The global basalt fiber market is projected to grow with a CAGR of 13% in a period of 2017-2026.
According to the Research and Markets, the global basalt fiber market was accounted for $159.52 million in 2017. The analysts expect it to reach $498.47 million by 2026 growing at a CAGR of 13.5%.
In 2019 the global basalt fiber market is accounted for $227 million and it is projected to reach $397 million by 2024 growing in value terms by 201,8%.
The main market drivers are growing demand among the emerging economies of Asia Pacific region in the automotive industry, rapid rise in government regulations and total population. Moreover, growing demand in raw materials and innovations are mentioned among growth opportunities for the market.
Among fiber forms, continuous basalt fiber segment is expected to fuel the market share.
The increased industrial development in China is expected to drive the market growth in the Asia Pacific region. The Chinese manufacturers are developing new technologies focused on manufacturing low-cost continuous basalt fiber.
However, lack of suppliers and rise in threat of substitute are hindrance for the growth of the market.
Basalt fiber reinforced polymer (BFRP) reinforcing bars have recently introduced as an alternative to steel reinforcement for concrete structures and as external support for retrofitting of concrete structures. Chopped basalt fibers have also been introduced as an additive to concrete mixes to produce fiber reinforced concrete (FRC)
Basalt fiber has not been so widely used as glass fiber and carbon fiber. However, a number of factors are capable of fueling continuous basalt fiber segment during the forecast period. For instance, better mechanical strength characteristics than those of steel drive basalt fiber demand in the construction industry.
According to the research, the key players in the basalt fiber market include:
- Technobasalt-Invest LLC,
- Shanxi Basalt Fiber Technology Co. TD,
- Zhejiang GBF Basalt Fiber Co.,
- INCOTELOGY GmbH,
- Kamenny VEK,
- Mudanjiang Jinshi Basalt Fiber Co. Ltd,
- Sichuan Aerospace Tuoxin Basalt Industrial Co., Ltd,
- ISOMATEX S.A.,
- Nmg Composites Co., Ltd,
- Sudaglass Basalt Fiber Technology,
- Fiberbas Construction and Building Technologies,
- Jiangsu Green Materials Vally New Material T&D Co., Ltd (GMV),
- Russian Basalt,
- Jilin Province Huayang New Composite Material Co., Ltd.,
- Mafic SA.
The research covered the following products:
- Chopped Strands
- Other Products
And the following forms:
- Discrete Basalt Fiber
- Continuous Basalt Fiber
- Continuous Filaments
- Other Forms