Basalt Fibers Market to Grow at CAGR of 8.3% through 2018 to 2028

The burden of regulations for the automotive manufacturers to reduce the vehicle weight has triggered the demand for basalt fibers by nearly 7% during the past four years, explains Fact.MR. The stringent regulations prevailing in the automotive industry regarding the reduction of vehicle weight to reduce emissions has positively impacted the demand for basalt fibers. Moreover, composites made of basalt fibers are being widely used in the aerospace industry for fuel efficiency. The additional properties of fire protection have led to a rise in the demand from the fire protection clothing segment.

Attributed to superior properties as compared to other glass and carbon fiber and steel reinforcements, there has been a constant rise in the demand for basalt fibers. Only 1/10th of basalt fibers is required as a reinforcing material to obtain the same strength as steel. Basalt fibers also exhibit good mechanical strength, chemical and thermal resistance, and are also economically priced as compared to carbon fibers.

The increasing penetration of light-weight composite material for automotive, aerospace and building and construction industry is projected to boost the demand for basalt fibers over the forecast period. The rising concern over energy conservation has further led to the growth of the renewable wind energy generation industry, thus, creating traction in the basalt fibers market.

Among the various regions, North America and Europe are estimated to account for a value share of approximately 60% in the global basalt fibers market by 2018-end. 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 fibers market. The region has witnessed a surge in the demand for basalt fibers from the automotive industry as there are stringent regulations prevailing in the EU regarding vehicle emissions and greenhouse gas amongst others.

China is projected to grow at a relatively higher CAGR over the forecast period in the basalt fifer market. A number of new players have ventured into the market to cater to the growing demand for basalt fibers in China and across other regions. Several manufacturers from China have shown a keen interest in the production of basalt fibers and is thus, projected to grow significantly. Latin America and MEA are projected to remain as low-volume-high-growth regions in the basalt fibers market over the forecast period.

In-depth research and development have also been conducted for further reducing the cost of production for basalt fibers. On the basis of product type, the roving segment is expected to remain dominant and account for nearly 50% of the global basalt fibers market. In the present scenario, there are only a few manufacturers of basalt fibers in Russia, Ukraine, China and the U.S. amongst others. However, with the ongoing research and developments and investments in the production of basalt fibers, new facilities are expected to be set-up.

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On the basis of end-use industry, sales of the basalt fibers are likely to remain concentrated for the building and construction industry where it is widely used as a replacement to the conventional steel and other carbon and fiber-based reinforcements. Automotive and aerospace segments in the basalt fibers market are also projected to expand significantly over the forecast period.

To remain at the forefront of the competition, leading market players in the Basalt fibers market are focusing on long-term partnerships with composites manufacturers, and expanding their regional market footprint. The report highlights some of the leading companies operating in the global basalt fibers market such as 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.

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This release was published on openPR.