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Attractive Opportunities in the Basalt Fiber Market

May 22, 2019 2:01 PM ET

According to the new market research report “Basalt Fiber Market by Form (Continuous and Discrete), End-Use Industry (Construction & Infrastructure, Automotive & Transportation, Electrical & Electronics, Marine), Usage (Composites, Non-Composites), and Region – Global Forecast to 2024″, The basalt fiber market is expected to grow from USD 227 million in 2019 to USD 397 million by 2024, at a CAGR of 11.8% during the forecast period.

The market is witnessing a significant growth because of the growing demand from various industries such as automotive & transportation, construction & infrastructure, and electrical & electronics. Basalt fiber provides various properties such as high strength, chemical resistance, durability, mechanical strength, and low water absorption.

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The use of basalt fiber is increasing due to its useful properties such as non-corrosiveness, heat & fire resistance, and high mechanical strength. The basalt fiber market size is estimated to be USD 227 million in 2019 and is expected to reach USD 397 million by 2024, at a CAGR of 11.8% between 2019 and 2024. The increasing use of basalt fiber in the construction & infrastructure and automotive industries is bolstering the market growth, globally.

The basalt fibers are available in forms, namely, continuous and discrete. Continuous basalt fiber dominated the global basalt fiber market in 2018. These continuous fibers are used in rovings, fabrics, and yarns and other such applications in end-use industries such as automotive & transportation, sporting goods, wind energy, construction & infrastructure, and pipes & tanks. The continuous fibers are used in both composites and non-composite applications.

Browse and in-depth TOC on “Basalt Fiber Market”

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47 – Figures
125 – Pages

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The basalt fiber market size is estimated to be USD 227 million in 2019 and is projected to reach USD 397 million by 2024, at a CAGR of 11.8% between 2019 and 2024. The major factor driving the market is growing demand from the APAC region and the emerging construction & infrastructure and automotive & transportation industries.

The major basalt fiber manufacturers are Kamenny Vek (Russia), Mafic SA (Ireland), Zhejiang GBF Basalt Fiber Co. Ltd (China), Technobasalt-Invest LLC (Ukraine), Russian Basalt (Russia), Sudaglass Basalt Fiber Technology (US), and Isomatex (Belgium). These players have adopted various growth strategies, such as partnership, expansions, and new product developments to expand their presence in the global market further. Expansions was the dominating strategy adopted by the major players from 2014 to 2019, which helped them innovate their offerings and broaden their customer base.

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Kamenny Vek is an established company in the global basalt fiber market. The company possesses a wide product portfolio of basalt fiber. It is constantly engaged in providing high-grade basalt fiber. As a part of its growth strategy, it is highly focused on new product launches. For instance, the company is developing 2000 tex direct basalt fiber roving.

Mafic SA is a major manufacturer and producer of basalt fiber. It mainly focuses on new partnership and expansions as its major growth strategies. The company invested a multi-million dollar in expanding its production capacity and establishing new production plants of basalt fiber composites. Recently, the company installed a pultrusion line to produce composites using basalt fibers at its manufacturing center in Ireland. Through these strategies, Mafic SA would be able to increase its market share and maintain a huge customer base in the basalt fiber market.

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