Asia-Pacific is Dominating Basalt Fiber Industry - P&S Intelligence

The global basalt fiber market has captured $283.8 million in revenue in 2021, and it is projected to advance at the rate of 12.2% from 2021 to 2030, to capture $798.6 million in revenue in 2030, as per the P&S Intelligence.

This can be accounted to the fact that glass fiber can be substituted with basalt fiber in polymer matrix composites as a possible polymer strengthening material. This kind of material is very much eco-friendly and has parallel properties to carbon fiber.

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In 2021, the continuous form category had a gigantic revenue share of approximately 90% and is projected to grow with a CARG of around 13% in the years to come. This growth can be credited to the fact that continuous basalt fiber with a width of fewer than 14 micrometers has nearly double the ductile strength and 15-30% better elasticity modulus in comparison to e-glass fibers.

The industry is projected to surge in the future as the residential and construction amenities will continue to be buoyant because of the little interest taxes on home loans and grants offered by governments. The tensile strength of plastic strengthened with basalt fiber is 2.0-2.5 times more advanced and the density is 4.2-5.0 times lesser than steel. 1 kg of basalt-plastic-reinforcement is as strong as 9 kg of steel, hence lessening the weight of structures.

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Asia-Pacific generated the largest revenue, of approximately $150 million, in 2021. This can be credited to the rapid urbanization and industrialization in developing countries thought out the region.

Furthermore, Chinese companies are spending to make a certain kind of high-tech fiber with reasonable cost and decent performance, to keep pace with nations varying industrial trends.

Browse more reports:

Fiber Cement Industry Report - https://www.psmarketresearch.com/press-release/fiber-cement-market

Synthetic Fibers Industry Report - https://www.psmarketresearch.com/press-release/synthetic-fibers-market

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This release was published on openPR.