As cited by the research report titled ‘Global Basalt Fiber Market Size Study by Form (Continuous, Discrete) By End-Use (Construction & Infrastructure, Automotive, Aerospace & Defense, Electrical & Electronics, Chemical, Marine, Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global basalt fiber market was worth USD 253.79 million in 2020 and is projected to grow with a CAGR of 11.8% to accumulate USD 554.10 million over 2021-2027.
 

Growing demand for noncorrosive materials and exceptional mechanical, physical, and chemical properties associated with the product are the major factors driving global basalt fiber market growth.  Growing adoption of environmentally friendly and recyclable materials is also positively swaying the industry dynamics.
 

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Moreover, business-centric strategies including new product launches, partnerships, and expansions, undertaken by leading players are contributing to the overall industry development. For instance, Mafic S.A. partnered with Michelman (U.S.) in December 2017 for augmenting research and development activities in basalt fiber products.
 

For the record, basalt fiber reinforced polymer (BFRP) bars are considered to be an effective alternative to steel reinforcement for concrete structures and imparts external support for retrofitting building structures. 
 

Speaking of the negatives, complex manufacturing processes of basalt fibers are likely to hinder market progression over the projected timeline of 2021-2027.
 

Based on form, global basalt fiber industry is segmented into continuous, and discrete. Considering end use range, the marketplace is categorized into construction & infrastructure, aerospace & defense, automotive, electrical & electronics, marine, chemical, and others.
 

The geographical analysis of the worldwide basalt fiber industry is studied for the major regions like North America, Asia Pacific, Europe, and Latin America. Asia Pacific is likely to hold significant market share over the assessment period, owing to high concentration of many notable manufacturers in the region.
 

Meanwhile, North America market is anticipated to showcase a strong growth rate over the estimated timeline 2021-2027, on account of favorable trade policies.
 

Prominent players influencing the worldwide basalt fiber industry trends are Zhejiang GBF Basalt Fiber Co. Ltd.,Shanxi Basalt Fiber Technology Co. Ltd., Kamenny Vek, Mudanjiang Jinshi Basalt Fiber Co. Ltd., Hebei Tonghui Technology Co. Ltd., Mafic SA, Galen, Mineral 7, and Sudaglass Fiber Technology among others.