The regulatory burden on automakers to reduce vehicle weight has triggered demand for basalt fibers up nearly 7 percent over the past four years, explains Fact.MR. The stringent regulations prevailing in the automotive industry regarding weight reduction of vehicles to reduce emissions have had a positive impact on the demand for basalt fibers. Additionally, composites made from basalt fibers are widely used in the aerospace industry for fuel efficiency. The additional properties of fire protection have led to increased demand from the fire fighting apparel segment.
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Attributed to superior properties over other glass and carbon fiber reinforcements and steel, there has been a steady increase in the demand for basalt fibers. Only 1/10 of the basalt fibers are needed as reinforcing material to achieve the same strength as steel. Basalt fibers also exhibit good mechanical, chemical and thermal resistance and are also inexpensive compared to carbon fibers.
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The growing penetration of lightweight composite material for the automotive, aerospace and construction industries is expected to increase the demand for basalt fibers over the forecast period. The growing concern for energy conservation has further led to the growth of the renewable wind power generation industry, thus creating traction in the basalt fiber market.
Among various regions, North America and Europe are estimated to account for approximately 60% value share in the global basalt fiber market by the end of 2018. Europe is expected to lead the global fiber market of basalt both in terms of production and consumption. Russia has a significant share in the European basalt fiber market. The region has seen an increase in demand for basalt fibers from the automotive industry as stringent regulations on vehicle emissions and greenhouse gases, among others, prevail in the EU.
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Segmentation of the global basalt fiber market
To understand and assess the opportunities in the global Basalt Fiber market, we have divided the report into three sections based on market segmentation as:
- By product type:
- itinerant
- Threads cut
- Tissue
- Meshes and grids
- Other
- By use:
- Composites
- Not composites
- By sector of end use:
- Building and construction
- Automotive sector
- Aerospace and Defense
- Ship building
- Wind energy
- Sports accessories and others
- By region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Oceania
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