The global basalt fibre industry is poised for substantial growth, with a projected value of US$ 661.3 million by the end of 2032. This upswing in demand is predominantly driven by the construction sector’s preference for basalt fiber due to its non-corrosive properties and increasing recognition of its numerous advantages, including improved mechanical, physical, and chemical characteristics. Moreover, the growing adoption of basalt fiber as an eco-friendly alternative to plastic fiber across diverse industries is significantly fueling its sales.
The market for basalt fibres has been significantly influenced by certain demographic factors, macro-economic factors, and certain innovation factors, including urbanization, development in the building and construction industry, increasing vehicle production, rising demand for environmentally friendly products, and technological advancements in the automobile and aircraft industry. The construction sector is expected to hold a prominent share of the global basalt fibre industry.
Elevate Your Strategy – Request Your Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-968
Due to new stringent government rules and regulations, the demand for environmentally friendly and easily recyclable fibre and composite products is increasing drastically. Many consumers prefer to use recyclable products that do not harm the environment. Developed countries such as the US, Japan, and Germany are at the forefront of the use of environmentally friendly products rather than petroleum-based products.
These regulations, combined with end-user demand for environmentally friendly products, are encouraging manufacturers to use natural fibre composites, including basalt fiber, in construction and infrastructure, automotive and transportation, electrical and electronics, marine, and other end-use industries.
Innovations leading to more efficient and cost-effective production technologies of basalt fibres are expected to create new opportunities in the foreseeable future. To increase basalt fibre production capacity, some manufacturers are shifting from complex and inefficient manufacturing processes to Technology 2.0.
“Growing production advancements such as generation 2.0 production technology, 3-D printing, and the introduction of efficient and environmentally friendly products for end-users are expected to create a significant opportunity for basalt fibre manufacturers,” says an FMI analyst.
Key Takeaways:
- The global basalt fibre industry is projected to witness a CAGR of 6% during the period of 2022 and 2032.
- Significant growth in end-use industries such as construction, automotive, and aerospace is boosting basalt fibre industry demand.
- China is anticipated to remain one of the prominent countries in the global market for basalt fibre.
- By product type, the continuous basalt fibre segment is expected to remain one of the fastest growing segments, and is estimated to account for about 1% of the overall market size in 2021.
- The construction and automotive segments are expected to remain key end-use industries for the consumption of basalt fibre with a combined market share of more than 75% in 2021.
Competitive Landscape
The basalt fibre industry is estimated to be a consolidated market, where key players are expected to account for a significant share of the market.
ASA.TEC GmbH, Basaltex, Technobasalt-Invest, LLC, Sudaglass Fiber Technolog, Galen LLC, Kamenny Vek Basfiber, MAFIC SA, Zhejiang GBF Basalt Fiber Co. Ltd., Sichuan Aerospace, Tuoxin Basalt Industrial Co. Ltd., Togliattiazot, Shanxi Basalt Fiber Technology Co. Ltd., HG GBF Basalt Fiber Co. Ltd., and many others are some of the manufacturers of basalt fibre profiled in the full version of the report.
Key players are focusing on expanding their production capacity to increase their market presence all over the globe and to gain maximum traction in the market. In order to secure long-term demand, top players are also entering into long-term supply agreements with key end-use industries. For instance, in August 2020, Mafic USA partnered with Materials Group to increase the use of basalt fibre in the automotive industry. The companies are aiming to supply basalt fibre to auto OEMs and their tier one manufacturing suppliers as sustainable products.
Drive Your Business Growth Strategy: Purchase the Report for Key Insights! https://www.futuremarketinsights.com/checkout/968
Basalt Fibre Industry Segmentation
By Product Type:
- Continuous Basalt Fibers
- Super Thin Basalt Fibers
- Staple Thin Basalt Fibers
- Basalt Scale & Materials
By Application:
- Composite
- Non-Composite
By End-Use Industry:
- Construction
- Mining
- Automotive
- Aerospace
- Shipbuilding
- Power Generation
- Electric & Electronics
- Wind Turbines
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube