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North American basalt fibre market held 27.4% share in the global basalt fibre market during 2021 and is estimated to gain 110 BPS with the growth of 12.7% CAGR in upcoming ten years. Europe Basalt Fibre Market holds 22.6% of the overall market share and is projected to rise at a CAGR of 13.6% in the coming years.
NEWARK, Del. , Sept. 1, 2022 /PRNewswire/ -- The global basalt fibre market is expected to create a lucrative growth opportunity by exhibiting an opulent CAGR of 9.2% over the projection period from 2022 to 2032. The market is expected to be valued at US$ 239.4 Million in 2022 and totaling around US$ 577.2 Million by 2032.
In the historical projection period from 2016 to 2021, the basalt fibre market was valued at USD 30.4 million in the past half-decade, growing at a CAGR of 7.1% with estimated valuations of around USD 30.4 million in the past half-decade. It is estimated to generate opportunities of around USD 101 million and USD 239.4 million by the mid (2022-27) and long-term (2022-2032) respectively.
The East Asia region is expected to showcase a positive growth rate in the basalt fibre market throughout the assessment period with a total valuation of USD 40.3 Million during 2022-2032. The region accumulated about 17% of the global basalt fibre market in 2021.
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Rising construction products in developing countries such as China and India are fueling demand for basalt fibre owing to its low cost and anti-corrosive traits. Significant research and developments are proceeding in applications with basalt fibre in order to enhance its application scope to wind, energy, and marine industries to help the growth of basalt fibre onwards.
The global basalt fibre market is fragmented with a scarce number of market players. The global players in the market are focusing on continuous expansion and collaboration activities.
More Insights into the Basalt Fibre Market
The North American region is expected to dominate the global basalt fibre market with a total market share of 27.4% in 2021. It continues to lead the global market by exhibiting a CAGR of 12.7% in the upcoming ten years. Moreover, the United States basalt fibre market is the prime consumer as well as a contributor in the North American market with expanding market share in 2021.
The European basalt fibre market comprises an impressive amount of market share of 22.6% over the forecast period. Europe consists of various regional markets including Germany , Italy , France , Spain , etc. With an escalating CAGR of 13.6%, the market is projected to show positive growth in the future.
Germany is expected to create impressive growth for basalt fibre manufacturers owing to the surging investment in different end-use industries including aerospace and defense, automotive, etc. This is powering the growth in the basalt fibre market in the European region in the coming years.
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Key Segments Covered in the Basalt fibre Industry Report
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3.1. Key Trends Impacting the Market
4.2. Forecast Factors - Relevance & Impact
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