According to Fact.MR, the burden of laws on automobile makers to decrease vehicle weight has increased demand for basalt fibres by roughly 7% over the last four years. The automobile industry's severe requirements governing vehicle weight reduction in order to minimise emissions have boosted demand for basalt fibres. Furthermore, basalt fibre composites are commonly employed in the aerospace sector for fuel economy. The improved fire protection characteristics have resulted in an increase in demand from the fire protection apparel category.
Attributed to superior properties as compared to other glass and carbon fiber and steel reinforcements, there has been a constant rise in the demand for basalt fibers. Only 1/10th of basalt fibers is required as a reinforcing material to obtain the same strength as steel. Basalt fibers also exhibit good mechanical strength, chemical and thermal resistance, and are also economically priced as compared to carbon fibers.
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The growing use of lightweight composite materials in the automotive, aerospace, and building and construction industries is expected to drive up demand for basalt fibres over the forecast period. The growing concern about energy conservation has led to the expansion of the renewable wind energy generating business, which has created traction in the basalt fibre market.
North America and Europe are expected to account for around 60 % of the worldwide basalt fibre market value by the end of 2018. In terms of both production and consumption, Europe is expected to lead the worldwide basalt fibres market. Russia controls a sizable portion of the European basalt fibres market. The region has seen an increase in demand for basalt fibres from the automobile sector, owing to severe EU laws governing car emissions and greenhouse gas emissions, among other things.
Over the forecast period, China is expected to develop at a considerably higher CAGR in the basalt fibre market. A number of new firms have entered the market to meet the rising demand for basalt fibres in China and elsewhere. Several Chinese businesses have expressed an interest in producing basalt fibres, which is expected to develop dramatically. Over the forecast period, Latin America and MEA are expected to remain low-volume-high-growth areas in the basalt fibre market.
In-depth research and development has also been carried out in order to reduce the cost of production for basalt fibres even lower. In terms of product type, the roving segment is likely to maintain its dominance, accounting for about half of the worldwide basalt fibre market. There are now just a few basalt fibre manufacturers in Russia, Ukraine, China, and the United States, among others. However, additional facilities are projected to be built as a result of continued research and development and investments in the manufacture of basalt fibres.
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Sales of basalt fibres are expected to continue focused in the building and construction industry, where it is widely utilised as a substitute for traditional steel and other carbon and fiber-based reinforcements. The automotive and aerospace segments of the basalt fibres market are also expected to grow considerably throughout the forecast period.
Leading industry participants in the Basalt fibres market are emphasising on long-term collaborations with composites producers and increasing their regional market presence to stay ahead of the competition.
Leading industry participants in the Basalt fibres market are emphasising on long-term collaborations with composites producers and increasing their regional market presence to stay ahead of the competition. TECHNOBASALT-INVEST LLC, Sudaglass Fiber Technology, Kamenny Vek, Zhejiang GBF Basalt fibres Co., Ltd (GBF), Mafic SA, JiangSu Tianlong Continuous Basalt fibres Co., Ltd, Shanxi Basalt Fibre Technology Co., Ltd, Isomatex SA are some of the leading companies operating in the global basalt fibres market.
What is the European basalt fiber Market Scenario?
The European basalt fiber market consists of numerous regional markets such as Germany, Italy, France, Spain etc. Europe holds nearly 29% of the overall market share and is projected to rise at a CAGR of 13.6% in the coming years. This is attributed to the escalating demand for non-composites, by usage type, in countries like the United Kingdom and Germany.
Germany is bound to create growth for basalt fiber manufacturers due to the investment in different end-use industries such as Aerospace and defense, Automotive, etc. This is powering the growth in the basalt fiber market in the European region in the coming years.
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Global Basalt Fiber Market by Category
By Product Type :
o Chopped Strands
o Mesh and Grids
By Usage :
By End Use Industry :
o Building and construction
o Aerospace and defense
o Ship Building
o Wind Energy
o Sport Accessories and others
By Region :
o North America
o Latin America
o East Asia
o South Asia & Oceania
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