The global basalt fibers market is projected to grow at a CAGR of 8.3% from 2018 to 2026.
By the end of this period the market is expected to reach $120 mln.
A research company Fact.MR
For the research and forecast, the analysts took into account historical data for the period 2013-2017, macroeconomic factors encouraging the growth of the global basalt fiber market, leading segments and various market trends.
The analysts consider basalt fibers market to be relatively niche market as compared to other fibers. In the present scenario, there are only a few number of manufacturers for basalt fibers predominantly-based in Russia, Ukraine, China and North America amongst others.
However, capacity additions and establishment of new production plants across North America, Europe and Asia Pacific region are expected to increase in the coming years, especially with the ongoing research and development and investments.
Demand for basalt fibers continues to remain high. Basalt fibers have been widely used in the construction industry as an alternative for steel and other fibers owing to the superior chemical and mechanical properties, and also reasonable price and sustainability.
The growing spending for infrastructural and industrial development has led to a rise in the demand for basalt fibers as reinforcement material for the construction of roads and bridges.
Basalt composites will be increasingly used in the aerospace industry, in the fire protection and the wind industry to result in the growth of demand for basalt fiber.
The report is divided into three sections based on market segmentation as:
- By Product Type
-Mesh and Grids
- By End Use Industry
-Building and construction
-Aerospace and defence
-Sports accessories and others
- By Region
-SEA and Pacific
The stringent regulations, especially, in North America and Europe region regarding vehicle emissions has led the manufacturers to focus on reduction of weight of vehicles. This aspect has resulted in the growth of demand for basalt fiber at almost 7% for the last four years, inform analysts.
Mature markets to retain leadership, though emerging markets to grow faster.
By the late 2018, the cumulative share of North America and Europe is projected to reach about 60% of the global basalt fiber market.
Europe is projected to lead the global basalt fibers market both in terms of production and consumption. Russia holds a significant share in the European basalt fiber market.
North America is also projected to hold a significant share in the global basalt fibers market expanding at a CAGR of 8.3% over the forecast period. China is projected to grow at a relatively higher CAGR over the forecast period.
Latin America and MEA are projected to remain low-volume-high-growth regions over the forecast period.
By product type, the segment of roving is expected to remain dominant with about 50% of the global basalt fiber market.
However, there are a few challenges that restrain the industry growth.
For instance, the quality and exact chemical composition of the basalt rock required for the formation of basalt fibers is available at only specific locations in Eastern Europe. Therefore, though the raw material is available at cheap cost, it has to be imported. Moreover, the initial set up and equipment cost are quite high and require capital investment, thus posing a major challenge for the manufacturers.
The manufacturers are focusing on developing an alternative low-cost technologies for the production of basalt fibers. As a result, new production plants are projected to come online in the coming years.
To retain leading positions, the key players in the basalt fiber market rely on long-term partnerships with composites manufacturers and tend to expand their regional market.
The report deals with a number of leading players in the global market in order to evaluate strategies, key offers and latest developments: Technobasalt-Invest LLC, Sudaglass Fiber Technology, Kamenny Vek, Zhejiang GBF Basalt fibers Co., Ltd (GBF), Mafic SA, JiangSu Tianlong Continuous Basalt fibers Co.Ltd, Shanxi Basalt Fibre Technology Co., Ltd, Isomatex SA.
Currently, the organizers of the