Press release
Basalt Fiber Market Trend By 2020 | Top Key Players - Mafic SA, GMV, Galen, Shanxi Technology
Basalt Fiber Market
Resistance to impact, high mechanical strength and chemical inertness are the major driving factors propelling the demand for basalt fibers across various industries including marine, chemical and electronics, among others. Furthermore, the basalt fiber market outlook is further enhanced through the use of BFRP or basalt fiber reinforced polymer-based composite bars as an alternative to steel rebars in the construction sector.
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As per a report by Global Market Insights, Inc, the basalt fiber market is expected to exceed $400 million by 2025.
Manufacturer investments pertaining to capacity expansion will earn them considerable competitive advantage in the basalt fiber market. An example would be Mafic Inc's $20 million investment in 2019, towards developing the first basalt fiber manufacturing facility in the United States. Augmenting demand for the product, high performance and the BFRP market penetration potential will bolster industry growth over the projected period.
The rampant escalation of severe environmental issues including pollution and global warming has encouraged many manufacturers to shift focus towards more environmentally sound green materials. Basalt fibers, extracted through sustainable production processes, are eco-friendly in nature and significantly mitigate the impact on the environment in contrast to fiberglass and other types of carbon fiber, thereby impelling product demand.
Abundant basalt rock resources make basalt fibers an easily accessible and low-cost alternative to conventional carbon fiber and fiberglass materials, thus providing gainful opportunities for manufacturers. Furthermore, basalt's high recyclability makes it an appealing business avenue for key industry players
The thriving technical textile industry is also likely to propel basalt fiber market trends, due to strong developments in the transportation and automotive sector.
An upsurge in demand for highly productive composite materials in the production of auto components and aircrafts is estimated to fuel the basalt fibers market dynamics. The product's application scope in various army applications including aviation is accentuated by key factors like exceptional mechanical and chemical properties.
Many countries including the U.S, India and China among others are offering higher investments in the defense sectors, thus creating favorable growth opportunities for industry players. As a matter of fact, the Stockholm International Peace Research Institute has reported that the military expenditure across the globe has recorded a 2.6% increase from 2017 and accounting for nearly $1.8 trillion.
In the form spectrum of the basalt fiber market, the continuous form segment recorded sales worth more than $90 million in 2018. Better corrosion resistance characteristics, lesser costs, and high strength-to-weight ratio are key factors influencing product demand.
Key Point Table of Content:
Chapter 7. Company Profile
7.1. NMG Composites Co., Ltd
7.1.1. Business Overview
7.1.2. Financial Data
7.1.3. Product Landscape
7.1.4. Strategic Outlook
7.1.5. SWOT Analysis
7.2. Kamenny VEK
7.2.1. Business Overview
7.2.2. Financial Data
7.2.3. Product Landscape
7.2.4. Strategic Outlook
7.2.5. SWOT Analysis
7.3. Zhejiang GBF Basalt Fiber Co., Ltd
7.3.1. Business Overview
7.3.2. Financial Data
7.3.3. Product Landscape
7.3.4. Strategic Outlook
7.3.5. SWOT Analysis
7.4. Mafic SA
7.4.1. Business Overview
7.4.2. Financial Data
7.4.3. Product Landscape
7.4.4. Strategic Outlook
7.4.5. SWOT Analysis
7.5. Technobasalt-Invest LLC
7.5.1. Business Overview
7.5.2. Financial Data
7.5.3. Product Landscape
7.5.4. Strategic Outlook
7.5.5. SWOT Analysis
7.6. Russian Basalt
7.6.1. Business Overview
7.6.2. Financial Data
7.6.3. Product Landscape
7.6.4. Strategic Outlook
7.6.5. SWOT Analysis
Continue..
The widespread requirement of the polymer industry for reusable and environment- friendly composite additives is likely to foster basalt fiber market growth in the segment. The paradigm shift towards natural fibers over synthetically extracted materials is set to boost industry expansion, owing to the product's chemical-free extraction from molten basaltic rocks.
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The construction & infrastructure sector is anticipated to account for over 35% of the basalt fiber market share by 2025. This sector is expected to witness considerable acceleration in product sales owing to several favorable legislative initiatives for construction projects as well as flourishing economic conditions. Additionally, with structural engineers shifting their focus towards BFRP over traditional steel products is likely to add impetus to the overall basalt fibers market share over the predicted time period.
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