In the last decade, basalt fibres has emerged as a strong competitor in the fibre reinforcement composites. Basalt fibres are the fibres made of extremely fine fibres of basalt, comprising the minerals pyroxene, plagioclase and olivine, having better physicomechanical properties than fiberglass, and significantly economical than carbon fibre. It finds its major application as a fireproof textile in the automotive and aviation industries. It also finds its application as a composite to produce products like camera tripods.
Construction market is anticipated to have the highest gain during the forecast period. Construction-related products like rubber roofing is projected to register healthy growth during the forecast period. Mechanical goods is estimated to account for the largest share of total demand for basalt fibre. Increased consumer demand of the durable goods, machinery and equipment will be benefiting the basalt fibre suppliers Globally the basalt fiber market is witnessing a significant growth and this trend will continue in the coming years. Ongoing technological advancements and developments in the raw material of basalt fibres will be the key influencing factors for the global basalt fibre market, with higher emphasis on cost and their applications.
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As on 2014, North America & Europe are the dominating regions for the global basalt fiber market. U.S., Russia and Germany are the major consumers of basalt fibres. More than two-third of the total basalt fibres demand came from automobiles, building & construction and wind energy sectors. Primarily the reason behind the increasing demand for basalt fibres in these sectors is because it meets the requirements for demanding applications requiring chemical resistance, mechanical strength, high temperatures, durability and low water absorption. In terms of strategic initiatives, Asia-Pacific region is the most active...