Continuous Basalt Fiber Market Surge in Demand to Bolster the Growt by 2030 | At a CAGR of 10.3%

According to a new report published by Allied Market Research, titled, Continuous basalt fiber is manufactured from basalt rock, by melting at 14000 C. Continuous basalt fiber is used in automotive, construction, aerospace, defense, and many others industries, owing to features such as having high tensile strength, high structural integrity, and mechanical properties. Continuous basalt fiber has gained importance, owing to a constant demand for lightweight materials with strength in industries such as defense, automotive, aerospace, and other manufacturing industries.

Increase in demand for non-corrosive materials from the construction industry, growth in construction sector, and rise in spending on home remodeling and retrofitting activities drive the growth of the global continuous basalt fiber market. However, difficulty in promotion of basalt fiber and high raw material prices restrain the market to some extent. On the other hand, growing wind energy market and rise in adoption of environmentally friendly & recyclable material present new opportunities in the upcoming years.

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COVID-19 scenario:
• The outbreak of the COVID-19 pandemic led to the global lockdown, due to which construction industries were completely shut down initially. This in turn, impacted the continuous basalt fiber negatively.
• The pandemic caused severe disruptions in the supply chain, which sequentially affected the demand of continuous basalt fiber across end users.
The report offers detailed segmentation of the global continuous basalt fiber market based on type, product type, processing technology, end user, and region.

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Based on type, the basic segment held the highest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the advanced segment is estimated to register the highest CAGR of 10.9% from 2021 to 2030.

Based on end user, the construction segment held the largest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the industrial segment is projected to register the highest CAGR of 11.1% from 2021 to 2030.

Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding half of the total market share, and is estimated to continue its dominant share by 2030. However, LAMEA is projected to manifest the fastest CAGR of 11.3% during the forecast period.

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List of Companies Profiled:

Leading players of the global continuous basalt fiber market analyzed in the research include The Basaltex NV, Hengdian Group, Shanxi Yaxin Group, Fiberbas, Jilin Tongxin Basalt Technology Co Ltd, Armbasalt CJCS, Technobasalt-Invest LLC, Kamenny Vek, LAVAintel, and Isomatex S.A.

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