Press release
Basalt Fibers Market to cross USD 400 Mn by 2025| GMV, Mafic SA, Basaltex, Sudaglass Fiber Technology, Shanxi Basalt Fiber Technology Co
Basalt Fiber Market
Manufacturers are expected to invest in upgradation of their existing capacity expansion to gain competitive advantage in basalt fiber market. For instance, in 2019, Mafic Inc invested around USD 20 million for building first basalt fiber production facility in the U.S. Increasing product demand owing to high performance characteristics and the potential for BFRP market penetration will offer growth prospects for the industry expansion.
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Positive application outlook of basalt fiber as a standard material for insulation in high temperature applications such as fireproof rope and industrial furnace lining will drive the industry size. Factors such as high mechanical strength, chemical inertness, and impact resistance will propel product demand across electronics, chemical, and marine sector. In addition, the use of basalt fiber reinforced polymer (BFRP) composite bars as a substitute for steel rebar in the construction sector will further accentuate the overall basalt fiber market.
Increasing environmental concerns have triggered a paradigm shift towards eco-friendly materials among manufacturers. Sustainable manufacturing processes of basalt fibers owing to its ecological-friendly nature and low environmental concern will further amplify the product demand.
Easy availability and low production cost compared to fiberglass and carbon fiber owing to adequate amount of basalt rock reserves will provide lucrative opportunities for manufacturers. Moreover, the appeal of basalt's recyclability will further create new growth avenues for industry participants.
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Construction & infrastructure segment is expected to register over 35% market share by 2025. Improving economic conditions coupled with supporting regulations and norms for infrastructural projects will further augment the product sales. Growing preference for basalt fiber reinforced polymer bars over steel reinforcements by structural engineers will promulgate the overall market share over the projected timeframe.
Asia Pacific is expected to register over 18% basalt fiber market share by 2025. Favorable norms on the product usage for multiple applications is anticipated to support the market growth. For instance, basalt rebars is included in national construction codes in the construction industry of China. Also, proliferating automotive sector is further expected to support the product penetration as basalt fiber is used for manufacturing headliners and brake pads for the automobile industry.
Global basalt fiber market share is competitive in nature owing to the presence of multinational, regional, and domestic players. Major players operating in the industry include Mafic SA, Company Mineral 7, GMV, Galen, Hebei Tong-Hui Technology, Shanxi Technology, and Hebei Tong-Hui Technology.
Partial Chapter of the Table of Content:
Chapter 3. Basalt Fiber Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2025
3.3. Industry ecosystem analysis
3.3.1. Profit margin analysis
3.3.2. Vendor matrix
3.4. Technology landscape
3.5. Raw material analysis
3.6. Industry best practices & key buying criteria
3.7. Comparison analysis
3.8. Regulatory landscape, by region
3.8.1.1. North America
3.8.1.2. Europe
3.8.1.3. Asia Pacific
3.8.1.4. Latin America
3.8.1.5. MEA
3.9. Pricing analysis, 2013-2025
3.9.1. Regional pricing
3.9.1.1. North America
3.9.1.2. Europe
3.9.1.3. Asia Pacific
3.9.1.4. Latin America
3.9.1.5. MEA
3.9.2. Cost structure analysis, 2018
3.10. Industry impact forces
3.10.1. Growth drivers, by region
3.10.1.1. North America
3.10.1.2. Europe
3.10.1.3. Asia Pacific
3.10.1.4. Latin America
3.10.1.5. MEA
3.10.2. Industry pitfall & challenges
3.11. Innovation and sustainability
3.12. Growth potential analysis, 2018
3.13. Competitive landscape, 2018
3.13.1. Market share analysis, 2018
3.13.2. Key stake holders
3.13.3. Strategy dashboard
3.14. Porter's analysis
3.15. PESTEL analysis
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/basalt-fiber-market
Strategic mergers & acquisitions, new product developments, R&D investments, collaborations & agreements, and production capacity expansion are among the strategies adopted by major industry participants. For instance, in 2017, Isomatex finalized the production of its drone made entirely from composite materials based on FILAVA fibers.
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