Global Basalt Fiber Market is valued approximately at USD 253.79 million in 2020 and is anticipated to grow with a healthy growth rate of more than 11.80% over the forecast period 2021-2027. Basalt fiber reinforced polymer (BFRP) strengthening bars have launched as a substitute to steel reinforcement for concrete structures and provides external support for retrofitting of concrete structures. Rising Demand for Noncorrosive Materials and enhanced Physical, Mechanical, and Chemical Properties of basalt fiber are the factors which are driving the growth of Basalt Fiber market. Furthermore, rising adoption of environmentally friendly and recyclable material will be anticipating the growth of market in forecasted period. The use of corrosion-free basalt fiber composite bars as reinforcement for concrete is one of these developments. The strategies undertaken by key market players for development include partnerships, new product launch and expansions. For instance: In December 2017, Mafic SA has done partnership with Michelman (US) for increasing research and development activities in basalt fiber products. However, Complex Manufacturing Process of basalt fibers may impede market growth over the forecast period of 2021-2027.
Global Basalt Fiber market analysis on basis of region which includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-pacific is a significant region across the world in terms of market share due to the presence of a large number of manufacturers in the region. Whereas North America is anticipated to exhibit the highest growth rate over the forecast period 2021-2027, due to favorable trade policies in the region.
Major market player included in this report are:
Company Mineral 7
Hebei Tong-Hui Technology
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Construction & Infrastructure
Aerospace & Defense
Electrical & Electronics
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Basalt Fiber Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers