Westford, USA, Dec. 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the basalt fiber market size will attain a value of USD 507.61 million by 2031, with a CAGR of 11.2% over the forecast period (2024-2031). Increasing infrastructure development activity and rising emphasis on sustainability are anticipated to bolster the global basalt fiber market growth over the coming years. Use of basalt fiber in electric vehicle manufacturing and advancements in basalt fiber manufacturing processes are slated to expand the business scope of market players.
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Basalt Fiber Market Overview:
Report CoverageDetailsMarket Revenue in 2023$ 284.1 MillionEstimated Value by 2031$ 507.61 MillionGrowth RatePoised to grow at a CAGR of 11.2%Forecast Period2024-2031Forecast UnitsValue (USD Million)Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and TrendsSegments CoveredType, Usage, End Use, and RegionGeographies CoveredNorth America, Europe, Asia Pacific, and the Rest of the worldReport HighlightsIncreasing infrastructure development activityKey Market OpportunitiesUse of basalt fiber in electric vehicle manufacturingKey Market DriversGrowing demand for eco-friendly materials and rising focus on sustainability
Basalt Fiber Market Segmental Analysis
The global basalt fiber market is segmented into type, usage, end use, and region.
By type, the market is classified into chopped fiber, twisted roving, and twistless roving.
Depending on the usage, it is bifurcated into composite and non-composite.
According to end use, the market is divided into building & construction, automotive & transportation, electrical & electronics, marine, and others.
Regionally, the market is studied across North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Use of Basalt Fiber as a Reinforcing Material Allows Composite Segment to Lead Revenue Generation
Increasing use of basalt fiber to provide exceptional strength and durability to composite materials whilst maintaining the lightweight profile helps the dominance of this segment. Impressive resistance to extreme conditions and chemical degradation of basalt fiber also allows composite usage segment to account for a prominent global basalt fiber market share.
High Demand for Electric Vehicles Makes Automotive & Transportation Segment Highly Opportune Going Forward
Growing emphasis on improving sustainability around the world has led to a major surge in the popularity of electric vehicles. Increasing application scope of basalt fiber in automotive and transportation industry vertical is slated to create new opportunities in the long run. Use of composites made from basalt fiber is expected to boost revenue generation for market players.
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Rapid Industrialization is Helping Asia Pacific Spearhead the Global Basalt Fiber Demand
Growing industrialization to support economic growth in countries such as India and China are primarily driving up the sales of basalt fiber. High investments in infrastructure development and growing automotive manufacturing activity are also slated to create new business scope for basalt fiber suppliers in the Asia Pacific region. Targeting India, China, and Japan is slated to offer good returns for companies operating the Asia Pacific basalt fiber industry through 2031.
Basalt Fiber Market Insights:
Drivers
Growing infrastructure development activityHigh emphasis on sustainability and use of eco-friendly materialsRising application scope of basalt fiber in automotive and aerospace industries
Restraints
Availability of substitute materialsHigh costs of productionLimited acceptance and knowledge regarding basalt fiber use
Prominent Players in Basalt Fiber Market
ARMBASBASTECHDeustche Basalt Faser GmbHGalen Ltd.INCOTELOGY GmbHISOMATEX SAKamenny VekMAFICShanxi Basalt Fiber Technology Co., Ltd.Sudaglass Fiber TechnologyTechnobasalt-Invest LLCZhejiang GBF Basalt Fiber Co.GMVTongxinZhejiang GBF
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Key Questions Answered in Basalt Fiber Market Report
Which region is leading the global basalt fiber market outlook?Where is most revenue for basalt fiber providers coming from?Who are the leading companies as per this global basalt fiber market forecast?Can basalt fiber production costs be reduced?
This report provides the following insights:
Analysis of key drivers (rising infrastructure development activity, growing demand for eco-friendly materials), restraints (high costs of production, availability of substitute materials), and opportunities (use in electric vehicle manufacturing process) influencing the growth of basalt fiber market.
Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the basalt fiber market.Market Development: Detailed analysis of potential regions where the market has potential to grow.Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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