Basalt Fiber Market Analysis:
Basalt fiber is a material made from extremely fine fibers of basalt, which is composed of mineral plagioclase, phyroxene, and olivine. Basalt fiber requires the melting of crushed and washed basalt rock at about 1,500°C (2,730°F). Basalt fiber is broadly used in military and civilian fields. Basalt fiber can be used to manufacture both high temperature and low temperature protective clothing. Basalt fiber is used in various industries and applications, due to their feature for use in the construction & infrastructure industry, owing to its environmentally friendly features, high compatibility with concrete, and easy mixing at high concentration. Furthermore, it possesses high strength and recyclability, which fuels its demand across various industry verticals. It does not require special processing equipment.
COVID-19 scenario analysis
The outbreak of coronavirus resulted in loss of more than $200 billion in the Asia-Pacific economies. COVID-19 has drastically affected the growth of the basalt fiber market.
Asia-Pacific region is the most active and largest market for basalt fiber, with presence of large number of manufacturers with high production capacity. However, due to decline in production, the growth of the construction industry has been hampered, which, in turn, has limited the demand for basalt fiber.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
The key drivers of the global basalt fiber market include rise in demand for construction activities across the globe; increase in demand for high-performance sealing products, tires, and tire glue; rapid development of the automotive sector in developing counties. In addition, increase in application of basalt fiber in water pollution control such as waste water treatment and natural water body purification are expected to foster the market growth.
However, availability of substitute product such as carbon fiber and glass fiber, which perform well in the market, significantly hampers the growth of the global market.
New product launches to boost the market growth
KamennyVek Company is the world’s foremost manufacturer of continuous basalt fiber, which is produced and sold in the market under the registered trademark Basalt fiber. Continuous basalt fiber possesses properties such as acid-alkali resistance, enhanced electrical properties, higher stretchable strength, and enhanced mechanical properties. In addition, this fiber is eco-friendly, which makes it suitable for various applications, such as supporting nets, pipes, containers, electrical insulation materials, and basalt plastic products. Moreover, it is an inorganic fiber, which can be used as a ballistic armor material for protection.
Basalt fiber exhibits high mechanical strength, which is required for construction in extreme conditions and at a lower price compared to all other fiber such as glass fiber and aramid fibers.
Surge in usage in basalt fiber in industrial applications
The market for basalt fibers is expected to grow exponentially during the forecast period. This is attributed to rise in automotive sales, surge in population, and rapid urbanization. In addition, basalt fiber is used in sound absorption and heat insulation industry, which propels its demand, globally. Moreover, basalt fibers are utilized in brake, electric, and electromagnets, which contributes toward the growth of the market.
Key benefits of the report
- This study presents the analytical depiction of the global basalt fiber market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the basalt fiber market share.
- The current market is quantitatively analyzed to highlight the global basalt fiber market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global basalt fiber market research report:
- Which are the leading market players active in the global basalt fiber market?
- What are the upcoming trends in the basalt fiber market?
- What are the driving factors, restraints, and opportunities of the market?
Basalt Fiber Market Report Highlights
By End-use Industry
Key Market Players
ISOMATEX SA (Belgium), Zhejiang GBF Basalt Fiber Co. (China), Mafic SA (Ireland), Sudaglass Basalt Fiber Technology (U.S.), Shanxi Basalt Fiber Technology Co., Ltd (China), KamennyVek (Russia), INCOTELOGY GmbH (Germany), Technobasalt-Invest LLC (Ukraine), Mudanjiang Basalt Fiber Co. (China), Russian Basalt (Russia)