New York, United States , July 10, 2024 (GLOBE NEWSWIRE) -- The Global Basalt Fiber Market Size is to Grow from USD 276 Million in 2023 to USD 886 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 12.37% during the projected period.
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Basalt rock, a volcanic rock rich in minerals including pyroxene, plagioclase, and olivine, is used to make the specialty fiber-reinforced polymer known as basalt fiber. Melting the basalt rock at high temperatures and then extruding it through tiny nozzles is the method used to make these fibers. Notable qualities of the resultant basalt fiber include great tensile strength, exceptional durability, beneficial thermal resistance, and resistance to both UV and corrosive chemicals. Applications for it include the creation of construction materials, reinforced polymers, and textiles resistant to fire. One of the primary factors propelling the growth of the basalt fiber market is the accelerated pace of urbanization and industrialization. Urbanization has led to the development of new buildings, businesses, residential areas, etc. Furthermore, basalt fibers have been shown to exhibit enhanced mechanical strength, insulation, and resilience to heat and chemicals. Basalt fibers can be used more frequently without the requirement for lifting or other specialist equipment because of their qualities such as resistance to corrosion and lightweight composition. However, basalt fiber remains a relatively new product on the market and its manufacturing is regulated, alternative materials are indirectly promoted. As a result, the market can encounter growth limitations throughout the projected timeframe.
Browse key industry insights spread across 197 pages with 110 Market data tables and figures & charts from the report on the "Global Basalt Fiber Market Size, Share, and COVID-19 Impact Analysis, By Usage (Composites and Non-Composites), By Form (Continuous and Discrete), By End-Use Industry (Automotive & Transportation, Construction & Infrastructure, Electrical & Electronics, Wind Energy, Marine, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The composites segment holds the largest market share of the basalt fiber market during the projected timeframe.
Based on the usage, the basalt fiber market is divided into composites and non-composites. Among these, the composites segment holds the largest market share of the basalt fiber market during the projected timeframe. Because basalt fiber is extremely durable, corrosion-resistant, and long-lasting, it is utilized as reinforcement in composite applications. The material's versatility and dependability in increasing structural integrity while lowering weight contribute to its broad use in the creation of composite materials, particularly in the automotive, aerospace, construction, and marine industries.
The continuous segment dominates the market with the highest market share of the basalt fiber market during the projected timeframe.
Based on the form, the basalt fiber market is divided into continuous and discrete. Among these, the continuous segment dominates the market with the highest market share of the basalt fiber market during the projected timeframe. Continuous basalt fiber has multiple applications and is recognized for its sustainability. Because continuous basalt fibers are stronger than steel, they are favored in the building business.
The construction & infrastructure segment is projected to grow at the highest CAGR of the basalt fiber market during the projected timeframe.
Based on the end-use industry, the basalt fiber market is divided into automotive & transportation, construction & infrastructure, electrical & electronics, wind energy, marine, and others. Among these, the construction & infrastructure segment is projected to grow at the highest CAGR of the basalt fiber market during the projected timeframe. Basalt fiber is used to strengthen buildings due to the increase in the flexibility and durability of concrete structural components. Basal fiber is widely used as concrete reinforcement in seismically hazardous regions in hydraulic engineering and construction.
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Asia Pacific is expected to hold the largest share of the basalt fiber market over the forecast period.
Asia Pacific is expected to hold the largest share of the basalt fiber market over the forecast period. An increasing number of end-user industries that depend heavily on basalt fibers for a range of applications, such as construction, automotive, renewable energy, electrical and electronics, etc., have expanded as a result of the region's industrialization, urbanization, and growing population. Because of the growing automotive industry in Asia-Pacific, there will likely be a greater need for basalt fiber, which is utilized as reinforcement for automobile parts.
North America is predicted to Grow at the fastest pace in the basalt fiber market during the projected timeframe. Basalt fibers are used in the production of several automotive parts, such as tire covers, CNG cylinders, brake pads, panels, screens, and other components. The National Automobile Dealers Association (NADA) estimates that the North American auto industry manufactures 17 million automobiles a year and generates sales of about USD 500 billion. Another element supporting the market revenue growth in this region is government involvement in the automotive sector.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the basalt fiber market include ARMBAS, BASTECH, Deustche Basalt Faser GmbH, Sudaglass Basalt Fiber Technology, Galen Ltd., Technobasalt, GBF Basalt Fiber Co., Ltd., Shanxi Basalt Fibre Technology Co. Ltd., Kamenny Vek, ISOMATEX, GMV, HG GBF Basalt Fiber Co., LTD., NMG Corporation, Mudanjiang Basalt Fiber Co., and others.
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Recent Developments
- In January 2022, Basaltex, a leading producer of basalt fiber products based in Belgium, initiated a new range of fiber fabrics created for the aerospace and automotive industries. The new textiles are perfect for creating composites for automotive and aerospace applications as they are lightweight, durable, and resistant to high temperatures.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the basalt fiber market based on the below-mentioned segments:
Global Basalt Fiber Market, By Usage
- Composites
- Non-Composites
Global Basalt Fiber Market, By Form
- Continuous
- Discrete
Global Basalt Fiber Market, By End-Use Industry
- Automotive & Transportation
- Construction & Infrastructure
- Electrical & Electronics
- Wind Energy
- Marine
- Others
Global Basalt Fiber Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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