The Global Basalt Fiber Market is poised to grow at a CAGR of around 14.2% over the next decade. This is a conclusion made by a consulting firm Research and Markets in its report “Global Basalt Fiber Market Analysis & Trends – Industry Forecast to 2025”.
A special focus has been made on the North and South America, Europe, Middle East and the Pacific region. These territories are the main consumers of basalt fiber raw materials, in particular, continuous basalt fiber. The main factors stimulating the market growth in the estimated period are as follows:
- growing automotive sector in emerging nations;
- increased interest towards ecological and recyclable materials;
- recent technological developments in basalt fiber.
Earlier, the consulting company Future Market Insights predicted double-digit growth in CAGR of the global basalt fiber market in their addition to the study “Basalt Fiber Market: Forecast, Analysis and Supply Demand 2015-2025”.
According to the analysts, the leading market players include Mafic SA, Shanxi Basalt Fiber Technology, Sudaglass Basalt Fiber Technology, Technobasalt-Invest, Zhejiang GBF Basalt Fiber, Mudanjiang Jinshi Basalt Fiber, Mineral Isomatex SA, GMV, Kamenny VEK, Incotelogy and Basaltex NV.
Industries: Automotive and Road Transportation