Basalt Fiber Market is Predicted to Reach $392.1 Million by 2034, Expanding at a CAGR of 12.4%

Basalt Fiber to Be Increasingly Used in Building & Construction Sector: Fact.MR Report

The environment-friendly composition of basalt fiber market is the main reason leading to its increased consumption. According to this latest revised study by Fact.MR, The market is set to reach a value of US$ 121.8 million in 2024 and further advance at a double-digit 12.4% CAGR from 2024 to 2034.

The easily mixable nature of basalt fiber at high concrete concentration and optimized compatibility with concrete has contributed to its growing popularity in, especially in the construction & infrastructure industry. Several governments around the world are investing in industrialization and for the development of multiple infrastructure projects, which will offer potential growth opportunities for basalt fiber manufacturers. Moreover, rising sales of electric vehicles is also driving the demand for basalt fiber as one of the vital components in these automobiles.

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Key Takeaway from the Market Study:

• Worldwide sales of basalt fiber are estimated at US$ 121.8 million in 2024.
• The global basalt fiber market is forecasted to reach US$ 392.1 million by the end of 2034, advancing at a CAGR of 12.4%.
• East Asia is projected to account for 24.6% share of global revenue by the end of 2034.
• Demand for basalt fiber in Japan is estimated to accelerate at 11% CAGR from 2024 to 2034.
• The shipbuilding industry is forecasted to account for 24.9% share of the global market by the end of 2034.

“Rising consumption of basalt fiber is attributed to its low cost, excellent mechanical properties, including high tensile strength, etc., which makes it highly suitable for applications such as plastic basalt products, pipe containers, and certain electrical insulation materials,” says a Fact.MR analyst.

Growing Adoption of Basalt Fiber in Ship Building Industry

Demand for basalt fiber for ship building is projected to increase at a CAGR of 12.1% and reach a value of US$ 97.6 million by the end of 2034. The increasing use of basalt fiber in numerous ships is attributed to its flexibility. In addition, its fireproof and strong properties are projected to make it ideal for multiple applications and as an asbestos alternative.

Key Market Players:

TECHNOBASALT-INVEST LLC, Shanxi Basalt Fibre Technology Co., Ltd., BASALTEX NV, Isomatex SA, Sudaglass Fiber Technology, Mafic SA, Zhejiang GBF Basalt Fiber Co., Ltd (GBF), Shanxi Basalt Fiber Technology Co., Ltd., Kamenny Vek, and JiangSu Tianlong Continuous Basalt Fiber Co. Ltd. are some of the leading manufacturers of basalt fiber.

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Basalt Fiber Industry News:

• Kamenny Vek, on April 30, 2021, enlarged its existing range of products by introducing new items, such as basalt assembled roving 18 microns 4800 tex, basalt assembled roving 18 microns 3000 tex, and basalt direct roving 22 microns 2400 tex.
• Mafic USA, in July 2020, began operations in Shelby, North Carolina, which is a leading production plant of basalt fiber. This firm is projected to assist in meeting the particular needs of the consumer market.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the basalt fiber market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on product type (roving, chopped strands, fabric, mesh & grids), usage (composites, non-composites), and end-use industry (building & construction, automotive, aerospace & defense, ship building, wind energy, sport accessories & others), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).

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