Booming Construction Sector to Propel Continuous Basalt Fiber Market; to Rise at 10.9% CAGR
The global market for continuous basalt fibers is expected to witness a steady growth in the forthcoming years, according to analysts at Transparency Market Research (TMR). The continuous basalt fiber market is witnessing fragmentation in its vendor landscape currently. The market ecosystem also features intense rivalry, with manufacturers competing on the basis of product availability, quality, applications and price. Market players are witnessed to heavily invest in research and development activities in order to widen their product portfolio and enhance their production facilities. Vendors are also looking to shift their production base to countries such as Japan and China, due to much lower labor costs offered by them. D With reduced initial investments on account of recent technological innovations in the field, new market players are expected to be encouraged into participating.
Key vendors in the global continuous basalt fiber market are Sudaglass Fiber Technology, Technobasalt LLC, Basaltex NV, and Kamenny Vek, among several others.
As projected by TMR, the global continuous basalt fiber market is likely to grow at a 10.9% CAGR over the forecast period of 2013 to 2019. The market was envisaged to be at US$51.4 mn in 2012, and is predicted to reach US$104.7 mn by 2019. Among the application segments, 37 % the global demand for continuous basalt fiber was on account buildings and construction. Geographically, North America held a leading regional market position with nearly 40% of the overall share.
Product to Emerge as Alternative to Glass, Fuelling Growth
Continuous basalt fiber properties are superior in comparison with fiberglass due to the high structural integrity of basalt. Due to the relative abundance of basalt rock, continuous basalt fibers are also cheaper than carbon fiber, which has helped boost their demand. The rising demand for basalt fibers as an alternative to glass and carbon fibers is expected to boost the Basalt Fiber market. Building and construction gives a great demand for the basalt fiber. Basalt Fiber is having the priority in the market due to its low price. The basalt strength and durability are high and these are driving the growth of the market.
Electronics and Transportation to Offer Rich Market Opportunity
Growing population demands for advanced services in developing as well as the developed economies. This plays the major role in the growth of continuous basalt fiber market. Increasing demand for continuous basalt fiber from the transportation and electronics equipment is another factor contributing to the high demand for continuous basalt fiber globally. Growing market of sports equipment is also expected to contribute to the growth of global continuous basalt fiber market during the forecast period.
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Rising Environmental Awareness to Propel Market
Basalt fiber market is segmented as continuous and discrete. Continuous are expected to witness substantial upsurge due to environment-friendly nature and efficiency. Higher strength offered by continuous basalt compared to steel enhance its use for construction purposes driving the overall market. Resistance to ultraviolet rays and electromagnetic radiations make them preferable for embankment and soil stabilization.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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