BasaltFiberis a special material made out of very fine threads of basalt, whichconsists mainly of magnesium, calcium, and phosphorus. It is muchlike fiberglass, having superior physical properties than ordinaryfiberglass, yet being relatively cheaper than carbon fiber. Basalt isan igneous rock that forms at high pressure and temperatures inEarth's crust. Since it forms at such high temperatures, thismaterial is called a super-hard mineral. Because of this property,when made into fibers, basalt fiber is exceptionally flexible anddurable. It is used as a fireproof textile in the aerospace andautomotive industries and as a substitute to steel rebar and glass inconstruction industry.
MarketDynamics
Increasinginvestment in basalt fiber production is expected to propel growth ofthe globalBasaltFiber Market.Forinstance, in 2019, Armenia announced to develop a new segment of itsindustry – production of basalt fiber.
Increasinginvestment in the military and defense sector is expected to offerlucrative growth opportunities for players in the basalt fibermarket. For instance, in March 2019,China's Ministry of Financeannounced a yearly budget of US$ 177.5 billion for the defense sectorcompared to US$ 167.4 billion in 2018.
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