Basalt Fiber Market Size to Grow by USD 218.73 Mn, Increase in Aircraft Deliveries to Drive Growth – Technavio – QNT Press Release


NEW YORK, Oct. 26, 2022 /PRNewswire/ — The basalt fiber market size is expected to grow by USD 218.73 million from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 12.6% during the forecast period, according to the latest report from Technavio. The basalt fiber market report offers a comprehensive analysis of the strategies adopted by vendors and the trends, drivers, and challenges affecting the market size.

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The basalt fiber market covers the following areas:

Basalt Fiber Market Sizing
Basalt Fiber Market Forecast
Basalt Fiber Market Analysis

Driver and Challenge

The increase in aircraft deliveries is driving the global basalt fiber market growth. Air travel is expected to grow at a steady pace. The demand for aircraft is projected to increase owing to the increasing affluence of the middle class in emerging economies. Commercial aircraft manufacturers are developing new-generation, fuel-efficient aircraft. The year-over-year increase in air traffic has encouraged airline companies to introduce new aircraft to cater to the growing demand. Basalt fiber provides structural strength to aircraft. Thus, a rise in aircraft deliveries globally is expected to increase the demand for basalt fibers during the forecast period.

The poor availability of raw materials is will challenge the global basalt fiber market growth. The properties of basalt rock depend on the rate of cooling, the source of lava, and historical exposure to the elements. Basalt is the only source of basalt fiber, and basalt rock is difficult to extract . Such factors are expected to impede the growth of the global basalt fiber market during the forecast period.

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Market Segmentation

The basalt fiber market is segmented by application (composites and non-composites) and geography (APAC, North America, Europe, South Americaand Middle East and Africa). The composite segment will be a significant contributor to market growth during the forecast period. Basalt fiber has various properties, such as chemical inertness, high-temperature resistance, environment-friendliness, and high tensile strength, which are beneficial in manufacturing composites for various molding applications. Basalt fiber-strengthened polymer composites are gradually replacing glass fiber-reinforced composites.

Key Companies Mentioned with their Offerings

Basalt Engineering LLC, Basalt Fiber and Composite Materials Technology Development Co. Ltd., Basalt Fiber Tech, Basalt Fibers., BASTECH, CF Composites, Chongqing Hesheng Longgang Technology Co. Ltd., Deutsche Basalt Faser GmbH, Fiberbas construction and building technologies, Final Advanced Materials Sarl, Galen Australia, HG GBF Basalt Fiber Co. Ltd., Jiangsu TianLong Continuous Basalt Fiber High-tech Co. Ltd., Kamenny Vek, Kodiak Fiberglass Rebar, Lavaintel, MAFIC, Sichuan Jumeisheng New Material Technology Co. Ltd, SWICOFIL AG, and Technobasalt-Invest LLC are some of the key vendors. The offerings of some of these vendors are listed below:

  • Basalt Fiber Tech – The company offers basalt fiber that includes basalt continuous filaments, assembled roving, gun roving and direct roving which is used in boat shells, storage tanks, pipes, automotive parts, construction applications, and high-pressure vessels.
  • Deutsche Basalt Faser GmbH – The company offers basalt fiber that includes Basalt Rebar, which is used in industrial floors, tunnels and concrete roads, and infrastructural elements.
  • Final Advanced Materials Sarl – The company offers basalt fiber that includes Needled Felts, Sleeves, Z-Rock Tapes, and Basalt fiber tapes.

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Basalt Fiber Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 12.6%

Market growth 2022-2026

USD 218.73…

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