The global basalt fibre market is expected to be valued at US$ 239.4 Million in 2022. Basalt fibre is a basalt rock product, considered as an alternative to carbon fibre and glass fibre, comprising pyroxene and such minerals as plagioclase and olivine; finding use in construction industry in view of its low water retention capacity and high thermal resistance, it is increasingly used in industrial furnace linings and fibre rope applications. Given its low water absorption aspect, basalt fibre is gaining significant traction as construction material. High thermal resistance of basalt fibre makes it an ideal material in industrial furnace lining and fireproof rope applications. A naturally-derived material, basalt is relatively more recyclable compared to other reinforcing fibers and is, thus, witnessing significant traction in various end-use industries. Market players are investing in R&D for expanding the application scope of basalt fibre to wind energy, marine and other industries. Basalt Fibre Market - Growth Restraints While basalt fibre is witnessing significant demand from several end-use sectors, factors such as high cost and scarcity of raw material is posing threat to the basalt fibre market growth. Availability of numerous low-cost substitutes such as fiberglass is dampening the adoption of basalt fibre from small-scale industries. Domestic manufacturers in emerging regions are stiffening the market competition by selling products at much cheaper rates, as such, leading players are experiencing difficulties in expanding their regional foothold. Impact of COVID-19 on Basalt Fibre Market The COVID-19 pandemic is having dampening effect on the global mining industry. Government has imposed lockdowns in various non-essential service sectors, thus, resulting in reduced production of metals from mining industries. On the other hand, demand for commodities such as copper, basalt and iron remains low from various end-use industries. Unavailability of labor and high transportation costs have halted construction processes in worst-affected countries including, Italy, the US, China, India, among others. Recent studies reveal the global construction industry currently stands at 0.9% growth in 2020. Going forward, demand from the automotive industry for basalt fibre has seen a severe downfall during the COVID-19 pandemic. Basalt Fibre Market - Regional Analysis North America and Europe currently hold prominent share in the global basalt fibre market. The US, Russia and Germany are leading consumers of basalt fibres in these regions respectively.
Basalt Fibre Market worth US$ 577.2 Mn by 2032 at a CAGR of 9.2%
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