Basalt Fiber Market Segments, Top Key Players, Drivers And Trends 2022

According to Precision Business Insights (PBI), the latest report, the basalt fiber market is expected to be valued at USD 125.3 million in 2022 and is poised to grow at a significant CAGR of 12.8% over 2022-2028. The primary driver of the expansion of the global Basalt Fiber market is a significant growth of applications in various industries such as construction & infrastructure, automotive, wind energy, and electrical & electronics.

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Construction & Infrastructure Segment to Dominate the Basalt Fiber Market:
Based on the end user, Construction & Infrastructure segment is expected to hold a considerable revenue share in the global Basalt Fiber market. The basalt fiber market has increased demand in the construction & infrastructure segment due to its non-corrosive, and high strength. Additionally, the rising use of basalt fiber in the construction & infrastructure sector is majorly due to its environmentally friendly properties, good compatibility with concrete, and easy mixing at high concentrations. These are avail to customers at feasible prices related to all other alkali-resistant fibers. Industry specialists resolved that a ton of basalt rods can deliver reinforcement with 4 tons of steel rods. All these advantages of basalt fiber will support expanding demand for this segment and consequently boost the market growth globally in the coming next few years.

Europe Basalt Fiber Market:
Europe is expected to lead the global Basalt Fibre market over the forecast period. The Basalt Fiber market in Europe is estimated to clutch a significant revenue share in past years, owing to having prominent players in this region and intensifying demand for various applications in nations like Germany, and the United Kingdom. The continuous development of products with making huge investments, this will for sure lead to the wide growth of the basalt fiber market in the European region in upcoming years. The Asia Pacific region is also expected to have considerable growth in the forecasted period by the expansion of numerous industries such as automotive, wind energy, construction & infrastructure, and electrical & electronics and also with advancements in industrial developments in emerging economies regions such as China and Japan.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Basalt Fiber market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

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The basalt fiber market is segmented based on product type, usage, end user, and geography.
Based on the product type, the market is segmented into the following:
• Roving
• Fabric
• Mesh and Grids
• Chopped Strands
• Others

Based on the usage, the market is segmented into the following:
• Composites
• Non-Composites

Based on the end user, the market is segmented into the following:
• Automotive & Transportation
• Electrical & Electronics
• Marine
• Construction & Infrastructure
• Wind Energy
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the Basalt Fiber market report are BASALTEX NV, TECHNOBASALT-INVEST LLC, Sudaglass Fiber Technology, Mafic SA, JiangSu Tianlong Continuous Basalt Fuber Co. Ltd, Zhejiang GBF Basalt Fiber Co., Ltd (GBF), Kamenny Vek, Shanxi Basalt Fibre Technology Co., Ltd, and Isomatex SA.

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