Market Insights:
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.
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 Market. 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.
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.
·
Technobasalt Invest LLC
·
Galen Ltd
·
Kamenny Vek
·
Albarrie Canada Limited
·
Zhejiang GBF Basalt Fiber Co.,
Ltd
·
Mafic SA
·
Sudaglass Fiber Technology
·
Shanxi Basalt Fiber Technology
Co., Ltd
·
Basaltex
·
INCOTELOGY GmbH
·
Mudanjiang Basalt Fiber Co.,
Ltd
·
Arrow Technical Textiles
Private Limited
·
Russian Basalt LLC
·
JiangSu Tianlong Continuous
Basalt Fiber Co. Ltd
·
HDM
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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