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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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the updated report.
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Zion Market Research Methodology
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
| Report Attribute | Details |
| Market Size in 2020 | USD 136 Million |
| Projected Market Size in 2028 | USD 360 Million |
| CAGR Growth Rate | 11.3% CAGR |
| Base Year | 2020 |
| Forecast Years | 2021-2028 |
| Key Market Players | Zhejiang GBF Basalt Fiber Co., LTD, Sudaglass and Basaltex NV., Technobasalt Invest LLC, Mudanjiang Jinshi Basalt Fiber Co., Ltd., Kamenny Vek, Ltd, Shanxi Basalt Fibre Technology Co., Ltd, Yingkou Hongyuan Fiberglass Technology Co., Mafic SA, and Technobasalt Invest LLC. |
| Key Segment | By Application Type and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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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
- Molded Materials
- Transportation
- Electronics
- Building & Construction
- Others
Browse the full “Continuous Basalt Fiber Market - By Application (Molded Materials, Transportation, Electronics, Building & construction, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/continuous-basalt-fiber-market
Competitive Landscape
Some of the main competitors dominating the global Continuous Basalt Fiber market include -
- Zhejiang GBF Basalt Fiber Co. LTD
- Sudaglass and Basaltex NV.
- Technobasalt Invest LLC
- Mudanjiang Jinshi Basalt Fiber Co. Ltd.
- Kamenny Vek Ltd
- Shanxi Basalt Fibre Technology Co. Ltd
- Yingkou Hongyuan Fiberglass Technology Co.
- Mafic SA
- Technobasalt Invest LLC.
Key Insights from Primary Research:
- According to the analysis shared by our research analyst, the Continuous Basalt Fiber market is likely to expand at a CAGR of around 11.3% during the forecast period (2021-2028).
- In terms of revenue, the Continuous Basalt Fiber market size was valued at around US$ 136 million in 2020 and is projected to reach US$ 360 million by 2028.
- Based on application segmentation the molded materials segment held a majority of the market in 2020.
- On the basis of region, North American region constituted the second-largest share a market share in the global continuous basalt fiber market in 2020.
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Key Offerings:
- Market Size & Forecast by Revenue | 2021−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Application Type and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
FREQUENTLY ASKED QUESTIONS:
- What was the value of global continuous basalt fiber market in 2020?
- What will be the size of the global continuous basalt fiber market in 2028?
- What are the key factors driving the global continuous basalt fiber market growth?
- Which region will make notable contributions in the global continuous basalt fiber market?
- Who are the major companies operating in the global continuous basalt fiber market?
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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
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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