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Europe Basalt Fiber Market to Acquire 29% of the Overall Global Market Share
Fact.MR's latest study on the global basalt fiber market provides a detailed analysis of various drivers, trends, and opportunities from 2022 to 2032. In addition, it presents elaborate information about the leading segments in terms of product type, usage, end-use industry & region.
NEW YORK , Feb. 3, 2022 /PRNewswire/ -- In 2022, the global basalt fiber market is expected to reach USD 106 million , and by 2022-2032, it is expected to reach USD 339 million .
Governments have boosted their investments in developing infrastructure projects in industrialized emerging countries, which has the potential to fuel basalt fiber industry. According to the Euro Construct study, construction production in European countries hit around USD 1,900 billion in 2019. Because of the enhanced mechanical strength provided by basalt fiber in difficult building settings, this market is expected to develop at a 12.4% CAGR from 2022 to 2032.
The continuous form of basalt fibers is low-cost, super-efficient, and has excellent mechanical properties such as high tensile strength, making it suitable for a variety of applications such as pipe containers, plastic basalt products, reinforced nets, and various electrical insulation materials, providing them with a wide range of market opportunities.
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Basalt fibers have better mechanical strength, chemical and heat resistance, insulation, and a variety of other properties. The use of basalt fibers as an alternative to steel reinforcements has increased due to properties such as corrosion resistance and lightweight, which allows mounting without the requirement of lifting or other specialist equipment.
In construction composites, basalt fibers also outperform e-glass fiber. In all forms, including roving, chopped strands, fabrics, and so on, basalt fibers have better durability, breaking load capacity, and stiffness. As a result, during the projection years of 2022-2032, the market is expected to see a 1.4X growth in demand.
Basalt fibers are slightly more expensive than E-glass, but far less expensive than carbon fiber, S-glass, and aramid. It aids in the completion of an in-depth cost study for basalt fibers. Furthermore, the improvement in population living standards, as well as their disposable income, is predicted to boost demand in electric vehicles, aerospace, and automotive.
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Due to the presence of various regional and domestic companies, the global basalt fiber market is fragmented. To increase their worldwide consumer base, the players have used a variety of strategies, including mergers and acquisitions, expansions, collaborations, and partnerships.
New product creation has also been a vital tactic for top corporations to expand their market presence among customers. Advanced basalt fiber has been integrated as a result of these efforts.
Key players in the Basalt Fiber Market include:
More Valuable Insights on Basalt Fiber Market
Fact.MR provides an unbiased analysis of the basalt fiber market, presenting forecast statistics for the period from (2022-2032). The study divulges compelling insights on the global basalt fiber market with a detailed segmentation on the basis of:
Key Questions Covered in Basalt Fiber Market Report
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