Technological Advancements Driving Market
NEW YORK, NY, December 18, 2023 /24-7PressRelease/ — The anticipated expansion of the basalt fiber market is projected to reach USD 290.57 million between 2023 and 2028, with a corresponding Compound Annual Growth Rate (CAGR) of 13.13% during this forecast period, according to insights from Technavio. The driving force behind this growth is primarily attributed to the surge in renewable energy initiatives. However, the market may face hindrances due to challenges related to the limited availability of raw materials.
Diving into specifics, the market is categorized by Application (Composites and Non-composites), End-user (Construction and infrastructure, Automotive and transportation, Wind energy, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). Noteworthy companies in the basalt fiber market landscape include Basalt Engineering LLC, Basalt Fiber and Composite Materials Technology Development Co. Ltd., Basalt Fiber Tech, BasTech Inc., CF Composites, Chongqing Hesheng Longgang Technology Co. Ltd., Deutsche Basalt Faser GmbH, Fiberbas construction and building technologies, Final Advanced Materials Sarl, Galen LLC, HG GBF Basalt Fiber Co. Ltd., Jiangsu TianLong Continuous Basalt Fiber High tech Co. Ltd., Kamenny Vek, Lavaintel, MAFIC, Sichuan Jumeisheng New Material Technology Co. Ltd., Sudaglass Fiber Technology Inc., SWICOFIL AG, Technobasalt Invest LLC, and Kodiak Fiberglass Rebar. A comprehensive analysis of these companies is available in the detailed report.
In the context of segmentation, the composites segment is expected to play a significant role in market growth. The unique properties of basalt fiber, such as chemical inertness, high-temperature resistance, environment-friendliness, and high tensile strength, position it favorably in the manufacturing of composites for various molding applications. Notably, basalt fiber-reinforced polymer composites are gradually replacing traditional glass fiber-reinforced composites.
When considering geographical aspects, the Asia-Pacific (APAC) region is poised to contribute 46% to the overall market growth during the forecast period. This growth is attributed to an increasing demand for residential houses, particularly in major APAC countries like India and China. Additionally, China’s status as the leading producer of basalt fiber, with widespread global exports, further reinforces APAC’s role in the market.
For a more in-depth understanding and access to precise growth variations and Year-on-Year (Y-O-Y) growth rates, a FREE Sample Report is available. The report covers historic market size data from 2018-2022, a forecasted CAGR for 2024-2028, detailed insights into growth factors, estimation of market size contributions, forecasts on emerging trends and shifts in consumer behavior, an examination of the competitive landscape, and comprehensive details on factors that could impede the growth of basalt fiber market companies. To delve into detailed company information, interested parties can choose to purchase the report now.
The glass fiber reinforced plastic (GFRP) market size is expected to increase by USD 7.68 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.35%.
The carbon composites market is estimated to grow at a CAGR of 11.49% between 2022 and 2027. The size of the market is forecast to increase by 177.9 million t.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by End-user
Market Segmentation by Geography
Drivers, Challenges, & Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
For the original version of this press release, please visit 24-7PressRelease.com here