Global Basalt Fiber Market Analysis

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.

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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.