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Global Basalt Fiber Market Size
- Report ID: GMI2301
- Published Date: Jul 2019
- Report Format: PDF
Global Basalt Fiber Market Size
Global Basalt Fiber Market size was worth over USD 190 million in 2018 and is projected to witness more than 12% CAGR from 2019 to 2025.
Positive application outlook across various end-use industries including construction, aerospace & defense, automotive and electronics is anticipated to drive basalt fiber industry share. Rising environmental concerns have triggered a paradigm shift towards material compatible with the environment among manufacturers. Factors such as low cost, high mechanical & chemical strength are anticipated to further propel the product penetration rate. Increasing demand for naturally derived fibres over synthetically produced likely to create new growth opportunities for industry participants.
Strong demand for technical textile across construction and manufacturing setups will augment the demand for basalt fibers. Shifting preference towards basalt fiber reinforced polymer (BFRP) bars as a substitute for steel reinforcements in the construction sector will further foster the industry growth. Increasing investments in R&D activities to enhance basalt fiber application scope in the textile industry will foster new opportunities for industry participants over the forecast timeframe.
Growing necessity for reducing carbon footprints will upsurge the product demand from the power sector. Significant growth in demand for these fibers due to superior properties such as low peak load and high energy absorption will further propel the overall industry landscape. Rising concerns for global warming and environmental pollution will augment the business expansion as the use of basalt fiber in production facilities will cause minimum waste that will help to preserve various ecological resources.
| Report Attribute | Details |
|---|---|
| Base Year: | 2018 |
| Basalt Fiber Market Size in 2018: | 190 Million (USD) |
| Forecast Period: | 2019 to 2025 |
| Forecast Period 2019 to 2025 CAGR: | 12% |
| 2025 Value Projection: | 400 Million (USD) |
| Historical Data for: | 2014 to 2018 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 162 |
| Segments covered: | Form, End-Use, and Region |
Rapid expansion of the automotive sector and growing application of materials with superior mechanical, physical and chemical properties across automotive sector will support industry development. Recent advancement in polymer science is paving the way for basalt fiber market growth as the product is used for manufacturing brake pads, headliners and other interior applications for automobile industry. However, the availability of other substitutes including glass fiber and inadequate raw material supply may hamper the business expansion.
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Basalt Fiber Market Scope
