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.
Westford, USA, Dec. 12, 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 Coverage | Details |
| Market Revenue in 2023 | USD 284.1 Million |
| Estimated Value by 2031 | USD 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 |
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.
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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.
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 activity.
- High emphasis on sustainability and use of eco-friendly materials.
- Rising application scope of basalt fiber in automotive and aerospace industries.
Restraints
- Availability of substitute materials.
- High costs of production.
- Limited acceptance and knowledge regarding basalt fiber use.
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Prominent Players in Basalt Fiber Market
- ARMBAS
- BASTECH
- Deustche Basalt Faser GmbH
- Galen Ltd.
- INCOTELOGY GmbH
- ISOMATEX SA
- Kamenny Vek
- MAFIC
- Shanxi Basalt Fiber Technology Co., Ltd.
- Sudaglass Fiber Technology
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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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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