Global Continuous Basalt Fiber Market 2019-2023
About Continuous Basalt Fiber
Continuous basalt fiber consists of fine fibers of basalt and is characterized by high tensile strength, which is driving the vendors to incorporate continuous basalt fibers in their end-user products.
Technavio’s analysts forecast the global continuous basalt fiber market to grow at a CAGR of 11.49% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global continuous basalt fiber market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of continuous basalt fiber during the predicted period.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Continuous Basalt Fiber Market 2019-2023
Technavio recognizes the following companies as the key players in the global continuous basalt fiber market: Jiangsu Green Materials Vally New Material T&D, JiLin Tongxin Basalt Technology, Kamenny Vek, Shanxi Basalt Fiber Technology, and Technobasalt-Invest.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing renewable power generation. The global renewable energy capacity is expected to grow significantly by 2021.”
According to the report, one of the major drivers for this market is the superior properties of continuous basalt fiber over traditional materials. It has encouraged vendors in the market to offer continuous basalt fiber solutions for catering the demand from the construction industry.
Further, the report states that one of the major factors hindering the growth of this market is the increased demand for lightweight composite materials in the automotive industry. Lightweight composite materials are extensively used for varied applications as they provide stiffness, lightweight, and superior strength and can be molded into any shape.
Jiangsu Green Materials Vally New Material T&D
JiLin Tongxin Basalt Technology
Shanxi Basalt Fiber Technology