[Statistics Report] Continuous Basalt Fiber Market Size is Projected to Reach USD 360 Million by 2028, Growing at a CAGR of 11.3%: Zion Market Research

NEW YORK, United States, May 29, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled "Continuous Basalt Fiber Market - By Application (Molded Materials, Transportation, Electronics, Building & Construction, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028" in its research database.

"According to the latest research study, the demand of global Continuous Basalt Fiber Market size was worth at USD 136 million in 2020 and it is expected to surpass around USD 360 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 11.3% during the forecast period 2021 to 2028."

What is Continuous Basalt Fiber? How big is the Continuous Basalt Fiber Industry?

Report Overview:

Basalt fiber is a material made up of extremely fine fibers of basalt It is manufactured by melting basalt rocks at high temperatures and processing them according to the needs of the end user industry. It is related to carbon fiber and fiberglass, having superior physic mechanical properties than fiberglass, but basalt fiber is much cheaper than carbon fiber.

In aerospace and automotive industries, basalt fiber is used as a fireproof textile and can also be used as a composite to produce products such as camera tripods. Basalt as a fiber used in FRPs (fiber reinforced polymers) and structural composites. It is getting a lot of attention due to its high temperature and abrasion resistance.

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Global Continuous Basalt Fiber Market Dynamics:

The global continuous basalt fiber market is expected to grow at slow but steady CAGR during the forecast period. Rise in use of basalt fiber in applications such as molded materials, transportation, electronics, building & construction etc., are key factors driving the demand for continuous basalt fiber. Rapidly growing population has been resulted into increased number of transportations, daily use electronic equipment, buildings etc. Building and construction dominated the global continuous basalt fiber market with around 37% share of the market in 2020.

However, transportation, electronics etc. applications expected to exhibit fastest growth rate (CAGR) as compared to building and construction application in the years to come. Moreover, use of continuous basalt fiber in other applications like sports equipment, defense, space and aeronautic components is also expected to boost the demand for continuous basalt fiber.

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Report Scope

Continuous Basalt Fiber Market: Segmentation Analysis

In terms of applications, the sector of the market known as moulded materials held the largest share in the year 2020. Continuous basalt fibres are used in the production of a wide variety of products due to their durability at high temperatures and chemicals as well as their high level of physical strength. The increased demand for high-quality goods has led to an increase in the use of high-strength materials that are also relatively light in weight. This trend can be seen across many different industrial verticals. It is anticipated that this tendency would accelerate the expansion of the market for moulded material applications.

During the period covered by the projections, 2020-2028, the market segment for buildings and constructions is anticipated to exhibit the fastest growth rate. In the construction industry, continuous basalt fibres are utilised to increase the tensile strength of temperature filters, reinforcing nets, and geo textiles. The increase in the construction of commercial buildings, roads, and highways, which has spurred the usage of geo textiles and composite materials, can be attributed to the growing use of continuous basalt fibres in building and construction applications. It is anticipated that the worldwide market would experience the emergence of new opportunities as a result of these tendencies.

The global Continuous Basalt Fiber market is segmented as follows :

By Application Type

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Competitive Landscape

Some of the main competitors dominating the global Continuous Basalt Fiber market include -

Key Insights from Primary Research :

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Regional Analysis :

North America was the largest regional market for continuous basalt fiber in 2020. It accounted for around 40% share of the global market in 2020. Demand for continuous basalt fiber is mainly driven by strong demand from North America because of various application areas of continuous basalt fiber. In addition, high expenditure on defense and sports equipment is expected to propel market growth in the region during the forecast period. However, Asia Pacific is expected to exhibit the fastest growth in during the forecast period.

By Region

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