ID: MRFR/CnM/6435-HCR | February 2021 | Region: Global | 140 pages
Global Basalt Fiber Market is expected to reach over USD 102.4 Million by the end of 2024, registering a CAGR of 8.9% during the forecast period.
Basalt fiber, a type of fiber-reinforced polymer, is made up of extremely fine fibers of basalt, comprising minerals such as pyroxene, plagioclase, and olivine. Basalt fiber is comparatively new in the fiber-reinforced polymers and has emerged as a strong competitor to other fibers such as glass, carbon and aramid. Basalt fiber has a high tensile strength, and high resistance to alkaline, acidic, and salt corrosion, making it a near-perfect choice in various construction applications such as concrete, shoreline structures, and bridges. Basalt fibers are a low-cost alternative to carbon fibers in various applications such as filament winding of pipes, tanks, and cylinders. Furthermore, owing to its high temperature resistance and excellent shock resistance, basalt fibers find application as fireproof textiles in the automotive and aerospace & defense industries.
The demand for basalt fiber is estimated to witness a significant surge owing to increasing adoption in an array of applications across various end-use industries such as automotive, construction, marine, aerospace & defense, and chemical. The construction and automotive end-use industry segments collectively accounted for more than half of the total basalt fiber market in 2018. Moreover, the construction industry is expected to be the fastest-growing during the forecast period. This can be attributed to the increasing use of basalt fiber as an alternative to steel reinforcements owing to its better mechanical properties and corrosion, chemical, and thermal resistance, among other qualities. Another major driving factor for the growth of the global basalt fiber market is the increasing demand for lightweight composite materials in the automotive industry.
The basalt fiber market faces a few challenges with respect to limited availability raw material availability and cost of production. Furthermore, basalt fiber faces a huge competition from alternative composite fiber such as fiber glass.
Some of the key players operating in the global basalt fibers market are Kamenny Vek (Russia), Galen Ltd (Russia), Technobasalt Invest LLC (Ukraine), Albarrie Canada Limited (Canada), Zhejiang GBF Basalt Fiber Co., Ltd (China), Sudaglass Fiber Technology (China), Mafic SA (Ireland), Shanxi Basalt Fiber Technology Co., Ltd (China), Basaltex (Belgium), JiangSu Tianlong Continuous Basalt Fiber Co. Ltd (China), INCOTELOGY GmbH (Germany), Mudanjiang Basalt Fiber Co., Ltd (China), Russian Basalt LLC (Russia), HDM (Germany), and Arrow Technical Textiles Private Limited (India).
Global Basalt Fiber Market Share, by End-Use Industry, 2018 (%)
Source: MRFR Analysis
The global basalt fiber market has been studied across five key regions namely—Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. The European market is expected to dominate the global basalt fiber market. Russia is expected to be among the key producers and suppliers of basalt fiber in the European market. The market in North America is expected to be another prominent regional player. The demand for basalt fiber is expected to increase significantly in North America and Europe, especially, in the automotive industry, owing to increasing use of lightweight composite materials. Asia-Pacific is expected to be a relatively high growth market for basalt fiber. Several global players are venturing into the Asia-Pacific market to cater to the growing demand in the region. The Middle East & Africa is projected to record moderate growth during the forecast period, with most of the demand arising from the construction sector. The Latin American market is expected to be a lucrative base for basalt fiber owing to the steady growth of end-use industries such as automotive, aerospace, and electrical and electronics.
The global basalt fiber market has been segmented based on form, product type, end-use industry, and region.
On the basis of form, the global basalt fiber market has been categorized as continuous, and discrete.
Based on product type, the global basalt fiber market has been compartmentalized into roving, chopped strands, fabric, mesh and grid, mats, and others.
By end-use industry, the global basalt fiber market has been divided into construction, automotive, aerospace & defense, electrical and electronics, chemical, marine, and other the global basalt market has been segregated, on the basis of region, into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.