BASALT FIBER MARKET ANALYSIS

Basalt Fiber MarketSize and Trends

Market Dynamics:-

Basalt fiber finds major application in construction industry, as a substitute to the steel rebar and glass. Basalt fiber is lighter, stronger, and corrosion resistant than conventional steel rebar. It also possesses high chemical resistance and melting point as compared to glass. Growing construction industry is expected to drive growth of the global basalt fiber market during the forecast period. According to the World Bank, investment in global construction industry is expected to increase by US$ 93 trillion by 2030.

Market Outlook:-

North America and Europe holds dominant position in the basalt fiber market, owing to use of specialty materials in aerospace and automobile industry in these regions. Basalt fibers are majorly used in automobile and aerospace industry to reduce the overall weight and increase the fuel efficiency. Asia Pacific market is expected to grow at highest rate, owing to growing construction and automobile industry. For instance, according to the International Trade Administration, Chinese automobile output is expected to increase from 28 million units in 2016 to 35 million units by 2025 with 9% year-on-year growth.