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.
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.
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).
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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