The global basalt fiber market is estimated to grow at a CAGR of over 10% during the forecast period. The market growth is attributed to the increasing demand from various end-user industries such as construction, aerospace & defense, automotive, and electrical & electronics, among others. Basalt fiber possesses similar chemical composition and properties as glass fiber, however, it has better strength characteristics, and unlike most glass fibers is highly resistant to alkaline, acidic and salt attack, which makes basalt fiber a better option over other alternatives for concrete, bridge and shoreline structures. In addition, the basalt fiber has wider application temperature range -452° F to 1,200° F (-269° C to +650° C), higher oxidation resistance, higher radiation resistance, higher compression strength, and higher shear strength that enhances its demand in various applications. 

Further, the global basalt fiber market is also projected to register growth from the automobile and construction sector due to their characteristics including resistance power to varying temperature and chemicals, high mechanical strength, low water absorption, and durability. However, there are certain factors such as higher costs as compared to E-glass fibers which may act as a challenging factor for the growth of the market during the forecast period. 

Segmental Outlook

The global basalt fiber market is segmented on the basis of form and end-user. Based on the form, the market is bifurcated into continuous basalt fiber and discrete basalt fiber. Continuos basal market is estimated to witness remarkable growth during the forecast period. The growth is attributed to the increasing demand for sealing products. Further, on the basis of the end-user, the market is segmented into construction & infrastructure, automotive, aerospace & defense, electrical & electronics, chemical, and others such as marine. 

Continuous Basalt Fiber Segment to Grow Significantly During the Forecast Period

Based on the form of the basalt fiber, the continuous basalt fiber is expected to grow significantly over the forecast period. This is attributed to the efficiency and environment-friendly nature offered by continuous basalt fibers. This kind of fiber is mostly utilized in the construction industry as it possesses features such as higher strength as compared to steel and is resistant to electromagnetic radiations and UV rays. In addition, continuous basalt fibers are preferred for soil and embankment stabilization that tend to drive the segmental growth of the market. Further, several technology innovations, raw material development, and new techniques are likely to open up new opportunities for the market growth in the near future.

Moreover, these fibers act as better alternatives for the expensive glass and carbon fibers in various industries. This is attributed to better physical and mechanical properties the basalt fiber possesses the application in a wider range of industries and with upcoming product launches provides an excellent growth opportunity for the market during the forecast period.

Global Basalt Fiber Market, by Form 2018 (%)

Regional Outlook

The global basalt fiber market is geographically segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America is estimated to hold a significant share in the market during the forecast period. The growth of the region is attributed to the increase in the population, urbanization and supportive government policies, among others are some of the factors that are contributing to the growth of the market. Further, Asia-Pacific is expected to register considerable growth, attributed to the increased awareness regarding the use of eco-friendly materials in several applications such as aerospace & defense, infrastructure, and other industries. Ease of availability, lower cost, and increasing production capacities are some other factors that further boosts the regional growth of the market during the forecast period.

Global Basalt Fiber Market, by Region 2018 (%)

Market Player Outlook

Some of the key players operating in the global basalt fiber market include Shanxi Basalt Fiber Technology Co., Asamer Basaltic Fibers GmbH, BASALTEX NV, Sudaglass Fiber Technology Inc., and Mafic SA, among others. New product launches & approvals, mergers and acquisitions, and partnerships and collaborations are among the growth trends along with the investment in product development and innovation to gain a competitive share in the overall basalt fiber market. For instance, in March 2017, Mafic SA announced the start of its new basalt fiber production facility in Shelby NC, the US. The facility will produce 1,000,000 lbs of basalt fiber per month. It will enhance the growth of the company and extend its geographical reach.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global basalt fiber market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.