Global Continuous Basalt Fiber Market Predicted to Grow at 10.9% CAGR During 2013-2019

According to a new report published by Transparency Market Research "Continuous Basalt Fiber Market For Molded Materials, Transportation, Electronics, Building & Construction and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", the global continuous basalt fiber market was valued at USD 51.4 million in 2012 and is expected to reach USD 104.7 million in 2019, growing at a CAGR of 10.9% between 2013 and 2019.

Continuous basalt fiber are more efficient and eco friendly than most glass & carbon fibers. Continuous basalt fibers can be processed to have higher tensile strength than steel and are rust free as they are chemically inert. Thus, superior physical properties coupled with easy renewability of continuous basalt fiber have been a major driving factor for the demand of these fibers. Continuous basalt fibers are employed in the production of various components of wind turbines, majorly blades. Thus, the growing demand for wind energy is expected to be a major growth opportunity in the coming years.

Building & construction emerged as the largest application segment of continuous basalt fiber and accounted for nearly 37% of the total demand in 2012. Building & construction was followed by transportation and is expected to reach USD 18.3 million by 2019. Electronics is expected to be the fastest growing application in terms of volume growing at an estimated CAGR of 12.8% from 2013 to 2019. Demand for basalt fibre in other application segment was 1,237.7 tons in 2012. Other applications segment is mainly comprises of sports equipments and aeronautic components, etc.

North America was the leading consumer of continuous basalt fiber and accounted for nearly 39.6% of the overall market in 2012. Asia Pacific is expected to be the fastest growing region owing to high GDP growth rate and increasing disposable income. The region is expected to grow at a CAGR of 10.9% in terms of consumption for the period of 2013 to 2019. The European market was valued at USD 12.8 million in 2012.