Insights on the Continuous Basalt Fiber Global Market to 2030 - Opportunity Analysis and Industry Forecasts - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Continuous Basalt Fiber Market by Type, Product Type, Processing Technology and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

The global continuous basalt fiber market size was valued at $173.6 million in 2020, and is expected to reach $473.6 million by 2030, with a CAGR of 10.3% from 2021 to 2030.

Continuous basalt fiber is an inorganic fibrous material manufactured from basalt rock. Continuous basalt fiber is inexpensive as compared to fiberglass. Continuous basalt fiber is used in various industries such as automotive, aerospace, marine, and electronics industry, owing to its high structural integrity and mechanical properties. Continuous basalt fiber is used to manufacture of products such as Reinforced mesh, non-woven material, fabric, and tape.

Rise in demand for continuous basalt fiber in nuclear applications fuels growth of the global continuous basalt fiber market. In addition, increase in demand for basalt fiber in marine, aerospace, defense, sporting foods, and wind applications fuels the growth of the global continuous basalt fiber market. Growth in the automotive industry and rise in disposable income of population is expected to rise demand for continuous basalt fiber, which fuels growth of the global continuous basalt fiber market. For instance, the automotive industry in India is expected to grow at a rate of 10.2% from 2021 to 2026. In addition, the rise in building constructions and increase in urbanization in developing countries such as India, Brazil, Africa, and others fuels growth of the global continuous basalt fiber market. For instance, urbanization in India grew by 2.7% from 2018 to 2020.

The global continuous basalt fiber market is presently driven by various factors such as growth in demand from the aerospace industry, use of composites for making lightweight automotive parts, and upsizing of wind turbine blades for generating more power in onshore & offshore wind power plants. In the aerospace and automotive industry, lightweight composites reduce overall weight of vehicle. This has a direct positive impact on fuel efficiency. Higher fuel efficiency contributes to higher emission control regulations set by various organizations.

However, fluctuations in raw material prices and difficulty in promotion of basalt fibers are anticipated to restrain growth of the global continuous basalt fiber market. Furthermore, growth in the wind energy market and growth in adoption of environmentally friendly & recyclable materials are anticipated to provide lucrative opportunities for growth of the global continuous basalt fiber market.

The global continuous basalt fiber market is segmented on the basis of type, product type, processing technology, end user, and region. On the basis of type, the market is divided into basic and advanced. The basic segment generated the highest revenue in 2020. By product type, it is divided into roving, chopped strands, fabrics, and others. The roving segment dominated the market in 2020. On the basis of processing technology, the market is categorized into pultrusion, vacuum infusion, texturizing, stitching & weaving, and others. The others segment generated highest revenue in 2020. On the basis of end user, it is divided into construction, transportation, industrial, and others.

Region wise, the global continuous basalt fiber market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global continuous basalt fiber market share, and is anticipated to secure a leading position during the forecast period.

Key Benefits

• The report provides an extensive analysis of the current and emerging global continuous basalt fiber market trends and dynamics.
• In-depth analysis of the market is conducted by continuous basalt fiber market estimations for the key market segments between 2020 and 2030.
• Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive global continuous basalt fiber market opportunity analysis of all the countries is also provided in the report.
• The global continuous basalt fiber market forecast analysis from 2021 to 2030 is included in the report.
• The key players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry.

Market Dynamics

Drivers

• Increase in demand for non-corrosive materials from construction industry
• Growth in construction sector
• Increase in spending on home remodeling and retrofitting activities

Restraints

• Difficulty in promotion of basalt fiber
• High raw material prices

Opportunity

• Growing wind energy market
• Growing adoption of environmentally friendly and recyclable material

Key Players

• Basaltex NV
• Hengdian Group
• Shanxi Yaxin Group
• Fiberbas
• Jilin Tongxin Basalt Technology Co Ltd
• Armbasalt CJCS
• Technobasalt-Invest LLC
• Kamenny Vek
• LAVAintel
• Isomatex S.A.

For more information about this report visit https://www.researchandmarkets.com/r/rz2c9u