Albany, NY -- (SBWIRE) -- 12/20/2016 -- Basalt is the most common rock found in the earth's crust. Continuous basalt fibers are produced by melting basalt rock at about 2,700°F. Compared to glass and mineral fibers, basalt fibers are highly efficient as composite materials. This has led to the growth of the global continuous basalt fibers market. The market, which was worth US$51.4 million in 2012, is expected to grow at a CAGR of 10.9% during the period from 2013 to 2019, and reach a valuation of US$104.7 million by 2019.

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Steep Cost of Production to Restrict Global Continuous Basalt Fibers Market

Continuous basalt fibers display desirable characteristics such as high thermal resistance, high durability, and compatibility with other materials such as plastics, metals, and glues. Basalt fibers are also nontoxic even after reacting with air or water, which means they can be used in applications where constant proximity to humans isn't a concern. The high efficiency and environmental benefits of continuous basalt fibers have boosted the growth of the global continuous basalt fibers market.Due to their excellent heat insulation properties, continuous basalt fibers are being used as composite materials in the construction industry across the globe. The growing construction industry in Asia Pacific is expected to propel the market during the period between 2013 and 2019. However, the steep cost associated with melting basalt rock at high temperature during the production of continuous basalt fibers is expected to hamper the overall market. The increasing demand for renewable energy in the coming years will open new opportunities for the use of continuous basalt fibers in various applications such as wind energy.

Building and Construction Major Segment of Global Continuous Basalt Fibers Market

On the basis of application of basalt fibers, the global continuous basalt fibers market is segmented into electronics, transportation, building and construction, molded materials, and others. In 2012, building and construction accounted for around 37% of the global demand for continuous basalt fibers. Growing concern about the health hazards of electronic waste will push the demand for basalt fibers in the electronics industry. The electronic application segment is expected to grow consistently at a CAGR of 12.8% during the period from 2013 to 2019. Revenue generated from the transportation segment is also estimated to increase at a CAGR of 13% during the same period.

Asia Pacific to Lead Demand from Global Continuous Basalt Fibers Market

Globally, the continuous basalt fibers market has been divided into four key regions: Asia Pacific, Europe, North America, and Rest of the World. North America dominated the overall market in 2012, with a 40% share. The growing demand for continuous basalt fibers in the transportation sector in North America has contributed to its emergence as the key region in the market. However, during the next couple of years, Asia Pacific is expected to significantly contribute to the growth of the global continuous basalt fibers market, owing to the growing construction and electronics industries in the region. China is a major exporter of continuous basalt fibers in the region, catering to the demand from domestic and the international markets.

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Key Players in Global Continuous Basalt Fibers Market

Some of the key players in the global continuous basalt fibers market are Sudaglass Fiber Technology, Mafic SA, Basaltex NV, and Kamenny Vek.

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