ALBANY, New York, February 24, 2015 – A recent study by Transparency Market Research (TMR) forecasts that the global continuous basalt fiber market will grow at a CAGR of 10.9% between the years 2013 and 2019. TMR, a market research company based in the United States, in its report says that the global continuous basalt fiber market, valued at US$51.4 million in 2012, will report a market value of US$104.7 million by 2019. The report titled ‘Continuous Basalt Fiber Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019’ is available for sale on the website.
This market research report states that the superior physical properties of continuous basalt fiber are a major factor driving the global continuous basalt fiber market. As a result, continuous basalt fibers are preferred over conventional substitutes such as steel or glass fiber. Glass fibers and continuous basalt fibers possess similar properties; the only difference between the two is that continuous basalt fibers exhibit higher tensile strength, greater durability, and are resistant to alkalis, salts, and acids. Apart from being used in place of glass fibers and steel, continuous basalt fibers are also used as effective substitutes for nylon, asbestos, and carbon fibers. The manufacturing of continuous basalt fiber involves the heating and subsequent processing of basalt rocks.
According to the TMR research report, the global continuous basalt fiber market is segmented on the basis of application and geography. Electronics, building and construction, transportation, and molded materials are the various areas of application for continuous basalt fiber. In order to attain a tensile strength greater than steel, continuous basalt fiber can be processed further, which is resultantly chemically inert and durable since it doesn’t rust easily. In 2012, almost 37% of the total global demand for continuous basalt fiber was directed towards the buildings and construction segment. It is anticipated that rising e-waste will fuel the market for renewable products within the electronics segment. The application segment for electronics is expected to grow substantially, thereby reporting a CAGR of 12.8% between 2013 and 2019. In revenue terms, the transportation segment will report a 13% CAGR during the forecast period.
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Geographically, the research report segments the global continuous basalt fiber market into Europe, North America, Asia Pacific, and Rest of the World. With a market share of almost 40%, the global continuous basalt fiber market was dominated by North America in 2012. The North America market for continuous basalt fiber is primarily driven by the expanding transportation segment. The Asia Pacific market for continuous basalt fiber is propelled by high growth of GDP, which drives other market segments such as electronics and construction. China is a major exporter in the global continuous basalt fiber market since there are several companies in the region that are increasing their respective production capacities in order to meet domestic and global demand. Basaltex NV, Kamenny Vek, Sudaglass Fiber Technology, and Technobasalt LLC are the prominent players in the global continuous basalt fiber market.