ALBANY, N.Y.--(BUSINESS WIRE)--A recent study by Transparency Market Research forecasts that the global continuous basalt fiber market will exhibit a positive 10.9% CAGR between 2013 and 2019. The report, titled “Continuous Basalt Fiber Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019”, indicates that the global continuous basalt fiber market stands to grow from US$51.4 million in 2012 to US$104.7 million by the end of 2019.
The report has cited the physical attributes of continuous basalt fiber as a key factor propelling the continuous basalt fiber market globally. Continuous basalt fibers exhibit properties similar to glass fibers, the only difference being that the former boasts greater durability, higher tensile strength, and better resistance to salts, acids, and alkalis. Hence, continuous basalt fibers are increasingly demanded as the preferred alternative to steel or glass fibers.
Continuous basalt fiber has application across diverse segments comprising transportation, electronics, building and construction, and molded materials. Among these, the market is dominated by the building and construction segment. In 2012, the segment accounted for 37% of the total demand from the continuous basalt fibers market.
There is a possibility of e-waste propelling the renewable products market within the electronics segment, which is likely to boost the market. Based on revenue, the transportation segment is expected to develop at an impressive 13% CAGR during 2013-2019.
Geographically, North America dominated the global continuous basalt fiber market in 2012 with a 40% share. The market in North America is primarily driven by the developing transportation sector. Propelled by high GDP growth, the market for continuous basalt fiber in Asia Pacific is likely to register a high rate of development. China is a major exporter of continuous basalt salt in this region.
Browse All Chemical and Materials Reports: http://www.transparencymarketresearch.com/chemical-market-reports-2.html
Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.