Continuous basalt fibre market
Basalt fibre is a material obtained from very fine fibres of basalt, which is composed of the plagioclase, pyroxene, and olivine. Basalt fibre is manufactured by melting basalt rocks at high temperature. In aerospace and automotive industries, basalt fibre is used as a fireproof textile and it can also be used as a composite to produce products such as camera tripods.
Basalt fibre has applications in building and construction, automotive, electronics, marine, wind energy, and others sectors. There are two types of basalt fibres available; continuous and discrete. Continuous basal fibre is more efficient and eco-friendly and it can be processed to have higher tensile strength.
The global continuous basalt fibre market was valued at over USD 68.41 million in 2015 and is expected to reach USD 121.19m in 2021, growing at a CAGR of slightly above 10.7%.
Key applications of continuous basalt fibre include; moulded materials, transportation, electronics, building and construction, sports equipment, defence, space and aeronautic components. Building and construction accounted for more than 37% of the global continuous basalt fibre market in 2012.
Growing population demands advanced services in developing as well as the developed economies plays the major role in the growth of continuous basalt fibre market. Increasing demand for continuous basalt fibre from the transportation and electronics equipment is another factor contributing to high demand. The growing market for sports equipment is also expected to contribute to the growth of the market to 2021.
The continuous basalt fibre market was dominated by the North America region with a market share of almost 40%. The continuous basalt fibre market in EMEA region is expected to grow at rapidly to 2021. The EMEA region is followed by the Asia Pacific. The Asia Pacific is expected to be the fastest growing market for continuous basalt fiber during the forecast period.
Global continuous basalt fiber market is highly competitive, with the presence of well-established global vendors. Some prominent market players operating in this market include; Basaltex (Belgium), Sudaglass Fiber Technology (U.S.), Kamenny Vek (Russia), Zhejiang GBF Basalt Fiber Co., Ltd (China), Technobasalt (U.S.), Shanxi Basalt Fiber Technology Co., Ltd (China), Jiangsu TianLong Continuous Basalt Fiber High-tech Co., Ltd. (China), GMVChina (China), Mafic SA (Luxembourg) and Mineral 7 (Ukraine).
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