According to the report, global continuous basalt fiber market was valued at over USD 68.41 million in 2015 and is expected to reach USD 121.19 Million in 2021, growing at a CAGR of slightly above 10.7% between 2016 and 2021.

Basalt fiber is a material obtained from very fine fibers of basalt, which is composed of the plagioclase, pyroxene, and olivine. Basalt fiber manufactured by melting basalt rocks at high temperature. In aerospace and automotive industries, basalt fiber is used as a fireproof textile and can also be used as a composite to produce products such as camera tripods.

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Basalt fiber has various applications in building & construction, automotive, electronics, marine, wind energy, and others sectors. There are two types of basalt fibers available such as continuous and discrete. From these, continuous basal fiber is more efficient and eco-friendly and it can be processed to have higher tensile strength.

A key application of continuous basalt fiber includes molded materials, transportation, electronics, building & construction and other applications like sports equipment, defense, space and aeronautic components. Building & construction accounted for more than 37% of the global continuous basalt fiber market in 2012. Growing population demands for advanced services in developing as well as the developed economies. This plays the major role in the growth of continuous basalt fiber market. Increasing demand for continuous basalt fiber from the transportation and electronics equipment is another factor contributing to the high demand for continuous basalt fiber globally. Growing market of sports equipment is also expected to contribute to the growth of global continuous basalt fiber market during the forecast period.

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Global continuous basalt fiber was dominated by the North America region with a market share of almost 40%. The continuous basalt fiber market in EMEA region is expected to grow at a rapid pace during the forecast period. The EMEA region is followed by the Asia Pacific. Asia Pacific is expected to be the fastest growing market for continuous basalt fiber during the forecast period.

Global continuous basalt fiber market is highly competitive, with the presence of well-established global vendors. Some prominent market players operating in this market includes Basaltex (Belgium), Sudaglass Fiber Technology (U.S.), Kamenny Vek (Russia), Zhejiang GBF Basalt Fiber Co., Ltd (China), Technobasalt (U.S.), Shanxi Basalt Fiber Technology Co., Ltd (China), JiangSu TianLong Continuous Basalt Fiber High-tech Co., Ltd. (China), GMVChina (China), Mafic SA (Luxembourg) and Mineral 7 (Ukraine).

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