According to IMARC Group’s latest report, titled “Basalt Fiber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global basalt fiber market grew at a CAGR of 11.40% during 2015-2020. Looking forward, IMARC Group expects the market to continue its strong growth during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Basalt fiber refers to a product derived from naturally occurring complex basalt rock. It is very similar to glass in composition and is considered to be an excellent alternative to glass fiber and carbon fiber. It is composed of pyroxene and minerals, including plagioclase and olivine. It is characterized by high structural integrity and excellent mechanical properties. It is also widely used for its high tensile and impact strength, a wide range of thermal performance and superior electromagnetic properties. Commonly used as a replacement for asbestos, it is employed in numerous industries, such as electrical, construction and automotive sectors, due to its exceptional adhesive capabilities, excellent resistance to chemicals and ultraviolet (UV) radiations, and low hygroscopic quotient.
Market Trends and Drivers:
The global basalt fiber market is primarily driven by considerable growth in the construction sector. This can be accredited to rapid industrialization and significant expansion of residential spaces. Since basalt fibers are highly cost-efficient with excellent physical properties, they are widely utilized by builders as an essential building material. This is also supported by the favorable initiatives undertaken by several governments to promote the use of these fibers for construction purposes across the commercial, residential and industrial segments. Moreover, the increasing utilization of discrete basalt fiber in the automotive and aerospace industries is also acting as a major growth-inducing factor. These materials are widely employed as preferable substitutes for steel and other fiber reinforcements in the manufacturing of light-weight automobile and aircraft components, thereby creating a positive outlook for the market. The market is further driven by the introduction of basalt fiber reinforced plastic (BFRP) in the market, which is extensively employed in building activities due to its excellent corrosion-resistant property. Some of the other factors contributing to the market include the launch of recyclable and eco-friendly basalt fiber and the continual research and development (R&D) activities conducted by key players.
Basalt Fiber Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the basalt fiber market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Sudaglass Fiber Technology
Zhejiang Hengdian Imp. & Exp. Co. Ltd.
Shanxi Basalt Fiber Technology Co. Ltd
sjn AG Suchmaschine der Technik
Key Market Segmentation:
The report has segmented the global basalt fiber market on the basis of product, type, form, method, end use industry and region.
Breakup by Product:
Mesh and Grids
Breakup by Type:
Breakup by Form:
Breakup by Method:
Breakup by End Use Industry:
Automotive and Transportation
Construction and Infrastructure
Electrical and Electronics
Breakup by Region:
Middle East and Africa
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Key Highlights of the Report:
Market Performance (2015-2020)
Market Outlook (2021-2026)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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