The global continuous basalt fiber market to grow at a CAGR of 11.07% during the period 2017-2021.
Global Continuous Basalt Fiber Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
According to the report, one of the major drivers for this market is Increasing demand from construction and automotive segment. Increasing demand from the civil and industrial construction and automobile segments is driving the global continuous basalt fiber market. Increasing demand for high-performance sealing products, tires and tire adhesives, and rapid growth of the automotive industry in developing economies are some of the factors driving the growth of the market. Basalt fibers are resistant to UV, high-energy electromagnetic radiation, and acids. They maintain their properties in cold temperatures also.
The latest trend gaining momentum in the market is Rise in technological advancements. Technological innovations have helped the global continuous basalt fiber industry to grow in different areas such as assembled roving, direct roving, gun roving, chopped strands, and twisted yarns. The primary products are used to manufacture advanced products such as tapes, fabrics, non-woven, reinforcing mesh, yarns, chopped fiber, and roving fabrics. These products are used for diverse applications.
Basalt fibers are also used in heat isolation material for manufacturing of automobile mufflers, panels, screens, plastics, reinforcing material for shoes and disks, constructional plastics, non-flammable composite materials, cords for automobile tire covers, chopped fiber for reinforcing plastic. Basalt roving used for the production of fuel tanks, LPG and compressed NG cylinders. Basalt fiber is widely used in corrosion and wear resistant coating materials for proof covering of the bottoms of cars. Thus, the importance of basalt fiber in automobiles plays a vital role in its market growth.
Further, the report states that one of the major factors hindering the growth of this market is Increasing threat from substitutes. The market faces stiff competition from the glass fiber market as well as the carbon fiber market, as these products have similar applications in the automobile, construction, agricultural, energy, and chemical industries. The competition arises because glass and carbon fiber were introduced earlier than continuous basalt fiber and thus, have loyal consumers. This leads to a larger number of manufacturers of glass and carbon fibers than that of continuous basalt fiber.