(MENAFN- EIN Presswire)
SHERIDAN, WY, USA, August 4, 2022 /EINPresswire.com / -- According to IMARC Group's latest report, titled“Basalt Fiber Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global basalt fiber market reached a value of US$ 300.8 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 565.7 Million by 2027, exhibiting at a CAGR of 10.7% during 2022-2027.
Basalt fiber is a form of fiber-reinforced polymer that is manufactured using extremely fine fibers of basalt and minerals such as plagioclase, pyroxene, and olivine. It is processed through the prepreg process, pultrusion, vacuum infusion, and compression/resin molding to obtain continuous or discrete basalt fiber. Basalt fiber exhibits superior thermal protection, tensile strength, durability, and resistance to chemicals and ultraviolet (UV) radiations than traditionally used glass fiber. They are also used in the manufacturing of fireproof aerospace and automobile textiles, reinforced geogrids, plastics, tunnels, and refractory bricks, and filament winding tanks, pipes, and cylinders.
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Market Trends and Drivers:
The cost-effectiveness and non-corrosive properties of basalt fiber have surged its demand across residential, industrial, and commercial constructions, which represents one of the primary factors driving the market growth. This is further influenced by rapid industrialization and the extensive infrastructural development across the globe. Moreover, the rising adoption of discrete basalt fiber as an effective substitute for steel and other fiber reinforcements to manufacture lightweight aircraft and automobile components is boosting the market growth. Besides this, governments of various nations are introducing policies to lower their carbon footprints, which is providing an impetus to the market growth. In line with this, the increasing environmental consciousness among consumers has surged the demand for eco-friendly and recyclable basalt fiber, which is creating a positive outlook for the market.
Basalt Fiber Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the basalt fiber market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
•Shanxi Basalt Fiber Technology Co. Ltd
•sjn AG Suchmaschine der Technik
•Sudaglass Fiber Technology
•Zhejiang Hengdian Imp. & Exp. Co. Ltd.
Key Market Segmentation:
The report has segmented the global basalt fiber market on the basis of product, type, form, method, end use industry and region.
Breakup by Product:
•Mesh and Grids
Breakup by Type:
Breakup by Form:
Breakup by Method:
Breakup by End Use Industry:
•Automotive and Transportation
•Construction and Infrastructure
•Electrical and Electronics
Breakup by Region:
•Middle East and Africa
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Key Highlights of the Report:
•Market Performance (2016-2021)
•Market Outlook (2022-2027)
•Market Drivers and Success Factors
•Impact of COVID-19
•Value Chain Analysis
•Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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