Market Size of Basalt Fiber Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 56.17 kilotons |
| Market Volume (2029) | 95.21 kilotons |
| CAGR (2024 - 2029) | 11.13 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Basalt Fiber Market Analysis
The Basalt Fiber Market size is estimated at 56.17 kilotons in 2024, and is expected to reach 95.21 kilotons by 2029, growing at a CAGR of 11.13% during the forecast period (2024-2029).
The COVID-19 epidemic harmed the basalt fiber sector. Global lockdowns and severe rules enforced by governments resulted in a catastrophic setback as most production hubs were shut down. Nonetheless, the businesses were recovering since 2021 and are expected to rise significantly in the coming years.
- Over the short term, increasing demand from the automotive industry and spending on home remodeling and retrofitting activities are factors driving the studied market's growth.
- On the flip side, the easy availability of existing substitute products and fluctuations in raw material prices are expected to hinder the studied market's growth.
- However, increasing adoption of environmentally friendly materials will likely create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
