Basalt Fiber Market to Reflect Tremendous Growth Potential with A CAGR of 10.4%BY 2030
According to a recent report by Reports and Data, the global basalt fiber market is expected to reach a market size of USD 644.9 million by 2030 with a revenue CAGR of 10.4% over the forecast period. The market is expected to grow due to increasing demand for basalt fibers in various end-use industries such as construction, automotive, aerospace & defense, and electronics. The production of materials compatible with the environment and the low cost and high mechanical and chemical strength of basalt fiber are also expected to drive market growth.
The demand for basalt fibers is anticipated to increase due to the rising popularity of naturally derived fibers over synthetically produced fibers. The construction and manufacturing industries' demand for technical textiles is expected to propel the demand for basalt fibers. Moreover, shifting preferences towards basalt fiber reinforced polymer (BFRP) bars as an alternative to steel reinforcements in the construction industry is expected to boost market growth. The R&D activities to improve the scope of basalt fiber in the textile industry are expected to open up opportunities for market players in the forecast period.
The demand for basalt fibers from the power sector is also expected to increase due to the rising demand to reduce carbon footprints. Basalt fibers' superior properties, such as high energy absorption and low peak load, are expected to fuel market growth. The growing concerns for environmental pollution and global warming are also expected to trigger the expansion of the basalt fiber industry.
The roving segment revenue is expected to register significant growth during the forecast period due to its resistance in aggressive environments, high natural strength, long service life, and excellent electricity insulating properties. The continuous segment revenue is projected to witness a higher growth rate during the forecast period due to its extensive use in the construction and composites industry.
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The Asia Pacific region is expected to witness the fastest revenue growth in the basalt fiber market due to the presence of a large number of companies and an increase in production capacity. The major companies in the market include Kamenny VEK, Basaltex, B&W Fiber Glass, Inc., Mafic SA, Technobasalt-Invest LLC, Russian Basalt, Shanxi Basalt Fiber Technology Co. Ltd., Mudanjiang Jinshi Basalt Fiber Co. Ltd., and Zhejiang GFB Basalt Fiber Co.
The report has segmented the basalt fiber market based on product type, form, usage type, application, and region. The product type includes fabric, roving, chopped strands, mesh & grids, and others. The form includes continuous and discrete. The usage type includes composite and non-composite. The application includes construction, automotive, aerospace & defense, electrical & electronics, chemical, marine, and others. The regional outlook includes North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Basalt Fiber Market: Drive factors
The Basalt Fiber Market is expected to witness significant growth over the forecast period, driven by various factors. One of the major driving factors is the increasing demand for basalt fibers across various end-use industries such as construction, automotive, aerospace & defense, and electronics. The growing concerns for the environment have initiated the production of materials among manufacturers that are compatible with the environment, and basalt fiber is one such material that is gaining popularity due to its low cost and high mechanical & chemical strength.
The market is also expected to witness growth due to the rising demand for technical textiles in the construction and manufacturing industry. Additionally, the increasing investments in R&D activities to improve the scope of basalt fiber in the textile industry are expected to provide lucrative growth opportunities for market players over the forecast period.
The demand for basalt fibers is also expected to increase in the power sector as there is a rising demand to reduce carbon footprints. Basalt fibers are known for their superior properties such as high energy absorption and low peak load, making them suitable for various applications in the power sector.
Moreover, the market is also witnessing growth due to the increasing concerns for environmental pollution and global warming. Basalt fibers are eco-friendly and can help to preserve various ecological resources by minimizing wastage in production facilities.
Overall, the market is expected to witness significant growth over the forecast period, driven by the above-mentioned factors as well as the increasing production capacity in the Asia Pacific region and the presence of a large number of companies.
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