CHICAGO, Oct. 26, 2023 /PRNewswire/ -- The report "Basalt Fiber Market by Usage (Composites, Non-Composites), End-Use Industry (Construction & Infrastructure, Automotive & Transportation, Wind Energy, Electrical & Electronics, Marine), and Region - Global Forecast to 2028", is expected to grow significantly over the next several years, with a predicted valuation of USD 503 million by 2028, up from USD 279 million in 2023. Throughout the predicted period, a strong compound annual growth rate (CAGR) of 12.5% supports this growth. The primary factor behind the growth of the basalt fiber business is the growing demand for eco-friendly materials that possess outstanding strength-to-weight ratios, excellent tensile strengths, and electrical conductivity, among other characteristics. The resurgence of some end-use industries and the expansion of government economic stimulus plans are also contributing significantly to the rise in demand for basalt fibers worldwide.
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Continuous forms of basalt fiber are expected to have the largest market share during the forecasted period.
Continuous and discrete forms are the two different types of basalt fibers. Continuous basalt fibers had a notable dominance in the global basalt fiber market during the forecasted period. These continuous fibers are used in a variety of end-use industries, such as wind energy, sports goods, automobile and transportation, building and infrastructure, and pipes and tanks. They can also be used as rovings, textiles, and yarns.
Interestingly, continuous fibers are useful in both non-composite and composite applications, which makes them an adaptable option across a variety of sectors.
Composites usage type dominated the basalt fiber market in terms of both, value and volume.
The demand for basalt fiber in the realm of composites has witnessed a notable surge in recent years, driven by a compelling array of attributes that this versatile material offers. Because of its extraordinary qualities, which include outstanding mechanical strength, resistance to corrosion, and incredible lightweight features, basalt fiber composites have become increasingly desirable. Because of these qualities, they are especially well-suited for a wide range of applications, including infrastructure and construction, sporting goods, automobiles and transportation, and even the manufacturing of pipelines and tanks.
Furthermore, basalt fiber composites are becoming more well-known as an environmentally benign option as sectors place a greater emphasis on sustainability and environmental responsibility. The natural non-corrosive and fire-resistant qualities of basalt, along with its potential for recycling, increase their attractiveness in the composite market. The demand for basalt fiber composites is predicted to rise steadily because of an increasing focus on performance, durability, and environmental effects. This will change a number of businesses that depend on sophisticated materials.
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The construction & infrastructure end-use industry is estimated to register the highest CAGR between 2023 to 2028.
The construction and infrastructure, automotive and transportation, marine, electrical and electronics, wind energy, and other industries are some of the segments that make up the basalt fiber market when categorized by end-use sectors. New uses for basalt fiber are emerging in various end-use areas as a result of the continuous quest for cost-effective commercialization. As a result, this adaptable material keeps discovering fresh, creative applications across numerous industries.
Basalt fiber exhibits remarkable resistance to corrosion, rendering it exceptionally well-suited for construction materials exposed to the rigors of various environmental conditions. This durability not only ensures the longevity of structures but also minimizes the need for frequent repairs or replacements, translating into cost savings. Apart from its resistance to corrosion, basalt fiber exhibits remarkable tensile strength, rendering it an excellent option for reinforcing concrete and other building materials. This increased strength ensures that structures and infrastructure can endure a variety of pressures and obstacles by making a substantial contribution to their overall stability and load-bearing capability.
Asia Pacific is expected to account for the largest market share along with the highest CAGR during the forecasted period.
Asia Pacific is the largest market for basalt fiber. With a remarkable Compound Annual Growth Rate (CAGR), the demand for basalt fiber is currently rising dramatically in the Asia Pacific region. Numerous reasons contribute to this impressive growth trajectory. First off, the region's infrastructure and building industries are expanding, which calls for the use of durable and sustainable materials. Furthermore, lightweight yet strong materials are becoming more and more popular in the automotive and transportation sectors. These attributes, along with basalt fiber's resistance to heat, fire, corrosion, and mechanical strength, perfectly match these industries' needs.
Prominent companies in the basalt fiber market include Kamenny Vek (Russia), Zhejiang GBF Basalt Fiber Co. (China), JFE RockFiber Corp. (Japan), Mafic SA (Ireland), Technobasalt-Invest LLC (Ukraine), Russian Basalt (Russia), ISOMATEX SA (Belgium), INCOTELOGY GmbH (Germany), Sudaglass Basalt Fiber Technology (US), Shanxi Basalt Fiber Technology Co., Ltd (China), Mudanjiang Basalt Fiber Co. (China), among others.
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