New York, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The basalt fiber market size is expected to grow by USD 290.57 million from 2023 to 2028. In addition, the growth momentum of the market will progress at a CAGR of 13.13% during the forecast period, according to Technavio. An increase in renewable energy projects is notably driving the basalt fiber market. However, factors such as poor availability of raw materials may impede market growth. The market is segmented by Application (Composites and Non-composites), End-user (Construction and infrastructure, Automotive and transportation, Wind energy, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). We provide a detailed analysis of 20 companies operating in the basalt fiber market including Basalt Engineering LLC, Basalt Fiber and Composite Materials Technology Development Co. Ltd., Basalt Fiber Tech, BasTech Inc., CF Composites, Chongqing Hesheng Longgang Technology Co. Ltd., Deutsche Basalt Faser GmbH, Fiberbas construction and building technologies, Final Advanced Materials Sarl, Galen LLC, HG GBF Basalt Fiber Co. Ltd., Jiangsu TianLong Continuous Basalt Fiber High tech Co. Ltd., Kamenny Vek, Lavaintel, MAFIC, Sichuan Jumeisheng New Material Technology Co. Ltd., Sudaglass Fiber Technology Inc., SWICOFIL AG, Technobasalt Invest LLC, and Kodiak Fiberglass Rebar. The report offers an up-to-date analysis of the market, and to know the exact growth variance and the Y-O-Y growth rate, Request a FREE Sample Report
Basalt Fiber Market 2024-2028: Company Analysis
Basalt Engineering LLC - The company offers basalt fibers namely BASTECH.
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Market Dynamics
Driver - The Basalt Fiber Market experiences growth driven by renewable energy projects. Basalt rock, with its exceptional properties like high tensile strength, corrosion resistance, fire resistance, and chemical resistance, finds extensive use in continuous filament and chopped strands. Widely employed in composites, these fibers offer excellent thermal insulation and acoustic insulation. The market's growth is directly correlated with the escalating demand for sustainable materials in renewable energy, highlighting basalt fiber's significant role in various industries.
Trends - The Basalt Fiber Market witnesses an emerging trend fueled by the rising need for sustainable materials in construction. Notably fire-resistant, basalt fibers cater to diverse industries like the automotive industry, aerospace & defense due to their use in filament winding and pultrusion processes. These fibers serve as reinforcement materials, aligning with the construction industry's pursuit of environmental sustainability. The increased demand for basalt fibers in geotextiles signifies their significant role in the shift towards eco-friendly building materials.
Challenge - The Basalt Fiber Market confronts a notable challenge rooted in the inadequate availability of raw materials, impeding market expansion. This scarcity affects the development of advanced fiber technology crucial for applications in lightweight materials and high-temperature applications. Challenges in sourcing raw materials impact the production of non-woven mats and hinder the optimization of electromagnetic properties. Moreover, navigating complex regulatory frameworks further complicates infrastructure development, set as obstacles to the market's growth.
Additionally, the complexity of navigating regulatory frameworks further complicates infrastructure development, presenting substantial obstacles to the market's growth trajectory. The integration of fiber sizing agents is also a critical aspect to consider in enhancing the performance and functionality of basalt fibers, which requires careful attention amidst these challenges.
Basalt Fiber Market 2024-2028: Segmentation
Application
- The composites segment will significantly contribute to market growth during the forecast period. Basalt fiber has various properties, such as chemical inertness, high-temperature resistance, environment-friendliness, and high tensile strength, which are beneficial in manufacturing composites for various molding applications. Basalt fiber-strengthened polymer composites are gradually replacing glass fiber-reinforced composites.
- End-user (Construction and infrastructure, Automotive and transportation, Wind energy, and Others).
Geography
- APAC will contribute 46% to the growth of the global market during the forecast period. There is an increase in demand for residential houses, which, in turn, improves electrical and electronics consumption in several major countries in APAC, such as India and China. Furthermore, China is the leading producer of basalt fiber, exporting several products globally.
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Basalt Fiber Market 2024-2028: Key Highlights
- Historic Market Size 2018-2022
- CAGR of the market during 2024-2028
- Detailed information on factors that will assist basalt fiber market growth during the next five years
- Estimation of the basalt fiber market size and its contribution to the parent market
- Forecasts on upcoming trends and changes in consumer behavior
- The growth of the basalt fiber market
- Analysis of the competitive landscape and detailed information on companies
- Comprehensive details of factors that will impede the growth of basalt fiber market companies
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
