Increasing Investment in Basalt Fiber Production and Increasing Investment in Military and Defense Sector to Augment Growth of Basalt Fiber Market
Basalt fiber is a special material made out of very fine threads of basalt, which consists mainly of magnesium, calcium, and phosphorus. It is much like fiberglass, having superior physical properties than ordinary fiberglass, yet being relatively cheaper than carbon fiber. Basalt is an igneous rock that forms at high pressure and temperatures in Earth's crust. Since it forms at such high temperatures, this material is called a super-hard mineral. Because of this property, when made into fibers, basalt fiber is exceptionally flexible and durable. It is used as a fireproof textile in the aerospace and automotive industries and as a substitute to steel rebar and glass in construction industry. Market Dynamics Increasing investment in basalt fiber production is expected to propel growth of the global basalt fiber market. For instance, in 2019, Armenia announced to develop a new segment of its industry – production of basalt fiber. Increasing investment in the military and defe...