Market Research Report
Global Basalt Fiber Market Size By Form By End-Use, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025
|Published by||Global Market Insights Inc.||Product code||904499|
|Published||Content info||300 Pages
Delivery time: 2-3 business days
|Global Basalt Fiber Market Size By Form By End-Use, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025|
|Published: July 11, 2019||Content info: 300 Pages||
Global Basalt Fiber Market Size By Form (Continuous, Discrete) By End-Use (Construction & Infrastructure, Automotive, Aerospace & Defense, Electrical & Electronics, Chemical, Marine, Others), Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Australia, South Korea, Brazil, Argentina, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025.
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.
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.
Continuous form of basalt fiber registered sales of over USD 90 million in 2018. Factors such as high strength-to-weight ratio, lower cost, and improved corrosion resistance properties are likely to support the product demand. Increasing necessity for sustainable and reusable composite additives across the polymer industry is expected to propel the segment industry share. Growing demand for naturally derived fiber over synthetically derived owing to its extraction from molten basaltic rocks without any use of chemicals are providing a positive outlook for the industry expansion.
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. 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.