9.0% CAGR, Basalt Fibers Market is anticipated to record a valuation of US$ 427.14Mn by 2028 - Digital Journal

2022-11-24 20:58:04 By : Mr. Ping Huang

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According to our latest market study, titled “Basalt Fibers Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Composites, Non-composites); End-Use Industry (Construction and infrastructure, Automotive and transportation, Electrical and electronics, Wind energy, Marines, Others) and Geography” consists of the factors fueling market growth, revenue estimation, and market share analysis. It also includes the identification of significant market players and their key developments.The basalt fiber market was valued at US$ 216.00 million in 2020 and is projected to reach US$ 427.14 million by 2028; it is expected to register a CAGR of 9.0% from 2021 to 2028. Fibreglass Mesh

Basalt fiber possesses similar chemical properties to glass fibers but have better physicochemical properties than glass fibers. The basalt fiber market is anticipated to witness high growth due to its demand from end-use industries such as automotive, marine, building & construction, and electronics. Increasing construction activities in several regions due to growth in population, growing income, and government initiatives in various economies to develop better infrastructure is likely to boost the growth of the basalt fiber market. However, the inconsistent raw material properties are among the factors restraining the basalt fiber market growth.

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Basalt fiber possesses similar chemical properties to glass fibers but have better physicochemical properties than glass fibers. Basalt fiber is stronger, lighter, and corrosion-resistant than conventional steel rebar. It also holds superior chemical resistance and melting point than glass. The basalt fiber market is anticipated to witness high growth due to its demand from end-use industries such as automotive, marine, building & construction, and electronics. Increasing construction activities in several regions due to growth in population, growing income, and government initiatives in various economies to develop better infrastructure are the factors likely to boost the growth of the basalt fiber market.

Basalt Fibers Market: Competitive Landscape and Key Developments

Kamenny Vek Company; Fiberbas Construction and Building Technologies; Hydro Design Management Co. Pvt. Ltd.; Hg Gbf Basalt Fiber Co., Ltd; Bastech; Mafic SA; Shanxi Basalt Fiber Technology Co. Ltd; Technobasalt-Invest LLC; Deutsche Basalt Faser Gmbh; and Basalt Engineering LLC are among the major key players operating in the global basalt fiber market.

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Effect of COVID-19 upon Basalt Fibers market

The ongoing pandemic has drastically altered the status of the chemical and materials sector and negatively impacted the growth of the basalt fiber market. The implementation of measures to combat the spread of the virus has impacted the growth of several industrial sectors. Industries such as construction, automotive, chemical, and electronics have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international borders. The significant decline in the growth of the several industrial sectors significantly impacted the demand for basalt fibers in the global market. However, as the economies are planning to revive their operations, the demand for basalt fiber is expected to rise globally. The expanding demand for basalt fibers in various industries such as construction, automotive, chemical, electronics, and aerospace along with significant investments by prominent manufacturers is expected to drive the growth for basalt fibers.

Based on product, the basalt fiber market is segmented into roving, chopped strand, twisted yarn, fabrics and tapes, and others. The roving segment held the largest share in the global basalt fiber market in 2020. Basalt roving is a bundle of continuous unidirectional complex basalt fibers. Roving has resistance to aggressive environments, high natural strength, long service life, and superior electrical insulation properties. Based on its technical characteristics, basalt roving surpasses E-glass and S-glass in numerous respects. Basalt roving is extremely heat-resistant and can resist temperatures up to 1,000 °C for a short time. These characteristics are driving the roving segment growth.

The global basalt fiber market is segmented into five regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM). In 2020, Asia Pacific accounted for the largest share in the global basalt fiber market. Asia Pacific comprises several developing and developed economies such as India, China, Japan, South Korea, and Australia. These Emerging countries are witnessing an upsurge in industrialization and urbanization activities. Growth in construction projects in countries such as India and China and growing investments in infrastructure activities, such as the new construction of highways, railways, underground metro lines, and pavement linings, are predicted to bolster the basalt fiber market in the region.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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