Basalt Fiber Market Size 2023-2028, Industry Growth and Latest Insights
IMARC Group has recently released a new research study titled “Basalt Fiber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Market Overview:
The global basalt fiber market size reached US$ 340.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 577.6 Million by 2028, exhibiting a growth rate (CAGR) of 8.7% during 2023-2028. Basalt fiber is a lightweight and durable material that is obtained by melting and extruding basalt rock at high temperatures. The resulting fibers have excellent mechanical properties and are known for their strength, durability, and thermal resistance.
Basalt fiber offers several advantages over other traditional fibers, such as fiberglass or carbon fiber. It has a high tensile strength, which means it can withstand significant amounts of stress before breaking or deforming. The fibers also exhibit good resistance to corrosion, chemicals, heat, and ultraviolet (UV) radiation, making them suitable for various applications in harsh environments. Basalt fiber also has good insulating properties, both for heat and sound, which further enhances its usability. As a result, it finds applications across various industries, including construction, automotive, aerospace, and manufacturing.
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What are the growth prospects and trends in the industry?
The increasing demand for sustainable and environmentally friendly materials is a major driver for the market. Basalt fiber is derived from natural basalt rock, which is abundantly available and does not require the use of scarce resources. The production process for basalt fiber has a lower carbon footprint compared to traditional materials such as fiberglass or carbon fiber, making it an attractive choice for eco-conscious industries. Additionally, the increasing product adoption in the construction industry in reinforcement applications for concrete structures, offering enhanced strength and durability, is contributing to the market growth.
Basalt fiber is also used in the automotive and aerospace industries for producing lightweight components to reduce overall vehicle weight and improve fuel efficiency, which is propelling the market growth. Other factors, including the increasing focus on infrastructure development and urbanization, the advent of advanced basalt fiber composites, and the rising demand for high-performance materials in specialized applications, are creating a positive outlook for the market.
Basalt Fiber Market 2023-2028 Competitive Analysis and Segmentation
Competitive Landscape With Key Players:
The competitive landscape of the basalt fiber market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- ASA.TEC GmbH
- Basaltex NV
- INCOTELOGY GmbH
- Isomatex
- Kamenny Vek
- Mafic
- Shanxi Basalt Fiber Technology Co. Ltd
- sjn AG Suchmaschine der Technik
- Sudaglass Fiber Technology
- Technobasalt-Invest LLC
- Zhejiang Hengdian Imp. & Exp. Co. Ltd.
Key Market Segmentation:
The report has segmented the global basalt fiber market based on product, type, form, method, end use industry and region.
Breakup by Product:
- Rebar
- Fabric
- Roving
- Chopped Strands
- Mesh and Grids
- Others
Breakup by Type:
- Composites
- Non-Composites
Breakup by Form:
- Continuous
- Discrete
Breakup by Method:
- Pultrusion
- Prepregs
- Compression Moulding
- Hand Layup
- Resin Moulding
- Vacuum Infusion
- Spray Gun
- Filament Winding
- Others
Breakup by End Use Industry:
- Automotive and Transportation
- Construction and Infrastructure
- Electrical and Electronics
- Wind Energy
- Marines
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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