Selbyville, Delaware, July 15, 2019 (GLOBE NEWSWIRE) --
The Basalt Fibers Market share is set to rise from USD 190 million in 2018 to around USD 400 million by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing demand for high-performance composite materials for automotive components and aircraft bodies is anticipated to drive the basalt fiber market size. Factors such as superior mechanical and chemical properties are anticipated to support product application scope as fireproof textile in aviation and other army applications. Rising expenditure in defense sectors in various countries including the U.S., China, India will create lucrative opportunities for industry participants. According to Stockholm International Peace Research Institute, the global military expenditure registered an increase of 2.6% from 2017 and accounted for USD 1.8 trillion.
Increasing demand for fabric materials with environment-friendly nature and recyclable properties will propel the demand for basalt fiber across textile applications. Rapid expansion of the technical textile industry owing to robust growth in automotive and transportation sector will boost product sales. Additionally, rising environmental concerns such as global warming and pollution have resulted in a shift towards green materials compatible with the environment.
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Favorable government policies, technological innovations, enhanced production capacities, increasing R&D and new product development is expected to open new avenues for basalt fibers market. For instance, the EU regulation has compelled the car manufacturers to reduce the CO2 emissions, and basalt fibers are considered as low-cost alternatives for this purpose. However, the industry faces rigorous competition from glass and carbon fiber industry. Rising threat of substitutes, availability of raw materials and a smaller number of suppliers may hamper the business expansion.
Continuous fiber is expected to register over USD 90 million in 2018 and accounts for highest share in overall basalt fiber market. Positive application outlook across construction sector owing to sound insulation, UV resistance, low hygroscopic properties and high durability properties fueling product sales. Further, increasing demand for materials with zero electrical and magnetic conduction is likely to support basalt fibre demand across electrical & electronics sector.
Construction and infrastructure segment by end-use are expected to hold over 35% share up to 2025. Rising government spending in infrastructure projects in various countries will propel the market demand. Factors such as high tensile strength, corrosion resistance, and other mechanical properties make the product highly suitable in construction industry. Additionally, urbanization and rising population resulting growth in construction industry will boost the demand for basalt fiber in forecast timeframe.
Browse key industry insights spread across 300 pages with 150 market data tables & 12 figures & charts from the report, “Global Basalt Fiber Market Size By Form (Continuous, Discrete) By End-Use (Construction & Infrastructure, Automotive, Aerospace & Defense, Electrical & Electronics, Chemical, Marine, Others)Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Australia, South Korea, Brazil, Argentina, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/basalt-fiber-market
Asia Pacific holds around 18% share in global basalt fibers market in 2018. The region is anticipated to witness the highest demand due to the presence of various domestic players in the vertical market segment including infrastructure, construction, defense and automotive. Additionally, factors such as low cost of labor and the availability of raw materials will boost the demand for the product. Further, tremendous growth in the automotive sector in emerging economies such as India, China and Japan will propel the business expansion.
Global basalt fiber market share is competitive in nature due to the presence of various industry participants. Key players in the market include GMV, Mafic SA, Basaltex, Sudaglass Fiber Technology, Shanxi Basalt Fiber Technology Co., KamennyVek, Zhejiang GBF Basalt Fiber Co. Ltd, Jiang Su Tian Long Continuous Basalt Fiber High-Tech Co. Ltd, and Mineral. The manufacturers adopt strategies such as new product launch, expansion and strategically invest in R&D activities. For instance, Kamenny Vek in June 2017, launched direct roving of 21 microns. The new product launched will increase the sales and profits for the company.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.