The study involved two major activities in estimating the current size of the basalt fiber market. Exhaustive secondary research was carried out to collect information on the market, peer markets, and the parent market. The next step was to validate the findings obtained from secondary sources, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the total market size. After that, the market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering basalt fiber and information from various trade, business, and professional associations. Secondary research has been used to obtain critical information about the industry’s value chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. The secondary data was collected and analyzed to arrive at the overall size of the basalt fiber market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the basalt fiber market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from basalt fiber industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, application, vertical, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using the basalt fiber industry, were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of basalt fiber and future outlook of their business which will affect the overall market.
The Breakup of Primary Research:
Note: Companies are classified based on their revenues, product portfolios, and geographical presence.
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Market Size Estimation:
The research methodology used to estimate the size of the basalt fiber market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations of basalt fiber in different applications at a regional level. Such procurements provide information on the demand aspects of the basalt fiber industry for each application. For each application, all possible segments of the basalt fiber market were integrated and mapped.
Basalt Fiber Market Size: Botton Up Approach
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Basalt Fiber Market Size: Top Down Approach
Data Triangulation:
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Basalt fiber, a material derived from the fine filaments of basalt rock, composed of multiple minerals, boasts superior tensile strength when compared to E-glass fibers. What sets basalt fibers apart from their counterparts is their exceptional attributes in terms of thermal stability, heat and sound insulation, resistance to vibrations, and overall durability. Notably, these fibers shine in terms of environmental friendliness and recyclability, making them a sustainable choice. Besides these advantages, basalt fibers can be combined with carbon fibers to create affordable hybrid fibers. Across a wide range of end-use sectors, such as building and infrastructure, automotive and transportation, wind energy, marine, electrical and electronics, and more, they find flexible uses as both composites and non-composites.
However, it is noteworthy that basalt fibers are more expensive than the commonly used E-glass fibers. Because of this, even while the market for basalt fiber is expanding quickly, it is still in its infancy, particularly in comparison to the widespread use of E-glass fibers across a range of industries.
Key Stakeholders
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Basalt fiber manufacturers and distributors
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Key application segments for Basalt fiber
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Research and consulting firms
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R&D institutions
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Associations and government institutions
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Environmental support agencies
Report Objectives:
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To estimate and forecast the size of the basalt fiber market in terms of volume (Tons) and value (USD Thousand)
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To define, describe, and forecast the size of the basalt fiber market based on form, usage, end use industry, and region.
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To forecast the size of various segments of the market based on five main regions- Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America, along with major countries in each region
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To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the basalt fiber market across the globe
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To identify and profile key market players and analyze their core competencies
Available Customizations
Along with the market data, MarketsandMarkets offers customizations according to the specific needs of the companies.
The following customization options are available for the report:
Product Analysis
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Product matrix, which provides a detailed comparison of the product portfolio of each company's market
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