Kamenny Vek and Galen are included in the list of key players in the global continuous basalt fiber market, which is forecasted to grow at a CAGR about 11% up to 2021. This growth figure is announced in ‘Global Continuous Basalt Fiber Market 2017-2021’ report by analysts from Research and Markets.
In 2016 the total market size for concrete fiber was $2,2 million. This market contains different fibers such as synthetic fiber, steel fiber, glass fiber, natural fiber, and basalt fiber. Continuous basalt fiber (CBF) constitutes 3.39% of the global concrete fiber market.
According to the analysts, the key players in the global continuous basalt fiber market are BASALTEX, Jiangsu Green Materials Vally New Material T&D, Kamenny Vek, Shanxi Basalt Fiber Technology, and Technobasalt. The other key vendors in the market include Mudanjiang Jinshi Basalt Fiber, Zhejiang GBF Basalt Fiber, MAFIC, Company Mineral 7, ISOMATEX, US Basalt, Sudaglass Fiber Technology, EAS Fiberglas, Basalt Fiber Tech, ASA.TEC, Galen.
Commenting on the report, the analysts say that the rise in technological advancements is the trend gaining momentum in the market. Technological innovations have helped the global continuous basalt fiber industry to grow in different areas such as assembled roving, direct roving, gun roving, chopped strands, and twisted yarns. The primary products are used to manufacture advanced products such as tapes, fabrics, non-woven, reinforcing mesh, yarns, chopped fiber, and roving fabrics. These products are used for diverse applications.
One of the major drivers is increasing demand from construction and automotive segment. The factors driving the growth of the market also include an increasing demand for high-performance sealing products, tires, and rapid growth of the automotive industry in developing economies. Basalt fibers, which are resistant to UV, high-energy electromagnetic radiation, acids, and maintain their properties in cold temperatures suit this purpose.
Basalt fibers are also used in heat isolation materials for manufacturing automobile mufflers, panels, screens, plastics, reinforcing materials for shoes and disks, constructional plastics, non-flammable composite materials, cords for automobile tire covers, chopped fiber for reinforcing plastic. Basalt roving is used for the production of fuel tanks, LPG and compressed NG cylinders. It is also used in corrosion and wear resistant coating materials for proof covering of the bottoms of cars. The diversity in applications means the importance of basalt fiber in the automotive market growth.
One of the major factors hindering the growth of this market is increasing threat from substitutes. The market faces stiff competition from the glass fiber market as well as the carbon fiber market, as these products have similar applications in the automobile, construction, agricultural, energy, and chemical industries. These fibers were introduced earlier than continuous basalt fiber and thus, have loyal consumers.