Basalt Fiber Market Size, Share & Industry Analysis, By Type (Composites, Non-Composites), By End-Use Industry (Building & construction Automotive, Aerospace & defence, Energy generation, Insulation & thermoacoustic, Others) Others and Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Basalt fiber is a basalt rock product which is considered as an alternative to carbon fiber and glass fiber. It consists of pyroxene and such minerals as plagioclase and olivine. Basalt fiber has good thermal performance range, supeior electromagnetic properties, high tensile strength, high structural reliablity, mechanical properties, no toxicity and non-combustible. therefore non-combustible. Basalt fiber does not produce any chemical reactions in contact with other chemicals, which can be hazardous to the environment or human health. Increasing demand for environmentally friendly and sustainable materials is anticipated to fuel growth in the basalt fiber market.
Key Market Driver -
Strong applications of basalt fiber in construction materials tend to drive this market.
Key Market Restraint -
Limited number of suppliers and a price concern hamper the growth of the global market for basalt fiber.
The market for basalt fiber is driven by the strong demand from construction material. Basalt can be used in tubes, bars, pipes fittings, internal heat and sound insulation of floors, walls, frame frames, boiler shells, tanks, chimneys, fire protection systems etc. It has good hardness, high mechanical properties, resistance to corrosion, increased temperature tolerance and very good insulating properties and hence it is widely used in construction material.
However, the price of basalt-based fibers is higher than those made of E-glass, but less than S-glass, aramid, or carbon fiber, and as worldwide production increases, its production costs should be further reduced. Thus, the limited number of suppliers and price concerns hamper the growth of the global basalt fiber industry.
Segmentation:
Based on type, the market of basalt fiber is segmented into composites and non-composites. Based on the end-use industry, the market for basalt fiber is segmented into the building & construction, automotive, aerospace & defence, energy generation, insulation & thermoacoustic and others.
From a geographical standpoint, the basalt fiber market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players Covered:
The global basalt fiber industry is somewhat relatively fragmented, with a number of global & regional players operating. Some of the key players in the basalt fiber market include-
- Kamenny Vek
- Hengdian Group
- ISOMATEX
- BASALTEX NV
- Mafic SA
- Shanxi Yaxin Group
- Jiangsu Green Materials Valley New Material T&D Co.
- Sudaglass Fiber Technology
- Others
Key Insights
- New Advancements in Production Technologies
- Key Trends in Basalt Fiber Market
- New Product Launches, Expansions, Key Players
- Ranking of key Players in the Market
BASALT FIBER MARKET Regional Analysis:
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In terms of geography, the basalt fiber market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific has the world's largest market share of basalt fiber, due to the growing demand from industries such as automotive & transportation, and building & infrastructure.North America also holds a prominent share in the basalt fiber industry, which is attributed to the increase in demand for basalt fiber in the building & construction industry. The demand for application in the automotive industry in Europe is a result of the significant growth in the global market for basalt fiber. Latin America and Middle East & Africa are expected to have a sluggish growth rate due to preference for substitutes.
Segmentation
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Basalt Fiber Industry Developments
- In June 2017, At Kamenny Vek, a manufacturer of basalt fiber announced the launched of new product basalt direct roving with linear density of 2000 tex. These direct rovings in applications requiring high Tex deliver advantages such as zero catenary, high mechanical properties and low cost.
- In December 2017, Mafic SA and Michelman (US) have entered into a partnership to develop innovation and product development partnership to increase the performance and the characteristics of basalt fibers. This collaboration was done to accelerate the pace of new product to broaden the array of end use industries.
- Ongoing
- 2023
- 2019-2022
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