Delivered September 15, 2019. Contributor: Sunali T.
To determine the market size and growth rate in the next 2-5 years for the asbestos removal market in the US and North Carolina to help a client with their growth strategy.
Asbestos removal in the US
Asbestos removal has been the biggest environmental clean-up project in US history, costing $50 billion over the past 20 years.
Despite the lack of scientific evidence of major health risk, asbestos continues to be removed from US buildings at a cost of $3 billion a year. This is due to the unchanged public perception that resulted from an overestimation of the health risk of asbestos two decades ago.
According to Olin Jennings, a consultant based in New Jersey, asbestos removal is continuing at the same pace roughly, with $3-$4 billion spent annually over the past decade.
Olin Jennings predicts that in addition to the $50 billion spent so far, an additional $50 billion will be spent in asbestos clean-up before the market winds down in 20 years.
He further states that the growth is steady, but the market is not as lucrative as it used to be. The competition has increased considerably since the 1990s.
Asbestos removal US market size and growth rate
Based on the above findings, we can assume that the market size is equal to the total spending on asbestos removal. The market size for the US is therefore roughly $3 billion (i.e annual spending).
Since the findings show that $50 billion has been spent so far over the past 20 years and another $50 billion is expected to be spent over the next 20 years at a steady/same pace, we can estimate the growth rate over the 20 years as approximately 3.53% (beginning value:50, ending value:100, number of periods:20).
Only the project owner can select the next research path.