The global basalt fiber market is estimated to grow at a CAGR of over 10% during the forecast period. The factors that drive the global basalt fiber industry include the rising construction industry coupled with the increased demands for high-performance sealing products. Also, the characteristics possessed by the basalt fiber such as low energy consumption, low cost of basalt & associated process equipment, high durability & strength of resulting fibers, increased demand for high chemical-resistant fibers primarily increases the demand for the basalt fibers and hence drives the market growth.
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However, the presence of substitutes, such as glass and carbon fibers, and the lack of availability of raw materials and suppliers are some of the factors that challenge the growth of the market. Whereas, factors such as the development of novel basalt fiber types, the increasing energy efficiency of equipment, and the high use of associated petroleum gas for melting basalt rocks provide growth opportunities to the market during the forecast period.
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Key players to contribute to the growth of the market
The key players that are dominating the global basalt fibers market include Shanxi Basalt Fiber Technology Co., Asamer Basaltic Fibers GmbH, BASALTEX NV, Sudaglass Fiber Technology Inc., Mafic SA, and others. The companies are constantly contributing to attract customers and also to stay competitive in the market. The companies are focusing on geographical expansion, mergers & acquisitions, finding a new market or innovate in their core competency to expand individual market share. For instance, in January 2018, Mafic SA and Michelman, inc. announced the strategic partnership that is focused on the innovation of the basalt fiber composites offered by the company, which aids the company to offer enhanced products to its customers across the region.
In December 2017, Michelman and Mafic announced the partnership and launched an innovative product that aims at increasing the performance and surface characteristics of basalt fibers and their utilization in high-performance composites.
In June 2017, Kamenny Vek started the production of 2000 tex direct basalt fiber roving. These direct rovings offer benefits such as zero catenary and high mechanical strength in applications where high tex is required.
Current Market Trends Covered in the Market Report:
- Increased spending on the construction sector and rise in demands in automotive sales is likely to positively affect the basalt fiber market growth during the forecast period
- Shifting of consumer preferences toward the use of novel and advanced products is expected to provide a growth rate to the basalt fiber market
- Construction segment will account for significant growth in the market
- The novel innovations, geographical expansions and partnerships, and mergers will be the key strategy of the players
- The North America region will register a significant growth rate in the basalt fiber market globally
Global Basalt Fiber Market – Segmentation
By Form
- Continuous Basalt Fiber
- Discrete Basalt Fiber
By End-use
- Construction & Infrastructure
- Automotive
- Aerospace & Defense
- Electrical & Electronics
- Chemical
- Others
Global Basalt Fiber Market – Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Asamer Basaltic Fibers GmbH
- Basalt Products Group LLC
- BASTECH Trade
- BASALTEX NV
- GBF Basalt Fiber Co. Ltd.
- Incotelogy GmbH
- Isomatex SA
- Jiangsu Green Materials Vally New Material T&D Co. Ltd. (GMV)
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