According to the latest Fact.MR report, the increasing application of basalt fiber in electric vehicles and the construction sector is expected to push the market's value to US$ 121.8 million in 2024. The global basalt fiber market is projected to grow at a robust CAGR of 12.4%, reaching US$ 392.1 million by 2034.
Basalt fibers, in their continuous form, are cost-effective, highly efficient, and possess exceptional mechanical properties like high tensile strength, making them ideal for various applications such as pipe containers, plastic basalt products, reinforced nets, and electrical insulation materials. This versatility opens up numerous market opportunities.
Basalt fibers offer superior mechanical strength, chemical and heat resistance, and insulation, among other benefits. Their use as an alternative to steel reinforcements has grown, thanks to features like corrosion resistance and a lightweight structure, allowing for easy installation without the need for lifting or specialized equipment.
In construction composites, basalt fibers outperform e-glass fiber in durability, breaking load capacity, and stiffness across different forms, including roving, chopped strands, and fabrics.
Growth Drivers:
- Usage of basalt fibers as an alternative to steel reinforcements is boosting the growth of basalt fibers market.
- Rapid growth of construction and infrastructure industry worldwide is expected to propel the demand for basalt fibers.
Key Restraints:
- The equipment costs and initial setup are relatively costly, this is expected to hamper the basalt fiber market.
Competitive Landscape
Due to the presence of various regional and domestic companies, the global basalt fiber market is fragmented. To increase their worldwide consumer base, the players have used a variety of strategies, including mergers and acquisitions, expansions, collaborations, and partnerships.
New product creation has also been a vital tactic for top corporations to expand their market presence among customers. Advanced basalt fiber has been integrated as a result of these efforts.
- On 30th April 2021, Kamenny Vek expanded its product line with the introduction of three new products: Basalt direct roving 22 microns 2400 tex, Basalt assembled roving 18 micron 3000 tex, and Basalt assembled roving 18 micron 4800 tex.
- On July 27, 2020, Mafic USA, situated in Shelby, North Carolina, began operations of the world's largest basalt fiber mill. This company will be able to meet the demand generated by a big customer base.
View Old Reports: https://www.prnewswire.co.uk/news-releases/basalt-fiber-market-to-garner-usd-339-million-growing-at-a-12-4-cagr-by-2032-860755502.html
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