Along with this, the volume & value of materials by applications such as building & construction, electronics, automotive, wind energy, marine and others are also discussed. It also identifies the driving and restraining factors for the basalt fiber market with an analysis of trends, opportunities, burning issues, and winning imperatives. The market is segmented and the volume & value have been forecasted on the basis of major regions such as North America, Asia-Pacific, Europe, and Rest of the World (ROW).
Increase in demand of basalt fibers from various application industries
Comprised of single-ingredient raw material melt, basalt fibers are superior to other fibers in terms of thermal stability, heat and sound insulation properties, vibration resistance and durability. Basalt fibers and composites have potential advantages for application in construction, compared with conventional structural and the other fiber materials. The fields of applications of basalt fiber products are extremely broad, depending on the specific properties of the fiber, including automotive, sporting goods, boat building, wind turbine blades, and civil engineering. In wind turbine blade and boat-building applications, basalt rovings are used to produce woven, and multiaxial fabrics. Here, the high corrosion resistance and high mechanical properties of basalt play the main role. So there is increase in demand of basalt fibers depending upon the specific need and requirement.
Global basalt fiber market was approx. more than $100 million in 2014
The market for basalt fiber in terms of value is expected to grow at a significant CAGR from 2014 to 2019. The Asia-Pacific region is expected to grow at a higher CAGR, from 2014 to 2020. Large building & construction industry and increasing automotive and wind energy in Asia-Pacific region is expected to drive the basalt fiber market. Electronic industry is also one of the growing potential application industry of basalt fiber.
Europe & North America accounted for more than 60% share in the basalt fibre market in terms of value in 2014
North America has a large appetite for consumption of basalt fibre globally followed by Europe. Europe and North America together accounted for more than 60% of the basalt fiber in terms of value in 2014. Asia-Pacific is also expected to grow at a highest CAGR and have a significant market share by 2020, with developing new application areas in aerospace and automotive market. In Europe the use of basalt fiber continues to increase in automotive industries to replace the other conventional composites in order to have performance benefits.