Global consulting agency Global Market Insights released a new research report on global basalt fiber market.
The report covers data segmented by fibers form (continuous and discrete), by end-use (Construction & Infrastructure, Automotive, Aerospace & Defense, Electrical & Electronics, Chemical, Marine, Others), and regional outlook for the period 2019-2025.
According to the report, global basalt fiber market size is expected to grow from $190 million in 2018 to more than $400 million by 2025 with 12% CAGR.
Igneous rock is the only raw material used to produce basalt fibers, which have excellent chemical and physical properties.
This material is eco-friendly and cost-effective. When basalt fiber is widely used in such sectors as construction, automotive, aerospace, and consumer goods, it will drive demand growth in the forecast period.
Rising environmental concerns have triggered a paradigm shift towards material compatible with the environment among manufacturers. Rising concerns for global warming and environmental pollution will augment the business expansion as the use of basalt fiber in production facilities will cause minimum waste that will help to preserve various ecological resources.
Continuous form of basalt fibers registered sales over $90 million in 2018.
Strong demand for technical textile across construction and manufacturing setups will augment the demand for basalt fibers. Shifting preference towards basalt fiber reinforced polymer (BFRP) bars as a substitute for steel reinforcements in the construction sector will further foster the industry growth.
By end-use, construction and infrastructure segment is expected to hold over 35% market share up to 2025.
Widespread use of chopped fibers in concrete and asphaltic-concrete structures, self-leveling floors and waterproof material for roof and underground structures in construction will foster the demand for basalt fibers.
Discrete basalt fiber is expected to register over 50% market revenue share in 2025.
Increasing investments in R&D activities to enhance basalt fiber application scope in the textile industry will foster new opportunities for industry participants over the forecast timeframe. Growing necessity for reducing carbon footprints will upsurge the product demand from the power sector.
Rapid expansion of the automotive sector and growing application of materials with superior mechanical, physical and chemical properties across automotive sector will support industry development.
The aerospace and defense industries is expected to register over 12.5% CAGR up to 2025 and is projected to be the fastest growing segment in the forecasted period.
Resistance to high chemical reactive materials and high temperatures makes basalt fiber widely acceptable in various applications. Easy availability in various sizes and compatibility with various resins is likely to fuel product demand for the production of composite products.
North America holds the largest share in basalt fiber market and expected to grow over 11.5% CAGR in 2025.
Asia Pacific is the fastest growing market owing to the presence of a huge number of manufacturers and increasing production capacity. Rising awareness regarding sustainable living and environment-friendly materials in infrastructure, aerospace and other industries will boost the demand for basalt fibers in the region.
Asia Pacific market is expected to register over 18% market volume share up to 2025.
According to the analysts, the key players in the global basalt fiber marker are as follows:
- Sudaglass Fiber Technology
- Company Mineral 7
- Mafic SA
- Jiangsu Green Materials Vally New Material T&D
- Hebei Tong-Hui Technology
- Mudanjiang Jinshi
- «Kamenny vek»
- Shanxi Technology
- Zhejiang GBF.
The industry participants are making strategic investments in R&D to offer innovative prepositions to the end users in various industries. Manufacturers continuously strive to strengthen technological innovations and improve their product quality.