Growth of the basalt fiber market, from 106 million USD to 303.5 million USD at a CAGR of 12.4% (2022-2031)
The global basalt fiber market is expected to grow from \$106 million in 2022 to \$303.5 million by 2031. This growth is projected to record a compound annual growth rate (CAGR) of 12.4% during the forecast period from 2023 to 2031. Market Trends: Basalt fiber is made from basalt, which consists of important minerals such as plagioclase, pyroxene, and olivine. This fiber is very thin and resembles fiberglass, offering superior physical and mechanical properties while being more reasonably priced than carbon fiber. As a result, the use of basalt fiber is expanding across a wide range of industries. Technological Innovations: The growth of the basalt fiber market is supported by the increasing demand for fire-resistant fibers in the aerospace and automotive industries. Additionally, it is used as a composite material for manufacturing camera tripods and other products, with its diverse applications driving its growth. Advances in new manufacturing technologies have improved the production efficiency of basalt fibers and reduced costs. For application methods, please check the [PDF Download] button or apply directly through the related links.
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Key Companies: Technobasalt-Invest LLC Basaltex NV Sudaglass Fiber Technology Zhejiang GBF Basalt Fiber Co., Ltd (GBF) Kamenny Vek Shanxi Basalt Fiber Technology Co., Ltd JiangSu Tianlong Continuous Basalt Fiber Co. Ltd Mafic SA Isomatex SA Others Impact on the Industry Basalt fibers play a crucial role in various industries such as aerospace, automotive, construction, and electronics. Due to their excellent fire resistance, strength, and durability, the demand for basalt fibers is increasing in products and structures that require use in harsh environments. By Product Type (Roving, Chopped Strand, Fabric, Mesh/Grid, Others) By Application (Composite Materials, Non-composite Materials) By End-use Industry (Construction, Automotive, Aerospace & Defense, Shipbuilding, Wind Energy, Sports Accessories, Others)
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