Basalt Fibers Market Scenario Indicates Prime Trends & Growth 2018-26

In order to study the many forthcoming movements and patterns prevailing in the global market, Fact MR has included the latest Forecast report on Basalt Fibers Market to its vast database. The delivered study offers significant figures about the leading regions and applications which are functioning in the Basalt Fibers Market Forthcoming Trends by 2026, along with their market production, consumption, revenue, upcoming industry trends and forecasted market share details. Further, the accomplished market research report also anticipates that the concerned market would grow at a constructive CAGR until 2026.

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With the increasing use of light-weight composite material for the manufacture of automotive components and aircraft bodies, demand for basalt fibers continues to remain high. Basalt fibers are made by melting the crushed basalt rock in a furnace. This production process is an environment-friendly process without the production of any harmful infrared radiations. Basalt fibers have been widely used as an alternative for conventionally used steel and other fiber reinforcements owing to the superior mechanical, thermal and other properties.

Mature Markets to Retain Leadership, though Emerging Markets to Grow Faster   

From a regional perspective, Europe is projected to lead the global basalt fibers market both in terms of production and consumption. Russia holds a significant share in the European basalt fiber market. The region has witnessed growing demand for basalt fibers from the automotive industry as there are stringent regulations prevailing in the EU regarding vehicle emissions and greenhouse gas amongst others. Moreover, the rising concern over energy conservation has also led to the growth of renewable wind energy generation industry. Thus, creating traction in the global market. North America is also projected to hold a significant share in the global basalt fibers market expanding at a CAGR of 8.3% over the forecast period. China is projected to grow at a relatively higher CAGR over the forecast period. A number of new players have ventured into the market to cater to the growing demand for basalt fibers in China and across other regions. Latin America and MEA are projected to remain low-volume-high-growth regions over the forecast period.

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In the present scenario, there are only a few manufacturers for basalt fibers in Russia, China, Ukraine, and the U.S. amongst others. However, capacity additions and establishment of new production plants across North America, Europe and Asia Pacific region are expected to increase in the coming years, especially with the ongoing research and development and investments.

Sales revenue of basalt fibers is expected to be nearly US$ (‘000) 62,568.1 in 2018. By the end of the forecast period, the global basalt fibers market is projected to reach a value of US$ (‘000) 120,034.0, recording a CAGR of 8.5%.

Basalt Fibers as an Alternative to Steel Reinforcements Empowers its Market Growth

Basalt fibers have exhibited better mechanical strength, chemical and thermal resistance, insulation and other properties. There has been an increase in the use of basalt fibers as an alternative to steel reinforcements owing to a number of properties such as corrosion resistance and light-weight, which allows mounting without the use of lifting or any other specialized equipment. Basalt fibers also outperform e-glass fiber in composites used for construction. In all the forms i.e. roving, chopped strands, fabrics, etc. basalt fibers have witnessed higher breaking load capacity and better durability and stiffness.

In addition to these, basalt fibers are available at lower price and there has been a relative ease for raw material procurement. Owing to all the above mentioned benefits, there has been an expected upsurge in demand for basalt fibers over the forecast period.

Another major factor significantly driving the growth of global basalt fibers market is the increase in the use of light-weight composite materials in automotive industry. The stringent regulations, especially, in North America and Europe region regarding vehicle emissions has led the manufacturers to focus on reduction of weight of vehicle. Basalt fibers are used as composites for the manufacture of vehicle and aircraft bodies as well as components such as exhaust mufflers and brake pads amongst others.

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