The global basalt fiber market is expected to reach USD 447.6 Million by 2026, according to a new report by Reports and Data. Basalt, a kind of igneous rock, is formed by the fast cooling of lava at the surface of the earth. It is the most commonly found rock in the Earth’s crust and basalt deposits with uniform chemical makeup form high-quality basalt fibers. Increasing demand for basalt fibers across various end-use industries such as construction, automotive, aerospace & defense, and electronics is estimated to drive market growth. Growing environmental concerns have initiated a paradigm swing to material compatible with the environment among manufacturers. Moreover, aspects including low cost, high mechanical & chemical strength are expected to fuel the product penetration rate. Surging demand for naturally derived fibers over synthetically produced is anticipated to create new growth opportunities for industry participants.
Basalt Fiber Market Size – USD 196.0 Million in 2018, Market Growth – CAGR of 10.7%, Market Trends –Surging growth in automotive sales in developing economies
Increasing demand for basalt fiber for its superior properties over other materials is estimated to stimulate market demand.
Robust demand for technical textiles in the construction and manufacturing industry is likely to propel the demand for basalt fibers. Shifting preference to basalt fiber reinforced polymer (BFRP) bars as an alternative or steel reinforcements in the construction sector will foster the market growth. Increasing investments in R&D activities to improve basalt fiber application scope in the textile industry will open a window of opportunities for market players over the forecast period.Rising demand for reducing carbon footprints will boost the market demand from the power sector. Significant growth in demand for these fibers attributed to superior properties such as low peak load and high energy absorption will further propel the overall market demand. Growing concerns for global warming and environmental pollution is also expected to trigger the business expansion owing to the use of basalt fiber in production facilities will cause minimum waste that will help to preserve various ecological resources.
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Further key findings from the report suggest
- By product form, roving is likely to grow at a significant rate in the forecast period. It is a bundle of continuous mono-directional complex basalt fibers which possesses resistance to aggressive environments, high natural strength, long service life, and excellent electric insulating properties. By its technical characteristics, basalt roving exceeds S-glass and E-glass by many parameters.
- Continuous basalt fibers are projected to witness a higher growth rate of 11.1% in the forecast period. Continuous basalt fiber is extensively used in the construction and composites industry. The combination of high mechanical properties, resistance to harsh media, and high temperatures, makes the basalt fiber a suitable alternative for fibrous materials and metal.
- The Asia Pacific is forecasted to be the fastest-growing region in the market attributed to the presence of a large number of market players and increasing production capacity. Growing awareness pertaining to sustainable living and environment-friendly materials in infrastructure, aerospace, and other industries is projected to drive the market demand in the region.
- Key participants include Kamenney VEK, Zhejiang GFB Basalt Fiber Co., Mafic SA, Technobasalt-Invest LLC, Russian Basalt, ISOMATEX S.A., INCOTELOGY GmbH, Sudaglass Basalt Fiber Technology, Shanxi Basalt Fiber Technology Co. Ltd., and Mudanjiang Jinshi Basalt Fiber Co. Ltd, among others.
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For the purpose of this report, Reports and Data have segmented the global basalt fiber market on the basis of product type, form, usage type, application, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Chopped Strands
- Mesh & Grids
Form Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
Usage Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
Application Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Aerospace & Defense
- Electrical & Electronics
Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/basalt-fiber-market
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