The global continuous basalt fiber market size was valued at more than $172.7 million in 2020 and is expected to register a compound annual growth rate (CAGR) of 10.2% during the forecast period from 2021 to 2027.

Continuous basalt fiber is produced by melting the basalt rock in the furnace at around 14000C. Continuous basalt fiber is widely used in construction industries for strengthening concrete. Apart from that, this inorganic material has applications in automotive, defense, aero scope, and fuel.

The key factors driving the global continuous basalt fiber market to growth are the growing application of continuous basalt fiber in various industries, rising residential construction activities, etc

The growing adoption of continuous basalt fiber in various industries is boosting the growth of the overall market. Continuous basalt fiber has applications in automotive, construction, aerospace, and defense. With the increase in its adoption, the market is likely to grow during the forecast period.

Furthermore, rising construction and dwelling activities are prompting the global market to grow. The growing construction activities will automatically fuel the growth of the construction industry, thereby impacting the overall global continuous basalt fiber market.

The construction industry in the U.S. is forecast to grow at a Compound annual growth rate of 5%. Thus, it will also increase the demand for continuous basalt fiber.

Moreover, peoples preference for better living standards in developing countries and rising disposable income are expected to fuel the growth of the continuous basalt fiber market globally.

The growing choice for better living standards will force the demand for home renovation and retrofitting activities, which is projected to boost the requirement for continuous basalt fiber. Continuous basalt fiber is beneficial because of its lightweight, flexible, and corrosion-resistant properties. These characteristics are likely to grow the basalt fiber market.

Furthermore, the growth of the wind energy market would have a positive impact on the global continuous basalt fiber market. Apart from that, the growing adoption of environmentally friendly materials is forecasted to provide profitable opportunities to businesses.

Covid-19 impact

COVID-19 impact restrained the overall market growth by creating hindrance in the production and sales activities. Key regions, including the U.S, Italy, and the UK, were extensively impacted because of the prolonged lockdowns and halted activities. Thus, the pandemic has significantly hampered the overall growth of the continuous basalt fiber market in the previous months.

Regional Analysis

Asia-Pacific became the highest contributor to the growth of the global continuous basalt fiber market by holding the maximum share. The region is anticipated to continue dominance with its leading position during the analysis period. Moreover, the existence wide range of manufacturers and high production activities will act as a key driving force for the global market. Apart from that, the low cost of elements, extended production capacities, and easy availability of the material in the region are expected to increase its share in the global continuous basalt fiber market.

Market Segments

By Type

Basic
Construction
Transportation
Industrial
Others
Advanced
Construction
Transportation
Industrial
Others
By Product Type

Roving
Chopped Strands
Fabrics
Others
By Processing Technology

Pultrusion
Vacuum Infusion
Texturizing
Stitching & Weaving
Others
By End User

Construction
Transportation
Industrial
Others
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key Players

Basaltex NV
Hengdian Group
Shanxi Yaxin Group
Fiberbas
Jilin Tongxin Basalt Technology Co Ltd
Armbasalt CJCS
Technobasalt-Invest LLC
Kamenny Vek
LAVAintel
Isomatex S.A
Other prominent players
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