Basalt Fibre Market to Surge with 9.2% CAGR from 2022 to 2032 Possessing Endearing Properties Than Steel Acting in Favor of its Growth, Future Market Insights Inc.
North American basalt fibre market held 27.4% share in the global basalt fibre market during 2021 and is estimated to gain 110 BPS with the growth of 12.7% CAGR in upcoming ten years. Europe Basalt Fibre Market holds 22.6% of the overall market share and is projected to rise at a CAGR of 13.6% in the coming years.
NEWARK, Del., Sept. 1, 2022 /PRNewswire/ -- The global basalt fibre market is expected to create a lucrative growth opportunity by exhibiting an opulent CAGR of 9.2% over the projection period from 2022 to 2032. The market is expected to be valued at US$ 239.4 Million in 2022 and totaling around US$ 577.2 Million by 2032.
In the historical projection period from 2016 to 2021, the basalt fibre market was valued at USD 30.4 million in the past half-decade, growing at a CAGR of 7.1% with estimated valuations of around USD 30.4 million in the past half-decade. It is estimated to generate opportunities of around USD 101 million and USD 239.4 million by the mid (2022-27) and long-term (2022-2032) respectively.
The East Asia region is expected to showcase a positive growth rate in the basalt fibre market throughout the assessment period with a total valuation of USD 40.3 Million during 2022-2032. The region accumulated about 17% of the global basalt fibre market in 2021.
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Key Takeaways
- The basalt fibre is considered a better replacement for carbon fibre and glass fibre, incorporating pyroxene and such minerals as plagioclase and olivine. Basalt fibres are an ideal choice because of their extensive use in the construction industry in view of their low water retention capacity and high thermal resistance, it is increasingly used in industrial furnace linings and fibre rope applications.
- Basalt is a naturally derived material due to which it is easily recyclable as compared to reinforcing fibres. Backed by these features, the basalt fibre market is gaining significant traction over the assessment period.
- Basalt fibres come with greater tensile strength as compared to steel and its minute particles act as a binding force in reinforced concrete. These features are making basalt fibres preferable to any other fibres on the market.
- Basalt fibre incorporates greater physicomechanical traits than fibreglass owing to its low costs and greater efficiency. This makes it highly preferable and advantageous for the aerospace and automotive industries.
- Basalt fibres demonstrate improved chemical and heat resistance, enhanced mechanical strength, better insulation, corrosion resistance, and lightweight structure among other qualities. Backed by these impeccable qualities allows mounting without any use of basalt fibres as an alternative to steel reinforcements has increased.
- Basalt fibres comprise several mechanical properties such as being low-cost and super-efficient. Such powerful tensile strength makes them suitable for various applications such as pipe containers, plastic basalt products, reinforced nets, and various electrical insulation materials. This results in providing them with highly lucrative market opportunities.
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Competitive Landscape
Rising construction products in developing countries such as China and India are fueling demand for basalt fibre owing to its low cost and anti-corrosive traits. Significant research and developments are proceeding in applications with basalt fibre in order to enhance its application scope to wind, energy, and marine industries to help the growth of basalt fibre onwards.
The global basalt fibre market is fragmented with a scarce number of market players. The global players in the market are focusing on continuous expansion and collaboration activities.
More Insights into the Basalt Fibre Market
The North American region is expected to dominate the global basalt fibre market with a total market share of 27.4% in 2021. It continues to lead the global market by exhibiting a CAGR of 12.7% in the upcoming ten years. Moreover, the United States basalt fibre market is the prime consumer as well as a contributor in the North American market with expanding market share in 2021.
The European basalt fibre market comprises an impressive amount of market share of 22.6% over the forecast period. Europe consists of various regional markets including Germany, Italy, France, Spain, etc. With an escalating CAGR of 13.6%, the market is projected to show positive growth in the future.
Germany is expected to create impressive growth for basalt fibre manufacturers owing to the surging investment in different end-use industries including aerospace and defense, automotive, etc. This is powering the growth in the basalt fibre market in the European region in the coming years.
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Key Segments Covered in the Basalt fibre Industry Report
By Type:
- Composites
- Non-Composites
By Form:
- Continuous Basalt Fibre
- Discrete Basalt Fibre
By Composite Processing Method:
- Pultrusion
- PrePregs
- Compression Moulding
- Hand Layup
- Resin Moulding
- Vaccum Infusion
- Spray Gun
- Filament winding
- Resin film Infusion (RFI)
- Others
By Application:
- Concrete reinforcement
- Roads
- Mesh filters
- Insulator
- Wall Plugs
- Spray Application
- Refractory Bricks and Blocks
- Walls and foundations
- Coastline reinforcement
- Reinforcement for Sports equipment and Automotive Parts
- Water works
- Ship & Boats Building
- Shafts and tunnels
- Composites
- Others
By End-use Industry:
- Construction & Infrastructure
- Automotive & Transportation
- Electrical & Electronics
- Wind Energy
- Marines
- Others
By Region:
- North America
- Europe
- Middle East & Africa
- Rest of the World
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Type Innovation / Development Trends
4. Market Background
4.1. Macro-Economic Factors
4.1.1. Rise in Expenditure
4.1.2. Increased Per Capita Expenditure
4.2. Forecast Factors - Relevance & Impact
4.2.1. Type in Pipeline
4.2.2. Regulatory Scenario
4.2.3. Mergers and Acquisitions
4.2.4. Collaborative Agreements
4.2.5. Value Chain
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunity Analysis
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