Global Basalt Fiber Market, 2013-2023
Basalt fiber is a material made from extremely fine fiber of basalt, which is composed of the minerals plagioclase, pyroxene, and olivine. It is being significantly cheaper than carbon fiber. Basalt fiber reinforcing bars are being used as an alternative to steel reinforcement for concrete structures and as external support for retrofitting of concrete structures.
The global basalt fiber market research report sheds light on the market circumstances by carrying out primary and secondary research for more than 320 hours. As per the report, the global basalt fiber market is growing at a fast pace and increasing its geographical footprint rapidly. The global basalt fiber market is valued at US $ xx million dollars in 2018 which is forecast to grow at CAGR of xx% and reach a massive US $ xx million dollars by the end of 2023 in value.
Due to the significant strength to weight ratio and load carrying capacity basalt fiber composites is being used as in construction industry. Owing to better physical and mechanical properties the basalt fiber finds the application in a wider range of industries and with upcoming product launches provides an excellent growth opportunity for the market. Also, growing population, rising urbanization and the presence of government support is another factor favorable for market growth. Key properties including excellent thermal and shock resistance compared to its substitutes are likely to boost product sales across this segment.
Basalt fiber enjoys wide usage across all major regions in the world including Europe, APAC, North America, Middle East and Africa, and Latin America. These regions serve large number of manufacturers and are hence responsible for the growth of construction fabric market globally. Key players in the market include Technobasalt, Mafic SA, Basaltex, etc.
The research process includes the market segmentation of the global basalt fibermarket, identifying the growth determinants of every market segment and market forecasts. The primary source from the supply side includes industry experts, CEOs, vice president, directors, and key executives of various industry players. The primary source from demand side includes marketing manager and experts from various application industries. Market Krystal held more than 40 interviews for this study, details of which are mentioned:
By company type: Manufacturers (40%), Suppliers (20%), Consumers (20%), Researchers (10%), Independent industry consultant (10%)
By geography: North America (35%), Asia (25%), Europe (25%), Rest of the World (15%)
By designation: Top level (40%), Operation level (20%), Mid-level (40%)