March 23, 2023 09:00 ET | Source: REPORTSINSIGHTS CONSULTING PVT LTD REPORTSINSIGHTS CONSULTING PVT LTD
New York, March 23, 2023 (GLOBE NEWSWIRE) -- A recent market research report titled Basalt Fiber Market published by Reports Insights, the market was valued at USD 288.40 Million in 2022 and is projected to garner USD 576.47 Million by the year 2030, registering a CAGR of 10.4%. Rock Fiber Insulation
Basalt Fiber Market Size, Share & Trends Analysis, By Type (Filaments, Staple, and Super Thin), Product (Direct Roving, Assembled Roving, Chopped Strand, Fabrics, Twisted Yarn, Reinforcing Mesh, Others), Usage (Composite and Non-Composite), Processing Technology (Pultrusion, Weaving, Stitching, Compression Moulding, Filament Winding, Texturizing, Vacuum Infusion, Others (RTM, Braiding, Sputtering)), End-Use (Construction Industry, Automotive Industry, Chemical Industry, Petroleum Industry, Marine Industry, Energy Industry, Others), By Region, and Forecast Period 2023 – 2030.
ReportsInsights Consulting Pvt. Ltd. conducted a research on the basalt fiber market, analyzing factors such as market size, trends, value, and supply chain. The study also looked at the regulatory environment that affects the growth rate of the market. Furthermore, the report examined different opportunities and trends in key segments such as type, product, usage, processing technology, end-use, and region. By understanding these factors, manufacturers can gain a competitive advantage over their rivals by developing strategic partnerships, making acquisitions and mergers, and launching innovative products to strengthen their market position. Overall, the report provides valuable insights for businesses looking to succeed in the basalt fiber market.
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As per the research, Kamenny Vek, ARMBAS, MAFIC, Sudaglass Fiber, and Company Mineral 7 are prominent players currently operating in the basal fiber market circumstances. The basalt fibers market is relatively small as compared to other types of fibers, such as carbon or glass fibers. However, it is a growing market due to the increasing demand for sustainable and high-performance materials in various industries such as construction, automotive, aerospace, and others. The market is expected to grow in the coming years due to the increasing demand for lightweight, durable, and sustainable materials in various industries. As a result, new players are expected to enter the market, leading to further fragmentation of the competitive landscape.
Basalt fibers have excellent mechanical properties such as high strength, stiffness, and resistance to corrosion, which make them ideal for usage in a wide range of applications such as aerospace, automotive, construction, and sports equipment.
The construction industry is a major consumer of basalt fibers due to the high sale usage in the production of reinforced concrete in the construction of buildings, bridges, and other infrastructure projects. For instance, according to the global report published by International Energy Agency (IEA), during the UN Secretary General's Climate Summit, countries and private sector entities pledged to achieve a zero-carbon buildings sector. The pledge was made with the aim of mobilizing USD 1 trillion in investments that comply with the Paris Agreement for developing countries by 2030. Additionally, the Net-Zero Asset Owner Alliance was established with the participation of the largest pension funds and insurers globally, who have a combined investment responsibility of over USD 2.4 trillion, committing to carbon-neutral investment portfolios by 2050.
The scope of using basalt fibers in the production of components for electric vehicles, such as battery enclosures and structural parts, due to their high strength and lightweight will create opportunities for market growth with the increased demand for electric vehicles.
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Favorable adoption of basalt fibers as an eco-friendly alternative to conventional materials such as fiberglass and carbon fiber as they are made from natural volcanic rock and do not require the use of toxic chemicals in their production will lead to increased sales of basalt fibers.
Basalt fibers are a key ingredient in the production of composites, which are used in a wide range of industries, including aerospace, automotive, and marine. The increasing demand for lightweight and high-strength materials is expected to drive the growth of the composites industry, which will, in turn, drive the market growth due to basalt fiber’s strength-to-weight ratio.
The scope of developments in terms of new manufacturing technologies is expected to make it possible to produce basalt fibers at a lower cost and with higher efficiency. This is expected to increase the availability of basalt fibers in the market and drive the growth of the industry.
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Basalt Fiber Market Growth Drivers:
In March 2020, Technical Fibre Products (TFP) launched a basalt fiber veil developed for high-performance and fire-resistant composites.
In March 2022, the USDA Rural Development State Director Reginald Speight made an announcement to allot an investment to Mafic USA. The company will utilize a USD 3 million USDA Business and Industry Loan to acquire equipment for enlarging the capacity of its Shelby facility to meet growing requirements for basalt fibers.
List of Major Basalt Fiber Market Players
• Arrow Technical Textiles Pvt. Ltd.
• BASALT FIBER & COMPOSITE MATERIALS TECHNOLOGY DEVELOPMENT (China)
Global Basalt Fiber Market Segmentation:
Key Questions Covered in the Basalt Fiber Market Report
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