Basalt Fiber Market Summary
The global demand for basalt fiber
has witnessed significant growth over the past couple of years, owing to the
increasing demand for high-performance applications particularly in the end-use
industries such as automotive and aerospace &defense. The market for basalt
fiber is expected to register a CAGR of 8.9% to reach USD 102.4 Million by
2024.
Competitive Analysis
The demand for basalt fiber has
increased significantly over the past couple of years. Hence, to carter the
growing demand, manufactures are investing in increasing their production
capacities. For instance, in 2017, Jilin Huayang New Composite Materials Co.,
Ltd opened a production plant with an annual capacity of 30,000 tons of basalt
fiber.
Some of the key players operating in
the global basalt fiber market are
Technobasalt Invest LLC (Ukraine), Galen Ltd (Russia), Kamenny Vek (Russia),
Albarrie Canada Limited (Canada), Zhejiang GBF Basalt Fiber Co., Ltd (China),
Mafic SA (Ireland), Sudaglass Fiber Technology (China), Shanxi Basalt Fiber
Technology Co., Ltd (China), Basaltex (Belgium), INCOTELOGY GmbH (Germany),
Mudanjiang Basalt Fiber Co., Ltd (China), Arrow Technical Textiles Private
Limited (India), Russian Basalt LLC (Russia), JiangSu Tianlong Continuous
Basalt Fiber Co. Ltd (China), and HDM (Germany).
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Segment Analysis
The global basalt fiber market has
been segmented based on form, product type, end-use industry, and region. Based
on form, basalt fiber market has been divided into continuous and discrete. The
continuous basalt fiber segment is projected to account for three-fourths of
the global basalt fiber market. These fibers are widely used across the
automotive and construction industries, as they are stronger and more
environment-friendly than discrete basalt fiber. The demand of continuous
basalt fibers in the electrical and electronic industry is expected to expand
at a rapid pace during the forecast period. Furthermore, continuous basalt
fiber is highly preferred in the construction industry due to higher reinforcement
strength and high resistant to electromagnetic radiations and ultraviolet rays.
By end-use industry, the global
basalt fiber market has been compartmentalized into construction, automotive,
aerospace & defense, electrical and electronics, chemical, marine, and
others. The construction and automotive segments accounted for a significant
share of the global basalt fiber market in 2018. Furthermore, increasing
implementation of basalt fiber, as a replacement of steel reinforcement and in
the retrofitting of various concrete structures, is projected to propel the
demand during the forecast period. In the automotive industry, basalt fiber is
used in fireproof materials, brake pads, mufflers, headliners, and various
other interior applications. Hence, with the increasing production of
automobiles especially in emerging economies such as India, China, ASEAN
countries, and Brazil, the basalt fiber market is projected to witness
considerable growth during the forecast period.
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Regional Analysis
Based on region, the global basalt
fiber market has been categorized as North America, Europe, Asia-Pacific, Latin
America, and the Middle East & Africa. Europe and North America are
expected to hold significant shares of the global market which can be
attributed to the high demand for lightweight and strong materials in the
automotive and construction industry. The Asia-Pacific market is projected to
record a relatively higher CAGR during the forecast period, on the account of
increasing automotive production and rising investments in the infrastructure
development.
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