Basalt Rock market size from USD 0.33 Billion in 2023 to USD 0.57 Billion in 10 years. Rising demand from the construction industries will drive the Basalt Rock market’s growth.
Newark, March 13, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 0.33 Billion Basalt Rock market will reach USD 0.57 Billion by 2033. Rapid urbanization is one major factor that may create lucrative opportunities for Basalt Rock devices in the market. Rising urbanization directly impacts on demand for higher construction activities. Thus it is one major opportunity that may favour the growth of the Basalt Rock in the market. Further, industrialization in the developing economy is expected to surpass the present scenario which may create significant opportunities soon.
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Key Insight of the Basalt Rock Market
APAC accounts for the largest market size during the forecast period accounting for 57% of the total market. Whereas North America is expected to be the fastest-growing region in the period forecasted.
APAC emerged as the largest market for the global Basalt Rock market, accounting for 57% of the total market. Owing to rapid urbanization and industrialization, increasing construction activities and a rapidly growing population. Whereas, North America exhibits the highest growth rate in the market owing to the presence of key players in the region.
Tholeiitic Basalt has dominated the market accounting for 32.34% of the total market.
Tholeiitic Basalt has dominated the market accounting for 32.34% of the total market. Owing to the increasing demand for Tholeiitic Basalt in construction projects. Higher demand for road, building, bridge construction in the global market.
Construction segment accounted for the largest share of the market share of 53.12% in 2023.
The Construction segment has dominated the Basalt Rock market and happens to be the fastest-growing segment within the market. It has acquired the market share of 53.12% in 2023. Owing to its exceptional strength and robust durability coupled with increasing demand from the residential and commercial construction in the market
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 5.7 % |
| 2033 Value Projection | USD 0.57 billion |
| Market Size in 2023 | USD 0.33 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | by Type, Application, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Basalt Rock Market Growth Drivers | Rising demand from the construction industries |
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Latest Development:
● In June 2023, Mehler announced the launch of BasaTexx FP. A fireproof fabric. This fabric is primarily from the Basalt Rock with an additional fire-resistant cooling. It is designed as a lightweight material. With this launch, the end-users will get an advanced solution for fire-resistance product
● In October 2022, Seattle agtech launched a Basalt Rock for the farmers. Main objective behind this launch was to provide the farmers help remove carbon. The company helps spread dusted crushed Basalt on the croplands thereby forming dissolved bicarbonate
Market Dynamics
Drivers: Rising demand from the construction industries
Basalt Rock is heavily used in the construction of roads, bridges, buildings, and other industrial applications. Further, increasing demand for various infrastructure development projects in emerging economies is the major factor that paves for Basalt Rock in the global market.
Restraint: Increasing shift towards its substitute (Concrete)
One major factor that may hamper the growth of Basalt Rock is the increasing shift towards its substitutes, such as Concrete, steel, and synthetic fibre. Thus, the easy availability of these products in the market may pose a threat to the Basalt Rock Market in the long run.
Opportunity: Rapid Urbanization
Rising urbanization directly impacts on demand for higher construction activities. Thus it is one major opportunity that may favour the growth of the Basalt Rock in the market. Further, industrialization in the developing economy is expected to surpass the present scenario which may create significant opportunities soon.
Challenge: High production cost of basalt rock
One major factor that may act as a primary challenge to Global Basalt Rock Market is its increased production cost. High extraction and mining costs, transportation costs, processing and manufacturing cost, and energy costs are some of the major factors that increase the ultimate price of Basalt Rock in the market.
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Some of the major players operating in the Basalt Rock market are:
• Albarrie Canada Limited
• Aravali India Marbles & Granites
• Basaltex
• ISOMATEX S.A.
• Kamenny Vek
• Mafic
• Maharaja Stones
• ROCKWOOL A/S
• Sudaglass Fiber Technology
• Technobasalt
Key Segments cover in the market:
By Type:
● Tholeiitic Basalt
● Mid-ocean Ridge Basalt (MORB)
● Alkali Basalt
● High-alumina Basalt
● Others
By Application:
Construction
Cobblestones
Basalt Fibers
Stone Wool
Cosmetics
Water Filtration /Water Treatment
Machinery
Others
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About the report:
The global Basalt Rock market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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