The global basalt fiber market is subject to witness a substantial growth at a CAGR of 10.69% due to the increasing demand from various end-user industries across Asia Pacific region. Basalt fiber are considered as one of the vital parts of the global automotive industry. Basalt fiber are multipurpose fibers that possesses unique properties. Applications of the basalt fiber include fiber-filling industry, automobile sector, building & construction industry, and home furnishing sector. Growing demand of the basalt fiber from fiber-filling industry and automobile sector is predicted to drive the growth of the market in the upcoming years.
High-end demand for basalt fiber in various end-user industries is attributed to superior properties of basalt fibers such as lightweight, compact size, high thermal conductivity, thermal shock resistance, resistance to chemical and adverse atmospheric conditions. These factors are expected to boost market demand for basalt fiber over the forecast period. Globally, the basalt fiber market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the basalt fiber market.
Numerous governmental initiatives promoting use of the basalt fiber rather expensive glass and carbon fibers are estimated to boost market demand for basalt fiber in the near future. Additionally, stringent governmental laws and regulation prevalent in the respective regions in regards to the environmental impact of carbon fibers are positively affecting market growth of basalt fibers over the last few years. However, regulations such as anti-dumping duties on the large-scale import of basalt fiber and raw materials are hampering market performance to a certain extent.
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The market is broadly categorized into four major segments based on the application type such as automotive sector, construction sector, power & energy sector, and oil & gas industry. The automotive sector is considered as one of the fastest growing segment in this market with substantial revenue generation in the last few years.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in automotive & construction industry, increase in the number of research & development activities in the region and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the basalt fiber market with massive growth in forecast period. Countries such as India, China, Japan, South Korea and Singapore are leading the Asia-Pacific market with strong economic growth in the region, rapid growth in automotive sector, rising per capita income, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the basalt fiber market are GMV Innovating Solutions, Inc., Mafic S.A., Basaltex Co., Sudaglass Fiber Technology, Inc., Zhejiang GBF Basalt Fiber Co., Ltd., Shanxi Basalt Fiber Technology Co., KamennyVek Co., Jiang Su Tian Long Continuous Basalt Fiber High-Tech Co., Ltd., and Mineral Co.
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