DUBLIN--(BUSINESS WIRE)--The "Basalt Fiber Market by Form (Continuous and Discrete), End-Use Industry (Construction & Infrastructure, Automotive & Transportation, Electrical & Electronics, Marine), Usage (Composites, Non-Composites), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The basalt fiber market size is estimated to be USD 227 million in 2019 and is projected to reach USD 397 million by 2024, at a CAGR of 11.8% between 2019 and 2024.
Basalt fibers are used in different industries such as marine, automotive & transportation, electrical & electronics, construction & infrastructure, wind energy, and others. They exhibit various properties such as non-corrosiveness, heat & fire resistance, and high mechanical strength. The superior properties offered by basalt fiber are enabling its usage in the end-use industries.
The basalt fiber market comprises major solution providers such as Kamenny Vek (Russia), Mafic SA (Ireland), Zhejiang GBF Basalt Fiber Co. Ltd (China), Technobasalt-Invest LLC (Ukraine), Russian Basalt (Russia), Sudaglass Basalt Fiber Technology (US), and Isomatex (Belgium).
The study includes an in-depth competitive analysis of these key players in the basalt fiber market, with their company profiles, recent developments, and key market strategies.
Continuous basalt fiber accounted for the largest share, in terms of value and volume, in the basalt fiber market
Continuous basalt fiber dominated the global basalt fiber market in 2018. Continuous basalt fibers possess characteristics, such as superior efficiency, higher tensile strength, and excellent mechanical properties. Also, these fibers are eco-friendly, which makes them suitable for various applications, such as reinforcing nets, pipes, containers, electrical insulation materials, basalt plastic products, and others.
Additionally, they offer higher strength than steel which makes them a preferred material in the construction industry. The high market share of continuous basalt fibers is attributed to its significant properties.
The basalt fiber market in the construction & infrastructure end-use industry is expected to register the highest CAGR between 2019 and 2024
The increasing use of basalt fiber in the construction & infrastructure industry is mainly due to its environmentally friendly properties, good compatibility with concrete, and easy mixing at high concentration. Basalt fiber offers higher mechanical properties that are required for construction in extreme conditions and at a much lower price compared to all other alkali-resistant fibers.
Industry experts concluded that a ton of basalt rods could provide reinforcement equal to 4 tons of steel rods. All these benefits make basalt fiber product a good and economical alternative to alkali-resistant fibers, which are presently used in the market.
The basalt fiber market in APAC is projected to register the highest CAGR, in terms of value and volume, between 2019 and 2024
APAC dominated the global basalt fibers market. The region has the presence of many manufacturers of basalt fibers and its products. China accounted for a major share of the global basalt fiber market and is expected to register the highest CAGR during the forecast period.
The rising awareness among the Chinese manufacturers regarding basalt fiber production, and the increasing demand for environmentally friendly and high-performance materials is driving the basalt fiber market in China. Also, the low cost of raw materials coupled with less stringent government regulations are driving the market in the country.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Limitations
1.5 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Data Triangulation
2.4 Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Basalt Fiber Market
4.2 Basalt Fiber Market, By Region and End-Use Industry
4.3 Basalt Fiber Market, By Form
4.4 Basalt Fiber Market, By Usage Type
4.5 Basalt Fiber Market, By Country
5 Market Overview
5.1 Introduction
5.2 Evolution of Basalt Fibers
5.3 Market Segmentation
5.3.1 Basalt Fiber Market, By Usage
5.3.2 Basalt Fiber Market, By Form
5.3.3 Basalt Fiber Market, By End-Use Industry
5.4 Market Dynamics
5.4.1 Drivers
5.4.1.1 Increase in Demand for Noncorrosive Materials
5.4.1.2 Enhanced Physical, Mechanical, and Chemical Properties
5.4.1.3 Environmentally Friendly and Easily Recyclable Material
5.4.2 Restraints
5.4.2.1 Competition With Matured Products
5.4.3 Opportunities
5.4.3.1 Increase in Demand for Basalt Fiber in Europe and APAC
5.4.3.2 Growing Adoption of Environmentally Friendly and Recyclable Material
5.4.4 Challenge
5.4.4.1 Complex Manufacturing Process and High Cost Compared to E-Glass Fibers
5.4.4.2 Difficulty in Promotion of Basalt Fiber
