According to the latest report by IMARC Group, titled "Basalt Fiber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global basalt fiber market size reached a value of US$ 300.8 Million in 2021. Basalt fiber refers to a product derived from naturally occurring complex basalt rock. It is very similar to glass in composition and is considered to be an excellent alternative to glass fiber and carbon fiber. It is composed of pyroxene and minerals, including plagioclase and olivine. It is characterized by high structural integrity and excellent mechanical properties. It is also widely used for its high tensile and impact strength, a wide range of thermal performance and superior electromagnetic properties. Commonly used as a replacement for asbestos, it is employed in numerous industries, such as electrical, construction and automotive sectors, due to its exceptional adhesive capabilities, excellent resistance to chemicals and ultraviolet (UV) radiations, and low hygroscopic quotient.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Basalt Fiber Market Trends:
The global market is primarily driven by considerable growth in the construction sector. This can be accredited to rapid industrialization and significant expansion of residential spaces. Since basalt fibers are highly cost-efficient with excellent physical properties, they are widely utilized by builders as an essential building material. This is also supported by the favorable initiatives undertaken by several governments to promote the use of these fibers for construction purposes across the commercial, residential and industrial segments. Moreover, the increasing utilization of discrete basalt fiber in the automotive and aerospace industries is also acting as a major growth-inducing factor. These materials are widely employed as preferable substitutes for steel and other fiber reinforcements in the manufacturing of light-weight automobile and aircraft components, thereby creating a positive outlook for the market. The market is further driven by the introduction of basalt fiber reinforced plastic (BFRP) in the market, which is extensively employed in building activities due to its excellent corrosion-resistant property. Some of the other factors contributing to the market include the launch of recyclable and eco-friendly basalt fiber and the continual research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is expected to grow at a CAGR of 10.7% during 2022-2027.
- On the basis of the product, the market has been divided into rebar, fabric, roving, chopped strands, mesh and grids, and others.
- Based on the type, the market has been bifurcated into composites and non-composites.
- On the basis of the form, the market has been classified into continuous and discrete.
- Based on the method, the market has been segmented into pultrusion, prepregs, compression moulding, hand layup, resin moulding, vacuum infusion, spray gun, filament winding, and others.
- On the basis of the end use industry, the market has been categorized into automotive and transportation, construction and infrastructure, electrical and electronics, wind energy, marines, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these 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 and Zhejiang Hengdian Imp. & Exp. Co. Ltd.
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