict government regulations are restraining growth in Asbestos Market

The ban on asbestos in some countries as a result of the dangerous repercussions associated with its production and end use is slowing down the growth of the market for Asbestos. The use of asbestos cement pipes has been somewhat discouraged by the development of replacement materials with less harmful content, greater durability, and lower procurement costs.

ASBESTOS MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 - 2030

Base Year

2022

Forecast Period

2023 - 2030

CAGR

6%

Segments Covered

By Type, Mining Type, Application,  and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regional Scope

North America, Europe, APAC, Latin America, Middle East & Africa

Key Companies Profiled

Oriental Enterprises, Balaji Enterprises, Chongqing Jincan Insulation Material Co. Ltd.,Core Safety Group, and Unique Udyog

This research report on the global Asbestos Market has been segmented and sub-segmented based on type, mining type, application, and region.

Asbestos market segmentation – By Type

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

Based on the type, the global Asbestos Market has been segmented into 4 segments – Metallurgical Forging, Furnace Costing, Welding and Cutting, and Glass Production.

Portland cement and asbestos fibre, a naturally occurring mineral that is found underground in the form of rock, are combined to create Asbestos, which is sturdy, noncorrosive, and light in weight. By mining and crushing rocks, asbestos is extracted for use in industrial cement pipelines. On cement pipes, asbestos is utilised to strengthen the pipes' flexibility and strength. A glass manufacturing facility produces flat glass, container glass, pressed and blown glass, or wool fiberglass by melting a mixture of raw materials to manufacture molten glass and changing the molten glass into sheets, containers, fibres, or any other shapes. A glass manufacturing facility makes use of one or more continuous glass melting furnaces to produce glass. The technologies associated with the process are closed die, open die, and other advanced technologies and are used in the automotive, mechanical equipment, aerospace and railways, and other end-user industries.

Asbestos market segmentation – By Mining Type

  • Underground Mining
  • Surface Mining

Based on the mining type, the global Asbestos Market has been segmented into 2 segments – Underground Mining and Surface Mining.

Asbestos market segmentation – By Application

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

The market for asbestos consists of sales of asbestos made by businesses (organisations, sole proprietors, and partnerships) that mine asbestos for usage in things like building insulation and electrical insulation for hotplate wiring. The fibres of asbestos are frequently combined with cement or woven into cloth or mats when they are employed for their flame and heat resistance. Asbestos is majorly used in the commercial sector and the sewage sector. Government and municipal authorities in many regions are paying close attention to the sewage routes and safe waste disposal methods augmenting the demand for asbestos thus, increasing the global market size for it. Additionally, it has also found its prominent position in the oil and gas industry as a result of the widening demand and supply gap between nations. The technologies in question are utilised in automobiles, mechanical equipment, aerospace, trains, and other end-users.

Asbestos market segmentation – By Region

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

Based on region, the global Asbestos Market has been segmented into 5 major regions – North America, Europe, Asia-Pacific, South America, Middle East, and Africa.

India leads the Asia Pacific market for Asbestos thanks to the development of irrigation and sewage systems, the oil and gas industry, and other sectors. Asbestos is utilised for water transportation in North America, which helps the market for these pipes grow to some extent. The water relay scheme will increase the market for asbestos cement pipe used in the South African asbestos pipe replacement project. The asbestos mining market was majorly influenced by Asia-Pacific in 2021. Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA are the countries that are leading the asbestos mining market.

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

Mumbai are significant market participants in the asbestos mining industry. The Internet of Things technology gives miners more knowledge about how well their equipment is functioning. The main trend in the asbestos mining market is the use of sensors on mining equipment to drive predictive maintenance, which in turn lowers the possibility of unexpected and unscheduled downtimes that frequently deplete the resources of mining firms.

Chapter 1. ASBESTOS MARKET – Scope & Methodology

1.1. Market Segmentation

1.2. Assumptions

1.3. Research Methodology

1.4. Primary Sources

1.5. Secondary Sources

Chapter 2. ASBESTOS MARKET – Executive Summary

2.1. Market Size & Forecast – (2023 – 2030) ($M/$Bn)

2.2. Key Trends & Insights

2.3. COVID-19 Impact Analysis

      2.3.1. Impact during 2023 - 2030

      2.3.2. Impact on Supply – Demand

Chapter 3. ASBESTOS MARKET – Competition Scenario

3.1. Market Share Analysis

3.2. Product Benchmarking

3.3. Competitive Strategy & Development Scenario

3.4. Competitive Pricing Analysis

3.5. Supplier - Distributor Analysis

Chapter 4. ASBESTOS MARKET - Entry Scenario

4.1. Case Studies – Start-up/Thriving Companies

4.2. Regulatory Scenario - By Region

4.3 Customer Analysis

4.4. Porter's Five Force Model

       4.4.1. Bargaining Power of Suppliers

       4.4.2. Bargaining Powers of Customers

       4.4.3. Threat of New Entrants

       4.4.4. Rivalry among Existing Players

       4.4.5. Threat of Substitutes

Chapter 5. ASBESTOS MARKET - Landscape

5.1. Value Chain Analysis – Key Stakeholders Impact Analysis

5.2. Market Drivers

5.3. Market Restraints/Challenges

5.4. Market Opportunities

Chapter 6. ASBESTOS MARKET – BY  Type

6.1. Metallurgical Forging

6.2. Furnace Casting

6.3. Welding and Cutting

6.4. Glass Production

Chapter 7. ASBESTOS MARKET – By Mining Type

7.1. Underground Mining

7.2. Surface Mining

Chapter 8. ASBESTOS MARKET – By Application

8.1. Transportation

8.2. Sewage

8.3. Commercial Sector

8.4. Industrial Sector

8.5. Oil and Gas Industry

8.6. Others

Chapter 9. ASBESTOS MARKET – By Region

9.1. North America

9.2. Europe

9.3. The Asia Pacific

9.4. South  America

9.5. Middle-East and Africa

Chapter 10. ASBESTOS MARKET – Company Profiles – (Overview, Product Portfolio, Financials, Developments)

10.1. Oriental Enterprises

10.2. Balaji Enterprises

10.3. Chongqing Jincan Insulation Material Co. Ltd

10.4. Core Safety Group

10.5. Unique Udyog

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Frequently Asked Questions

In 2022, the Global Asbestos Market was valued at $10.74 Billion and is projected to reach a market size of $17.12 Billion by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 6%.

Rising investment in real estate projects and an increasing number of restaurants, hotels, and corporate offices across the commercial industry sector are driving the demand of the Global Asbestos market.

The Global Asbestos Market by Type is Metallurgical Forging, Furnace Costing, Welding and Cutting, and Glass Production.

The Asia-Pacific and North America are the two leading regions with a fast-growing CAGR and are anticipated to grow further during the forecast period.

The three leading key players in the Global Asbestos Market are Oriental Enterprises, Balaji Enterprises, Chongqing Jincan Insulation Material Co. Ltd., and Others. 

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