Global Basalt Fiber Market Size By Form (Continuous, Discrete) By End-Use (Construction & Infrastructure, Automotive, Aerospace & Defense, Electrical & Electronics, Chemical, Marine, Others), Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

Global Basalt Fiber Market Size

Global Basalt Fiber Market size was worth over USD 190 million in 2018 and is projected to witness more than 12% CAGR from 2019 to 2025.
 

Positive application outlook across various end-use industries including construction, aerospace & defense, automotive and electronics is anticipated to drive basalt fiber industry share. Rising environmental concerns have triggered a paradigm shift towards material compatible with the environment among manufacturers. Factors such as low cost, high mechanical & chemical strength are anticipated to further propel the product penetration rate. Increasing demand for naturally derived fibres over synthetically produced likely to create new growth opportunities for industry participants.
 

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. 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. Significant growth in demand for these fibers due to superior properties such as low peak load and high energy absorption will further propel the overall industry landscape. 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.
 

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. Recent advancement in polymer science is paving the way for basalt fiber market growth as the product is used for manufacturing brake pads, headliners and other interior applications for automobile industry. However, the availability of other substitutes including glass fiber and inadequate raw material supply may hamper the business expansion.
 

Global Basalt Fiber Market Analysis

Continuous form of basalt fibers registered sales over USD 90 million in 2018. Factors such as high thermal and physicomechanical properties are expected to support product demand from construction and composite industry. Resistance to high chemical reactive materials and high temperatures makes the product 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.
 

Discrete basalt fiber is expected to register over 50% market revenue share in 2025. Strong demand for manufacturing CNG cylinders, headliners and other interior parts in automotive, brake pads and friction materials will drive the segment growth. It provides great benefits as filler in car mufflers showing better resistance to thermal cycling. Rapidly growing demand for automobiles will provide lucrative opportunities for discrete fiber manufacturers in the forecasted timeframe.
 

Aerospace and defense is expected to register over 12.5% CAGR up to 2025 and is expected to be the fastest growing segment in the forecasted timeline. Increasing necessity for structural reinforcement in jets and other various aircraft is anticipated to fuel product demand. Key properties including excellent thermal and shock resistance compared to its substitutes are likely to boost product sales across this segment. Increasing global military expenditure and growing commercial aircraft production owing to the rising number of air travel passengers will propel the industry growth.
 

Construction and infrastructure segment by end-use is expected to hold over 35% market share up to 2025. Rising construction activities in various regions owing to population growth, rising income and government initiatives in several countries to develop better infrastructure will boost the demand for basalt fiber market. 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.
 

Asia Pacific market is expected to register over 18% market volume share up to 2025. The region 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. Low cost, easy availability and increasing production capacities are expected to boost regional growth.
 

North America holds the largest share in basalt fiber market and expected to grow over 11.5% CAGR in 2025. Rising population, increasing urban development, and favorable trade policies is projected to augment the overall market size. Growing construction expenditure due to speedy infrastructure expansion and the presence of strong automotive sector will also drive the regional demand.
 

Global Basalt Fiber Market Share

Global basalt fiber market share is highly competitive in nature due to the presence of large regional, international manufacturers. Key notable players in the industry include:

• Sudaglass Technology
• Company Mineral 7
• GMV
• Galen
• Mafic SA
• Jiangsu Green Materials Vally New Material T&D ISOMATEX
• Hebei Tong-Hui Technology
• Mudanjiang Jinshi
• KamennyVek
• 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.
 

Industry Background  

Global basalt fiber industry is segmented by form and end-use application. Igneous rock is the single raw material is used for manufacturing basalt fibers. It offers superior chemical & physical properties such as thermal stability, heat and sound insulation, vibration resistance and better durability compared to its substitutes. The material is environmentally friendly and low cost in nature. Extended and successful use of basalt fibers in several industries such as construction, automotive, aerospace, and consumer applications will propel the demand in the forecasted timeline. However, less availability of raw material and limited suppliers in the industry may impact the business. Rising construction and infrastructure activities in the region owing to government initiatives and rising population will drive the market growth in the Asia Pacific region.