Demand For Global Basalt Fiber Market Is Forecast To Surpass USD 339 Million By 2032

Industry Insights

The burden of regulations for the automotive manufacturers to reduce the vehicle weight has triggered the demand for basalt fibers by nearly 7% during the past four years, explains Fact.MR. The stringent regulations prevailing in the automotive industry regarding the reduction of vehicle weight to reduce emissions has positively impacted the demand for basalt fibers. Moreover, composites made of basalt fibers are being widely used in the aerospace industry for fuel efficiency. The additional properties of fire protection have led to a rise in the demand from the fire protection clothing segment.

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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.

Global Basalt Fiber Market by Category

  • By Product Type :

    • Roving
    • Chopped Strands
    • Fabric
    • Mesh and Grids
    • Others
  • By Usage :

    • Composites
    • Non-Composites
  • By End Use Industry :

    • Building and construction
    • Automotive
    • Aerospace and defense
    • Ship Building
    • Wind Energy
    • Sport Accessories and others
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

Competitive Landscape: Top Companies in Basalt Fiber Market

The global basalt fiber market is fragmented due to the presence of several regional and domestic players. The players have adopted numerous such as mergers and acquisitions, expansions, collaborations and partnerships to expand the consumer base globally.

Also, the leading companies have adopted new product development as a key strategy to upscale their market presence among consumers. These strategies have resulted in the integration of advanced basalt fiber.

Fact.MR has provided detailed information about price points of top manufacturers of basalt fiber market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

  • On 30th April 2021Kamenny Vek has expanded its product line with launch of three new products includes Basalt direct roving 22 microns 2400 tex, basalt assembled roving 18 micron 3000 tex and  Basalt assembled roving 18 micron 4800 tex.
  • On 27th July 2020Mafic USA has started the operations of world’s largest basalt fiber factory based in Shelby, North Carolina. Through this company will be able to cater the demand receiving from large consumer base.

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