The continuous basalt fiber market is expected to grow by USD 66.01 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Continuous Basalt Fiber Market 2020-2024 (Graphic: Business Wire)
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Continuous basalt fiber has a high strength-to-weight ratio and better corrosion resistance compared to steel. It also exhibits high tensile strength and high chemical and fire resistance than glass. These properties have increased the use of continuous basalt fiber as a substitute for traditional materials such as steel and glass in the construction industry, which is driving the growth of the market.
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As per Technavio, the rise in building construction activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Continuous Basalt Fiber Market: Rise in Building Construction Activities
The rising focus on infrastructure development has increased the number of construction activities worldwide. Developed countries such as the US, Canada, and some EU countries are focusing on improving existing infrastructure. The construction industry is also witnessing significant growth in developing countries such as China and India. These factors are increasing the demand for new single and multi-family homes. For instance, the residential housing completions in the US grew by about 8.2% between July 2016 and July 2017. Therefore, the rising construction activities are expected to fuel the growth of the global continuous basalt fiber market during the forecast period.
"Increase in aircraft deliveries and the rising affluence of middle-class population in developing countries will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Continuous Basalt Fiber Market: Segmentation Analysis
This market research report segments the continuous basalt fiber market by Application (Construction, Molding, Electrical and electronics, Automotive, and Others) and Geography (North America, Europe, APAC, South America, and MEA).
The North American region led the continuous basalt fiber market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing investments in renewable power sources in the region.
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Some of the key topics covered in the report include:
Market positioning of vendors
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