CHICAGO, April 17, 2019 /PRNewswire/ --According to the new market research report "Basalt Fiber Market by Form (Continuous and Discrete), End-Use Industry (Construction & Infrastructure, Automotive & Transportation, Electrical & Electronics, Marine), Usage (Composites, Non-Composites), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Basalt Fiber Market is expected to grow from USD 227 million in 2019 to USD 397 million by 2024, at a CAGR of 11.8% during the forecast period. The market is witnessing a significant growth because of the growing demand from various industries such as automotive & transportation, construction & infrastructure, and electrical & electronics. Basalt fiber provides various properties such as high strength, chemical resistance, durability, mechanical strength, and low water absorption.
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The automotive & transportation end-use segment accounted for the largest share, in terms of value, of the basalt fiber market in 2019.
The automotive & transportation end-use industry demands basalt fibers in brake pads, mufflers, headliners, and other interior applications. This demand is mainly due to the superior mechanical, physical, and chemical properties of basalt fiber. The cost of basalt fibers is higher in this application when compared to fibers used in construction & infrastructure. Hence, the automotive & transportation end-use industry has a higher share, in terms of value, in the basalt fiber market.
Continuous basalt fiber is the fastest-growing segment by form during the forecast period.
The basalt fibers are available in two forms, namely, continuous and discrete. Continuous basalt fibers are expected to register a higher CAGR during the forecast period as these fibers are used in various applications such as rovings, fabrics, and yarns in end-use industries such as automotive & transportation, sporting goods, wind energy, construction & infrastructure, and pipes & tanks. Continuous fibers are used in both composites and non-composite applications.
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APAC is expected to be the largest market for basalt fiber during the forecast period.
APAC is one of the leading basalt fiber markets. The growing end-use industries such as construction & infrastructure, automotive & transportation, and wind energy are driving the basalt fiber market in the region. The region has a presence of many basalt fibers and its products manufacturers. The region also has presence of manufacturers that majorly focus on adoption of business strategies in order to increase the production of basalt fibers and meet the growing demand from end users. For instance, Chinese company Jilin Province Huayang New Composite Material Co., Ltd. had adopted technology from Russia to increase its basalt fiber production capacity to 30,000 tons annually.
Some of the prominent players in the Basalt Fiber Market are Kamenny Vek (Russia), Zhejiang GBF Basalt Fiber Co. (China), Mafic SA (Ireland), Technobasalt-Invest LLC (Ukraine), Russian Basalt (Russia), ISOMATEX SA (Belgium), INCOTELOGY GmbH (Germany), Sudaglass Basalt Fiber Technology (US), Shanxi Basalt Fiber Technology Co., Ltd (China), and Mudanjiang Basalt Fiber Co. (China). The strategies undertaken by them include partnerships, new product developments, and expansions.
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