Basalt Fiber Market Size To Reach USD 533.3 Million In 2028 | Increased usage of basalt fibers in production of sound absorption materials for various industries is Estimated To Drive Market Revenue Growth, Says Reports And Data
NEW YORK, March 24, 2022
NEW YORK, March 24, 2022 /PRNewswire/ -- The basalt fiber market size is expected to reach USD 533.3 Million in 2028 and register a revenue CAGR of 10.4% over the forecast period, according to the latest report by Reports and Data. Continuous growth of construction industry is one of the major factors driving basalt fiber market revenue growth.
Growing emphasis on infrastructure, considerable economic growth, and improvement in living standards of the people are some of the other factors which are impacting the growth of the market positively. Developed economies such as the U.S., Canada, and countries in the European Union have been focusing on enhancing their existing infrastructure, which is fueling market growth.
Escalating demand for continuous basalt fiber from electronics to print circuit boards and transportation sector is another factor driving the demand for continuous basalt fiber worldwide. Growth in demand for sports equipment is also estimated to contribute toward market growth over the forecast period. Excellent shock resistance provided by the fiber is good for ballistic applications and is expected to impact market growth positively.
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Basalt fiber is a cost-effective alternative to carbon fiber and can replace it in some applications such as filament winding. Basalt-reinforced composites can meet OEM's disposal requirements as complete disposal by incineration is possible and is thus environment-friendly. Huge contamination concerns are often caused by incinerating glass fiber composites. The compatibility of basalt fibers with resins such as unsaturated polyester, vinyl ester, epoxy, and phenolic, among others are expected to drive market revenue growth. Basalt fiber is golden-brown in color and can be used as a substitute to carbon and aramid fiber in cosmetics applications which is propelling market growth.
Some Key Highlights in the Report
- Discrete segment is expected to register significant revenue growth during the forecast period owing to strong demand for production of CNG cylinders, headliners, and other interior parts in automotive, brake pads, and friction materials. Moreover, demand for environment-friendly and recyclable products is also fueling revenue growth of the segment.
- By application, the aerospace & defense segment is expected to witness fastest revenue growth rate during the forecast period. Increasing demand for structural reinforcement in jets and various other aircrafts is projected to stimulate segment revenue growth. Major properties such as excellent thermal properties and better shock resistance in comparison to its alternatives are likely to drive the demand. Increasing military expenditure across the globe and growing commercial aircraft production due to the rising number of air travel passengers is also expected to propel the revenue growth of the segment.
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- Composite segment accounted for a significant revenue share in 2020 as they consist of 80% fibers, are non-corrosive, and have three-times more tensile strength compared to steel bars used in construction. Basalt fiber composite imparts strength to the rebar while the resin holds the fibers firmly. Compared to steel rebar, basalt fiber reinforced plastic greatly increases the life of civil engineering structures where corrosion is a major challenge. Therefore, the use of basalt fiber composite has increased in construction industry.
- The market revenue in North America is expected to grow at a significantly high rate during the forecast period. Surging construction expenditures owing to rapid infrastructure expansion and strong growth of automotive sector is driving the market growth in the region.
- 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.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/basalt-fiber-market
For the purpose of this report, Reports and Data has segmented basalt fiber market based on product type, form, usage type, application, and region:
- Product Type Outlook (Revenue, USD Million; 2018–2028)
- Chopped Strands
- Mesh & Grids
- Form Outlook (Revenue, USD Million; 2018–2028)
- Usage Type Outlook (Revenue, USD Million; 2018–2028)
- Application Outlook (Revenue, USD Million; 2018–2028)
- Aerospace & Defense
- Electrical & Electronics
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- Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- a. U.S.
- b. Canada
- c. Mexico
- a. Germany
- b. U.K.
- c. France
- d. Italy
- e. Spain
- f. Sweden
- g. BENELUX
- h. Rest of Europe
- Asia Pacific
- a. China
- b. India
- c. Japan
- d. South Korea
- e. Rest of APAC
- Latin America
- a. Brazil
- b. Rest of LATAM
- Middle East & Africa
- a. Saudi Arabia
- b. UAE
- c. South Africa
- d. Israel
- e. Rest of MEA
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