Basalt fiber Market report for 2024 – Companies, applications, products and more

Basalt fiber Market is anticipated to witness a significant growth owing to increasing product demand from automotive, marine, building & construction, and electronics industries. Increasing application as a substitute for reinforced composites will propel product demand. They are made of tremendously fine fibres of basalt, including the minerals plagioclase, pyroxene and olivine.Improved physical and mechanical properties and cost are key factors driving product demand. It has its main use as fireproof textile in the aviation and automotive industries. They also find their application as a composite for manufacturing of products including camera tripods.

Increasing penetration of Basalt fiber reinforced polymer (BFRP) bars as a substitute to steel reinforcement for the concrete structures and as exterior support for retrofitting of various concrete structures will propel industry size. Factors such as growing threat of substitutes, availability of raw material, and a restricted number of suppliers are likely to hamper industry growth. The industry faces intensive competition from the carbon fiber industry and glass fiber industry, as these products perform similar applications.

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Basalt fiber market is segmented as continuous and discrete. Continuous are expected to witness substantial upsurge due to environment-friendly nature and efficiency. Higher strength offered by continuous basalt compared to steel enhance its use for construction purposes driving the overall market. Resistance to ultraviolet rays and electromagnetic radiations make them preferable for embankment and soil stabilization. Raw material development, technology innovations, and innovative techniques are projected to expose new industry opportunities for the industry.

Growing demand from automotive and construction segment is expected to propel basalt fiber industry demand for these applications. Upsurging demand from the industrial and civil construction and automobile sector is driving the industry growth. Growing demand for tire and tires adhesives, high-performance sealing products, and swift growth of the automotive industry will support the growth of industry.

North America and Europe are expected to dominate the overall market over the projected timeframe. The U.S., Germany and Russia are expected to be major basalt consumers. Middle East is projected to observe significant growth owing to the increasing construction sector in the region. Rising government spending in numerous countries including Mexico, Saudi Arabia and BRICS is anticipated to fuel the demand for the industry.

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Asia-Pacific region is expected to enhance industry demand owing to the presence of number of domestic players in the vertical industry segment including construction and automotive. Drastic progress in the automotive industry particularly in the developing economies such as China, India, and Brazil are predicted to result in the regional growth. Also, rising population, increasing urbanization and the support from government is another factor creating positive outlook for industry growth. 

Main players in the industry include GMV, Galen, Mafic SA, Zhejiang GBF, Sudaglass Technology, Company Mineral 7, KamennyVek, Shanxi Technology, Jiangsu Green Materials Vally New Material T&D ISOMATEX, Hebei Tong-Hui Technology, and Mudanjiang Jinshi. Product launch and expansion is the important strategy, that is anticipated to be adopted by the major industry players. The players are concentrating on R&D activities to offer innovations in both the growing and existent markets to meet the rising demand from various application industries. Producers have shifted their focus to countries such as Japan and China, owing to the low operating and labor costs.

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