Basalt Fibre Industry Size, Share, Demand & Growth by 2034
The basalt fibre industry is being propelled forward by the increasing demand for lightweight and high-strength materials across various industries such as automotive, construction, and aerospace is fueling the adoption of basalt fibre. Its remarkable properties, including high tensile strength and resistance to corrosion, make it an attractive alternative to traditional materials like steel and fibreglass. The value of the basalt fibre industry is anticipated to reach US$ 275.2 million in 2024 and is expected to reach US$ 824.8 million by 2034 . The forecasted CAGR for the market between 2024 and 2034 is 11.60% . The growing emphasis on sustainability and environmental concerns is driving the demand for eco-friendly materials like basalt fibre, which is derived from natural volcanic rock. Furthermore, technological advancements in manufacturing processes are enabling the production of basalt fibre at lower costs, making it more accessible to a wider range of applications. Ov