In 2022, the global basalt fibre market is anticipated to be worth US$ 239.4 million. Basalt fibre is a basalt rock product that contains pyroxene and minerals such as plagioclase and olivine and is used in the construction industry due to its low water retention capacity and high thermal resistance. It is also increasingly used in industrial furnace linings and fibre rope applications.
Overall demand for basalt fibre is projected to grow at a CAGR of 9.2% between 2022 and 2032, totaling around US$ 577.2 Million by 2032.
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Basalt Fibre Market – Growth Restraints
While basalt fibre is witnessing significant demand from several end-use sectors, factors such as high cost and scarcity of raw material is posing threat to the basalt fibre market growth.
Availability of numerous low-cost substitutes such as fiberglass is dampening the adoption of basalt fibre from small-scale industries.
Domestic manufacturers in emerging regions are stiffening the market competition by selling products at much cheaper rates, as such, leading players are experiencing difficulties in expanding their regional foothold.
Basalt Fibre Market – Regional Analysis
North America and Europe currently hold prominent share in the global basalt fibre market. The US, Russia and Germany are leading consumers of basalt fibres in these regions respectively.
These regions are hub of automobile, construction and wind energy sectors. Further, favorable government trade policies are playing a helping hand in the market growth in North America and Europe.
Asia Pacific (APAC) is anticipated to provide remunerative opportunities to basalt fibre market towards the forecast period.
Increasing government investments towards infrastructural development is slated to drive the regional market growth.
Expanding automotive industries in China and Japan is fueling the demand for basalt fibre. Studies reveal that the annual production of automobiles in APAC is more than 50 million, 60% of which are used domestically.
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Basalt Fibre Market – Competitive Landscape
The global basalt fibre market is slightly fragmented and is represented by limited number of global and regional players. These players are focusing on continuous expansion and collaboration activities. For instance,
- In April 2020, Polotsk-Glassfibre expanded its business by launching a new furnace with production capacity of 500 tons fibre per year.
- In 2019, Basanite Industries LLC started a new manufacturing unit in Florida for production of basalt fibres and basalt composites.
Key Compnies
- Kamenny Vek Mafic
- Technobasalt-Invest
- Fibrebas Construction and Building Technologies
- Hebei Tong-Hui Technology
- Technobasalt-Invest LLC
- Company Mineral 7
- Aerospace Tuoxin
- Mudanjiang Jinshi Basalt Fibre Co. Ltd
- Zaomineral
- GMV
- Mafic SA
- KamennyVek
- Jilin Province Huayang New Composite Material Co., Ltd.
- Tongxin, Galen, Nmg Composites Co., Ltd.
- Sichuan Aerospace Tuoxin Basalt Industrial Co., Ltd.
- Incotelogy GmbH
- JiangsuTianlong
Basalt Fibre Market – Segmentation
Basalt fibre market is segmented on the basis of following,
By Type
- Composites
- Non-Composites
By Composite Processing Method
- Pultrusion
- PrePregs
- Compression Moulding
- Hand Layup
- Resin Moulding
- Vaccum Infusion
- Spray Gun
- Filament winding
- Resin film Infusion (RFI)
- Others
By Application
- Concrete reinforcement
- Roads
- Mesh filters
- Insulator
- Wall Plugs
- Spray Application
- Refractory Bricks and Blocks
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