The latest report published by IMARC Group, titled “Basalt Fiber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global basalt fiber market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
What is the market size of basalt fiber?
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 material made from extremely fine fibers of basalt, a volcanic rock composed mainly of plagioclase, pyroxene, and olivine. These fibers are manufactured by melting the crushed basalt rock at temperatures around 1,400 to 1,600 degrees Celsius and then extruding the molten material through small nozzles to produce continuous fibers. Basalt fibers offer several significant advantages, thus making them an attractive alternative to traditional materials like glass or carbon fibers. They are known for their high tensile strength, durability, and resistance to corrosion, as well as their good thermal and acoustic insulating properties.
Additionally, basalt fibers are environmentally friendly, as they are produced from a natural, non-toxic, and abundant material. In terms of applications, basalt fibers are utilized in various industries, including construction, automotive, aerospace, and marine. They can be incorporated into concrete, plastics, and composite materials to enhance structural integrity and stability. Their unique combination of properties makes them suitable for use in high-performance products that require strength, resilience, and resistance to harsh environmental conditions.
Basalt Fiber Market Trends and Drivers:
The booming construction sector worldwide is increasing the demand for basalt fibers, particularly in reinforcing concrete and building materials which represents one of the key factors driving the growth of the market across the globe. The need for robust and long-lasting structures is contributing to this trend. In line with his, basalt fibers are produced from natural volcanic rock, which is making them an environmentally friendly alternative to synthetic fibers. The increased focus on sustainability and eco-friendly products across industries is acting as a major growth-inducing factor. In addition to this, with high tensile strength, resistance to corrosion, and excellent thermal and acoustic insulation, basalt fibers offer superior qualities over traditional materials such as glass or carbon fibers. These properties make them highly attractive for various applications.
The market is also driven by the automotive and aerospace industries which are adopting basalt fibers for lightweight and high-strength components. The push towards fuel efficiency and lower emissions is driving this demand. Compared to carbon fibers, basalt fibers are generally more cost-effective to produce, thus making them a preferred choice for budget-sensitive applications. Rapid urbanization and infrastructure development in emerging economies are increasing the need for strong and durable materials like basalt fibers. Governments and regulatory bodies are increasingly promoting the use of sustainable and energy-efficient materials, which is favoring the growth of the market. The increasing research and development (R&D) activities are leading to technological improvements in the production and application of basalt fibers, which is expanding their utility across various domains.
The utilization of basalt fibers in the marine industry, for applications like hulls and interiors of boats, is also boosting the market growth due to their resistance to saltwater corrosion. In the energy sector, basalt fibers are used in wind turbine blades and other components due to their strength and resistance to harsh weather conditions. Apart from this, stricter regulations related to health and safety, especially in the workplace, are influencing the preference for non-toxic and non-respirable materials like basalt fibers which are creating a positive outlook for the market across the globe.
Request a Free PDF Sample for More Detailed Market Insights: https://www.imarcgroup.com/basalt-fiber-market/requestsample
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
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.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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.
Contact Us:
IMARC Group
134 N 4th St
Brooklyn, NY 11249, USA
Website: https://www.imarcgroup.com/
Email: sales@imarcgroup.com
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800