Basalt Fiber Market worth $517 million by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 12, 2022 /PRNewswire/ -- According to the new market research report "Basalt Fiber Market by Usage (Composites, Non-Composites), End-Use Industry (Construction & Infrastructure, Automotive & Transportation, Wind Energy, Electrical & Electronics, Marine) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Basalt Fiber Market size is expected to grow from USD 286 million in 2022 to USD 517 million by 2027, at a CAGR of 12.5% during the forecast period. The basalt fiber industry is growing due to the increase in the demand for environmentally friendly materials with properties such as high strength to weight ratio, good tensile strength, electrical conductivity among others. Furthermore, government stimulus packages, and recovering end-use industries are fuelling the demand for basalt fibers across the world.
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Based on the usage type, composites dominated the basalt fiber market in terms of both, value and volume.
On the basis of form, the basalt fiber market is classified into two types-continuous basalt fibers and discrete basalt fibers. Continuous basalt fibers are long fibers and find applications in the manufacturing of fabrics, yarns, and tapes, among others. Discrete basalt fibers are also known as chopped fibers. These fibers are available as chopped strands of smaller lengths. They are used in the manufacturing of mesh, felts, and concrete reinforcement, among others.
But, because of the lockdown situation occurred due to COVID-19, many floor workers were unable to work in manufacturing facilities, which was resulted in the reduction in output of basalt fiber. Thus, the demand for basalt fibers was declined in 2020.
The automotive & transportation end-use industry accounted for the largest market share in the global basalt fiber market during the forecast period in terms of value.
On the basis of end-use industry, the basalt fiber market is segmented into construction & infrastructure, automotive & transportation, marine, electrical & electronics, wind energy, and others. New applications for basalt fiber are still emerging in various end-use industries because of the efforts and investments being made to commercialize new applications at low cost.
The automotive & transportation end-use industry demands basalt fibers in brake pads, mufflers, headliners, and other interior applications. This demand is mainly due to superior mechanical, physical, and chemical properties of basalt fiber.
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APAC is expected to account for the largest market share in the basalt fiber market during the forecast period.
APAC is the largest market for basalt fiber. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various end-use industries, such as automotive & transportation, construction & infrastructure, electrical & electronics, marine, and wind energy.
The key players in the market include Kamenny Vek (Russia), Zhejiang GBF Basalt Fiber Co. (China), JFE RockFiber Corp. (Japan), Mafic SA (Ireland), Technobasalt-Invest LLC (Ukraine), Russian Basalt (Russia), ISOMATEX SA (Belgium), INCOTELOGY GmbH (Germany), Sudaglass Basalt Fiber Technology (US), Shanxi Basalt Fiber Technology Co., Ltd (China), Mudanjiang Basalt Fiber Co. (China), among others.
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