The global basalt fiber market is estimated to grow at a CAGR of over 10% during the forecast period. The market growth is attributed to the increasing demand from various end-user industries such as construction, aerospace & defense, automotive, and electrical & electronics, among others. Basalt fiber possesses similar chemical composition and properties as glass fiber, however, it has better strength characteristics, and unlike most glass fibers is highly resistant to alkaline, acidic and salt attack, which makes basalt fiber a better option over other alternatives for concrete, bridge and shoreline structures.