Global Basalt Fiber Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Basalt Fiber Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global basalt fiber market report has been segmented on the basis of form, end-use industry, and region.

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Global Basalt Fiber Market: Overview

Basalt fiber is made up of fine fibers obtained from basalt, which is a mafic extrusive magmatic rock. The basalt fiber consists of minerals such as pyroxene, olivine, and plagioclase. This fiber is cheap as compared to carbon fiber and have better mechanical properties than fiberglass. It is widely used for various applications such as fireproof textile in automotive and aerospace industries. In addition, it is used in composites to produce various product such as camera tripods, etc.

Global Basalt Fiber Market: Dynamics

Rising demand for continuous basalt fiber owing to its high impact strength and superior efficiency is a major factor expected to drive growth of the global basalt fiber market in years to come. In addition, increasing demand for discrete basalt fiber in construction and transportation industries, is another factor expected to further fuel growth of the global market to a significant extent. Growing demand for basalt fibers in composite and non-composite applications owing to improve structural safety and performance characteristics is among some factors further boosting demand for basalt fiber in the target market.

However, availability of alternative fibers, complex and high cost manufacturing process, and stringent regulations pertaining to environmental concern are factors expected to hamper growth of the target market.

Increasing adoption of eco-friendly and recyclable material and growing demand for basalt fiber in emerging economies are some of the other factors expected to create new revenue opportunities for manufacturers operating in the target market.

Global Basalt Fiber Market: Segment Analysis

Among form segments, the continuous basalt fiber segment is expected to account for significant growth in terms of revenue in the target market, owing to its excellent mechanical properties and high efficiency.

Among end-use industry segments, the construction & infrastructure segment is projected to register highest revenue share in the potential market. This is attributed to increasing demand for basalt fiber in construction industry as it is eco-friendly and compatible with concrete. In addition, it offers high mechanical strength and are available at low-cost as compared to alkali-resistant fibers.

Global Basalt Fiber Market: Region Analysis

The Asia Pacific basalt fiber market is estimated to account for highest share in terms of revenue in the global basalt fiber market and is expected to maintain its dominance in the next 10 years. This can be attributed to increasing demand for basalt fiber in transportation, electrical & electronics, and construction industries in countries such as China, Japan, and others in the Asia Pacific region. The Asia Pacific basalt fiber market is projected to grow at a faster rate in the target market in years to come, owing to manufacturing of low-cost product and presence of manufacturers in countries in the region. The Europe market is expected to register second-highest revenue share in the target market owing to rapid industrialization, coupled with growing automotive and construction industries.

Global Basalt Fiber Market Segmentation:

Segmentation on the Basis of Form:

Continuous Basalt Fiber
Discrete Basalt Fiber

Segmentation on the Basis of End-use Industry:

Construction & Infrastructure
Automotive & Transportation
Electrical & Electronics
Wind Energy
Marine
Others (Aerospace and Sporting Goods)