Basalt Fiber Market Scenario Highlighting Major Drivers & Trends 2018 2026
Posted by Arslan on January 22nd, 2020
Light weight composite materials are increasingly used in automotive industry to manufacture different components. Manufacturing of different aircraft bodies’ continuously increase the demand for Basalt Fiber Market. Basalt rock is crushed and melted to create basalt fiber. The production process is eco-friendly in nature which does not emit any harmful radiation. Basalt fibers are eyed as viable alternative of finer reinforcements and steel that have been used conventionally. It is demanded for its excellent properties in terms of mechanical strength and thermal behavior.
Europe leads the global market for basalt fiber in production along with consumption. Russia holds a prominent position in the European Basalt fiber market. Automotive industry in the region is major consumer of basalt fiber owing to the stringent regulations formed by EU in association with emissions from vehicles and greenhouse gases emissions. Growth in concern regarding energy conservation has positively influenced the growth in the renewable wind energy segment. This creates a huge momentum in global basalt fiber market. The North American market for Basalt fiber is anticipated to expand at 8.3% CAGR in the coming years. Relatively, China is projected to grow at a higher CAGR in the near future. Numerous new players have entered the Basalt fiber market in China and other regions near it. Fact.MR report highlights regions including MEA and Latin America to be the regions that will witness high growth in spite of low volume during the forecast years.
Light-weight nature surges demand
Regions like Russia, Ukraine, China and US only have very few manufacturers. However, this capacity is projected to increase in the coming years with new plants being established in different regions like North America, Asia Pacific and Europe. This growth in capacity enhancement will be the result of rigorous research and development activities conducted in the regions for the expansion of basalt fiber market.
Fact.MR report states that a revenue around US$ (‘000) 62,568.1 was generated in the global basalt fiber market in the year 2018. This revenue is forecasted to reach a value of US$ (‘000) 120,034.0 by the end of the forecast period. The expected growth rate in the mean-time will be 8.5%.
Basalt fibers are known to have different enhanced properties like mechanical strength, thermal resistance, chemical resistance and insulation. Different positive attributes like excellent corrosion properties along with light-weight nature makes basalt fiber a better material than steel reinforcements. Basalt fibers are preferred over e-glass fibers also as composites which are used in construction. Basalt fiber exhibits great qualities like excellent breaking load capacity and enhanced stiffness. Basalt fibers are cheap as the raw materials procurement is considered to be very easy. All these factors are projected to collectively surge the demand for Basalt fibers in the coming years.
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Enhanced use of light-weight materials in industries like automotive industry is expected to drive the global market for basalt fiber. The steep growth and application rate of basalt fiber faces challenges in terms of production as its chemical composition is found only in specific regions of Eastern Europe.
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About the AuthorArslan
Joined: December 18th, 2017
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