The building and construction, wind energy, automotive and transportation, and electrical and electronics sectors all hold large demand levels for the market.
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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Browse in-depth TOC on “Basalt Fiber Market”
Basalt Fiber Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 284.1 Million |
| Estimated Value by 2031 | $ 507.61 Million |
| Growth Rate | Poised to grow at a CAGR of 11.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Usage, End Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Increasing infrastructure development activity |
| Key Market Opportunities | Use of basalt fiber in electric vehicle manufacturing |
| Key Market Drivers | Growing 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
Restraints
Prominent Players in Basalt Fiber Market
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Key Questions Answered in Basalt Fiber Market Report
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.
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