Portland, OR, Oct. 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global continuous basalt fiber market generated $173.7 million in 2020, and is projected to reach $473.4 million by 2030, witnessing a CAGR of 10.3% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increase in demand for non-corrosive materials from the construction industry, growth in construction sector, and rise in spending on home remodeling and retrofitting activities drive the growth of the global continuous basalt fiber market. However, difficulty in promotion of basalt fiber and high raw material prices restrain the market to some extent. On the other hand, growing wind energy market and rise in adoption of environmentally friendly & recyclable material present new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to the global lockdown, due to which construction industries were completely shut down initially. This in turn, impacted the continuous basalt fiber negatively.
- The pandemic caused severe disruptions in the supply chain, which sequentially affected the demand of continuous basalt fiber across end users.
The report offers detailed segmentation of the global continuous basalt fiber market based on type, product type, processing technology, end user, and region.
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Based on type, the basic segment held the highest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the advanced segment is estimated to register the highest CAGR of 10.9% from 2021 to 2030.
Based on end user, the construction segment held the largest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the industrial segment is projected to register the highest CAGR of 11.1% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding half of the total market share, and is estimated to continue its dominant share by 2030. However, LAMEA is projected to manifest the fastest CAGR of 11.3% during the forecast period.
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List of Companies Profiled:
Leading players of the global continuous basalt fiber market analyzed in the research include The Basaltex NV, Hengdian Group, Shanxi Yaxin Group, Fiberbas, Jilin Tongxin Basalt Technology Co Ltd, Armbasalt CJCS, Technobasalt-Invest LLC, Kamenny Vek, LAVAintel, and Isomatex S.A.
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