The global basalt fiber market size is expected to gain momentum backed by the growing environmental concerns and the increasing demand for thermal insulation products that is likely to propel the demand for advanced basalt fiber globally. This information is published by Fortune Business Insights in its latest report, titled, “Basalt Fiber Market Size, Share & Industry Analysis, By Type (Composites, Non-Composites), By End-Use Industry (Building & construction Automotive, Aerospace & defence, Energy generation, Insulation & thermoacoustic, Others) Others and Regional Forecast, 2021-2028.”
COVID-19 has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
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Fortune Business Insights™ lists out a few of the renowned companies present in the basalt fiber market. They are as follows:
- Kamenny Vek
- Hengdian Group
- BASALTEX NV
- Mafic USA
- Shanxi Yaxin Group
- Jiangsu Green Materials Vally New Material T&D Co
- Sudaglass Fiber Technology
Basalt fiber is a type of material that is manufactured from the minute fibers of basalt rock that consists of pyroxene, plagioclase, and olivine minerals. While being electrically non-conductive, they are also low water absorbents that makes them an ideal choice across several industrial applications such as automotive, construction, etc.
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(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)
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The market report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. The report further provides insights into the regional analysis covering different regions, contributing to the market growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to obtain information about the current trends and industry developments that will drive the market growth between 2019 and 2026.
Growing Environmental Concerns to Propel Market Growth
According to the Environmental Pollution Centers, chemical pollution leads to several diseases such as high risk of cancer and disturbances of nervous, hormone, and reproductive system among humans. Therefore, several industries are focusing on adopting eco-friendly materials for the production processes. This is likely to propel the demand for advanced basalt fiber that does not produce any chemical reaction when it comes in contact with other chemicals. Moreover, the growing demand for optimum thermal insulation to reduce energy consumption by preventing the loss and gain of heat across buildings in the construction sector is expected to boost the global basalt fiber market growth during the forecast period.
Increasing Demand for Product from Automotive & Transportation Sector in Asia-Pacific to Aid Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the highest position in the global basalt fiber market in the forthcoming years. This is attributable to the increasing demand for basalt fiber in the automotive and transportation industry due to its superior thermal, acoustic, and electric properties in the region between 2019 and 2026.
The market in North America is expected to showcase considerable growth during the forecast period. This is ascribable to factors such as the growing demand for eco-friendly materials in the building and construction sector in the region.
By End-Use Industry
- Building & construction Automotive
- Aerospace & defence
- Energy generation
- Insulation & thermoacoustic
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, Taiwan, India, South Korea, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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Key Questions Answered:
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- Which region or sub-segment is expected to drive the market in the forecast period?
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Major Companies Focus on Partnership to Brighten Their Market Prospects
The global market for basalt fiber is fragmented by the presence of major companies focusing on partnering other companies to expand their product portfolio. Moreover, the adoption of strategies such as merger and acquisition, the introduction of new products, and facility expansion by other key players is expected to boost the market growth in the forthcoming years.
- August 2020: Mafic USA announced its partnership with The Materials Group (TMG) to increase the adoption of advanced basalt fiber injected into molded thermoplastics across the automotive sector. The partnership aims at promoting the unique mechanical properties attained by the product.
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