Dublin, Oct. 18, 2022 (GLOBE NEWSWIRE) -- The "Basalt Fiber Market by Usage (Composites, Non-Composites), End-Use Industry (Construction & Infrastrastructure, Automotive & Transportation, Wind Energy, Electrical & Electronics, Marine) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global basalt fiber market size is projected to grow from USD 286 million in 2022 to USD 517 million by 2027, at a CAGR of 12.5% between 2022 and 2027. This growth is estimated to continue in the coming years to meet the growing demand from end-use industries such as construction & infrastructure, automotive & transportation, electrical & electronics, and others. Construction & infrastructure is the major end-use industry of basalt fibers.
Basalt fibers are ideally suited for demanding applications requiring chemical resistance, durability, mechanical strength, and low water absorption. Currently, APAC is the dominating basalt fiber market. This larger market share is attributed to the high demand from end-use industries such as automotive & transportation, construction & infrastructure, and wind energy in the region.
Growing investment in the construction & infrastructure sector in the APAC region is one of the major reasons behind the growing consumption in the region. Among all the countries in this region, China is the major basalt fiber market. However, the global pandemic disease COVID-19 has forced the automotive, wind blade and aircraft manufacturers to shut down their operations which resulted in decreased demand for basalt fibers in 2020.
Continuous form of the basalt fiber are the fastest-growing form type of basalt fiber market in terms of value.
Continuous form of basalt fibers are projected to register the highest CAGR in terms of value between 2022 and 2027. This high growth is mainly due to the growing demand from the various end-use industries across the globe due to efficient properties. The continuous form of basalt fiber is the most widely used across various end-use industries, including automotive & transportation, wind energy, marine, and construction & infrastructure, among others. Continuous basalt fibers possess characteristics, such as superior efficiency, higher tensile strength, and excellent mechanical properties.
Composite is the fastest-growing usage form of basalt fiber, in terms of value.
The composite usage segment is expected to record high growth as they are widely applicable in end-use industries such as construction & infrastructure, automotive & transportation, marine, wind energy, and sporting goods, among others. When basalt is used as continuous fibers, it can lead to a new range of reinforced composites (plastic and concrete matrix). At present, basalt fiber as composites and non-composites is experiencing high demand in a number of applications such as thermal and sound insulation (basalt wool and engine insulation), pipes, bars, fittings, fabrics, structural plastics, automotive parts, concrete reinforcement (constructions), insulating plastics, and frictional materials.
Market Dynamics
Drivers
- Increase in Demand for Non-Corrosive Materials
- Enhanced Physical, Mechanical, and Chemical Properties
- Environmentally Friendly and Easily Recyclable Material
Restraints
- Competition from Matured Products
Opportunities
- Increase in Demand for Basalt Fiber in Europe and Asia-Pacific
- Growing Adoption of Environmentally Friendly and Recyclable Materials
Challenges
- Complex Manufacturing Process and High Cost Compared to E-Glass Fibers
- Difficulty in Promotion of Basalt Fiber
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Basalt Fiber Market, by Usage Type
7 Basalt Fiber Market, by Form
8 Basalt Fiber Market, by End-Use Industry
9 Basalt Fiber Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- ASA. Tec GmbH
- Basalt Technology UK Limited
- Fiberbas Construction and Building Technologies
- Incotelogy GmbH
- Isomatex S.A.
- JFE Rockfiber Corp.
- Jiangsu Green Materials Vally New Material T&D Co., Ltd. (GMV)
- Jilin Province Huayang New Composite Material Co., Ltd.
- Kamenny Vek
- Liaoning Jinshi Technology Group Co., Ltd.
- Mafic Sa
- Mudanjiang Jinshi Basalt Fiber Co. Ltd.
- NMG Composites Co., Ltd.
- Russian Basalt
- Shanxi Basalt Fiber Technology Co. Ltd.
- Sichuan Aerospace Tuoxin Basalt Industrial Co., Ltd.
- Sichuan Fiberglass Group Co., Ltd.
- Sudaglass Basalt Fiber Technology
- Technobasalt-Invest LLC
- Yingkou Hongyuan Fiberglass Technology Co., Ltd.
- Zhejiang Gbf Basalt Fiber Co.
For more information about this report visit https://www.researchandmarkets.com/r/5wuefu
Attachment