6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.3 Price Analysis
6.4 Porter's Five Forces Analysis
6.5 Technological Advancements
6.5.1 Use of Basalt Fiber in Hybrid Fabrics
7 Macroeconomic Overview and Key Trends
7.1 Introduction
7.2 Trends and Forecast of GDP
7.3 Trends and Forecast of the Construction & Infrastructure Industry
7.4 Trends in Automotive & Transportation Industry
7.5 Trends in Wind Energy Industry
8 Basalt Fiber Market, By Usage Type
8.1 Introduction
8.2 Basalt Fiber in Composites
8.2.1 Basalt Fiber in Composites Improve the Structural Safety and Sustainability of the Construction
8.3 Basalt Fiber in Non-Composites
8.3.1 Basalt Fibers are Increasingly Used in Various Used Non-Composite Applications Such as Fabrics, Mesh, Felts, Insulation Sleeves, and Concrete Reinforcements
9 Basalt Fiber Market, By Form
9.1 Introduction
9.2 Continuous Basalt Fiber
9.2.1 Continuous Basalt Fibers Possess Superior Characteristics, Such as Superior Efficiency and Higher Tensile Strength
9.3 Discrete Basalt Fiber
9.3.1 Rapidly Growing Construction & Infrastructure and Transportation Industries are Spurring the Demand for Discrete Basalt Fibers
10 Basalt Fiber Market, By End-Use Industry
10.1 Introduction
10.2 Construction & Infrastructure
10.2.1 Basalt Fiber are Slowly Replacing Steel in the Construction Industry Due to their Unique Combination of Properties
10.3 Automotive & Transportation
10.3.1 Basalt Fiber Possess Environmentally Friendly Properties and Also Reduces the Cost of Vehicles
10.4 Electrical & Electronics
10.4.1 Basalt Fiber is Also Replacing Glass Materials in Important Electrical and Electronics Application Areas
10.5 Wind Energy
10.5.1 Basalt Fibers Do Not React With Air Or Water Leading to their Higher Demand in the Production of Wind Turbines
10.6 Marine
10.6.1 The Demand for Basalt Fiber to Build Pontoons is Increasing
10.7 Others
11 Basalt Fiber Market, By Region
11.1 Introduction
11.2 North America
11.2.1 Canada
11.2.1.1 They Proficient Aerospace Industry in Canada is Driving the Market
11.2.2 US
11.2.2.1 New Basalt Fiber Products are Offered By the Manufacturers in the US
11.3 Europe
11.3.1 Germany
11.3.1.1 Germany is the Second-Largest Market for Basalt Fiber in Europe
11.3.2 UK
11.3.2.1 UK is One of the Key Markets for Basalt Fiber
11.3.3 Belgium
11.3.3.1 Automotive & Transportation Industry is Bolstering the Demand in the Country
11.3.4 Ukraine
11.3.4.1 Presence of Basalt Rock in the Neighboring Region Drives the Market in the Country
11.3.5 Russia
11.3.5.1 Russia is the Largest Market for Basalt Fiber in the European Region
11.3.6 Ireland
11.3.6.1 High Demand is Witnessed in the Construction & Infrastructure and Wind Energy Industries of the Country
11.4 APAC
11.4.1 China
11.4.1.1 China is the Fastest-Growing Market for Basalt Fiber, Globally
11.4.2 Japan
11.4.2.1 The Growing Automotive Industry is Boosting The Demand for Basalt Fibers
11.4.3 Singapore
11.4.3.1 Singapore is the Second-Largest Market in APAC
11.5 Latin America
11.5.1 Brazil
11.5.1.1 Brazil is the Largest Market for Basalt Fiber in Latin America
11.5.2 Mexico
11.5.2.1 The Growing Wind Energy Sector in the Country is Driving the Demand for Basalt Fiber
11.6 MEA
11.6.1 South Africa
11.6.1.1 South Africa is the Largest Market in MEA
11.6.2 Saudi Arabia
11.6.2.1 Saudi Arabia is the Fastest-Growing Market in MEA
11.6.3 UAE
11.6.3.1 Increasing Demand From the Construction & Infrastructure Industry is Increasing the Demand for Basalt Fiber
12 Competitive Landscape
12.1 Introduction
12.2 Competitive Leadership Mapping
12.2.1 Visionary Leaders
12.2.2 Dynamic Differentiators
12.2.3 Emerging Companies
12.2.4 Innovators
12.2.5 Strength of Product Portfolio
12.2.6 Business Strategy Excellence
12.3 Market Ranking
12.4 Competitive Scenario
12.4.1 Expansion
12.4.2 New Product Development
12.4.3 Partnership
13 Company Profiles
(Business Overview, Products Offered, Recent Developments, SWOT Analysis)
13.1 Kamenny VEK
13.2 Zhejiang GBF Basalt Fiber Co.
13.3 Mafic SA
13.4 Technobasalt-Invest LLC
13.5 Russian Basalt
13.6 ISOMATEX S.A.
13.7 INCOTELOGY GmbH
13.8 Sudaglass Basalt Fiber Technology
13.9 Shanxi Basalt Fiber Technology Co. TD
13.10 Mudanjiang Jinshi Basalt Fiber Co. Ltd.
13.11 Other Companies
13.11.1 Basalt Technology UK Limited
13.11.2 Sichuan Aerospace Tuoxin Basalt Industrial Co. Ltd.
13.11.3 ASA. Tec GmbH
13.11.4 Sichuan Fiberglass Group Co. Ltd.
13.11.5 Nmg Composites Co. Ltd.
13.11.6 Fiberbas Construction and Building Technologies
13.11.7 Liaoning Jinshi Technology Group Co. Ltd.
13.11.8 Jiangsu Green Materials Vally New Material T&D Co. Ltd. (GMV)
13.11.9 Yingkou Hongyuan Fiberglass Technology Co. Ltd.
13.11.10 Jilin Province Huayang New Composite Material Co. Ltd.
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