According to IMARC Group’s latest report, titled “Basalt Fiber Market Report by Product (Rebar, Fabric, Roving, Chopped Strands, Mesh and Grids, and Others), Type (Composites, Non-Composites), Form (Continuous, Discrete), Method (Pultrusion, Prepregs, Compression Moulding, Hand Layup, Resin Moulding, Vacuum Infusion, Spray Gun, Filament Winding, and Others), End Use Industry (Automotive and Transportation, Construction and Infrastructure, Electrical and Electronics, Wind Energy, Marines, and Others), and Region 2024-2032”, the global basalt fiber market size reached US$ 370.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 729.5 Million by 2032, exhibiting a growth rate (CAGR) of 7.6% during 2024-2032.
Basalt fiber is a type of fiber made from the natural volcanic rock called basalt. The fibers are formed by melting basalt rock at high temperatures and extruding the molten material through small nozzles to create thin strands. These strands are then spun into fibers, which are used in a wide range of industrial and commercial applications. Basalt fiber is known for its high strength-to-weight ratio, excellent resistance to heat and chemical corrosion, and good thermal insulation properties. It is commonly used as a reinforcement material in concrete and plastics, and is also used in applications, such as insulation, fireproofing, and aerospace engineering.
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Basalt Fiber Market Trends:
The rising demand for the product from the construction industry represents one of the significant factors driving the market growth across the globe. Moreover, the increasing product use in the aerospace and automotive industries is contributing to the growth of the market. The rising demand for fuel-efficient vehicles and the need for lightweight and durable aerospace components are further driving the demand for basalt fibers in these industries. The market is also driven by governments around the world promoting the use of sustainable and eco-friendly materials. Apart from this, advances in manufacturing processes and technologies, along with rising environmental concerns are creating a positive outlook for the market.
Competitive Landscape:
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 (2018-2023)
- Market Outlook (2024-2032)
- 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 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.
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