|Fastest Growing Market:||Asia-Pacific|
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The Basalt Fiber Market is projected to register a CAGR of around 10% during the forecast period (2022-2027).
The market was negatively impacted by COVID-19 in 2020. The COVID-19 pandemic affected the basalt fiber market because of supply chain and market disruption. During the pandemic, many manufacturing facilities of basalt fiber were shut down. There was a change in priority to the health sector, and sectors like automotive, building & construction, were on temporary hold. In the building & construction basalt fiber is used as concrete reinforcement and thermal insulation material for buildings. It is also used in automotive for headliners, CNG cylinders, brake pads, and clutch plates, etc.
- Over the short term, rising demand for Basalt Fiber for the application in the automotive industry and increasing usage in the building & construction industry are some of the driving factors which are stimulating the market demand.
- Existing substitutes products and their easy availability is supposed to hinder the market growth.
- Increasing adoption of environmentally friendly materials and fibers for the application in various industries is likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Scope of the Report
Basalt fiber is a type of material that is made from very fine fibers of basalt. This material is primarily composed of plagioclase, pyroxene, and olivine minerals. Basalt fiber is made by melting basalt rocks at high temperatures. The Global Basalt Fiber Market is segmented by type, end-user industry, and geography. By type, the market is segmented into Continuous and Discrete. By End-user Industry, the market is segmented into Building & Construction, Automotive, Marine, Energy Industry, and Other End-user Industries. The report also covers the market size and forecasts for the Basalt Fiber Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue value (USD Million).
|Building & Construction|
|Other (Sports, Chemical Industry, Petroleum Industry)|
Key Market Trends
Increasing Usage in the Automotive Industry
Basalt fiber has good mechanical strength, resistance to high temperature, durability, and chemical resistance, and is environmentally friendly, due to all its properties and characteristics, basalt fiber has its applications in the automotive industry.
In the automotive industry, basalt fiber is used for different parts such as headliners, CNG cylinders, fuel tanks, brake pads, clutch plates, exhausting systems, Muffler's filler, panels, screens, tire covers, interior and exterior parts based on fabrics, thermoplastic compound parts, and components.
Toyota (one of the world’s leading automotive companies) uses basalt fiber for the application in sub- muffler stuffing for its cars.
Moreover, according to OICA, in 2021, the global motor vehicle production has increased from 7,77,11,725 units in 2020 to about 8,01,45,988 in 2021 which is an increase of more than 3%.In 2021 China, the United States, Japan, India, South Korea, Germany, and Mexico were the top manufacturer of the vehicle globally.
As per the EV Volumes, the global EV sales reached 6.75 million units in 2021, registering a growth of 108% compared to 3.24 million sales in 2020. Also, globally the share of EVs in sales of light vehicles was 8.3% in 2021 as compared to 4.2% in 2020.
Owing to all these factors, the market for Basalt Fiber market is likely to grow globally during the forecast period.
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Asia-Pacific Region to Dominate the Market
Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China and India are among the fastest emerging economies in the world.
Asia-Pacific region dominated the global market share. One of the major factors driving the demand for the Basalt Fiber market in the Asia-Pacific region is increasing automotive production and increasing building & construction activities, in the countries like China, Japan, and India are expected to drive the demand for basalt Fiber in the region.
The automotive production of China accounted for almost 32.5% of the global production. Furthermore at present, China accounts for nearly 60% of global electric vehicle production and is emerging as the global factory for electric vehicles.
In India, 4,399,112 vehicles were produced in 2021 which is 30% more than that of 2020. Japan is the third-largest automotive producer in the world, producing 7,846,955 vehicles in 2021, which is expected to increase further in 2022.
China, India, and Indonesia are expected to record significant growth in the construction industry in the coming years. China alone will account for 26.1% of global growth. India is expected to account for 14.1% while Indonesia is expected to account for 7.0% of global growth, which in turn will expected to drive the demand for basalt Fiber in the region due to the application of basalt Fibers in building and construction industry.
Due to all such factors, the market for Basalt Fiber in the region is expected to have a steady growth during the forecast period.
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The Global Basalt Fiber Market is partially consolidated in nature. Some of the major players in the market include (not in any particular order) Kamenny Vek, Basaltex, Sudaglass Fiber Technology, MAFIC, and Isomatex.
- In April 2021, Kamenny Vek launched three new products of basalt fibers; Basalt direct roving 22 microns 2400 tex, Basalt assembled roving 18 micron 4800 tex and Basalt assembled roving 18 micron 3000 tex.
- In August 2020, Mafic USA has commenced operations at its basalt fiber production facility, which is the world's largest basalt fiber production facility in Shelby, North Carolina.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing demand from Automotive Industry
4.1.2 Increasing usage in the applications in Construction Industry
4.2.1 Existing subsitutes products and their easy availability
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.2 End-user Industry
5.2.1 Building & Construction
5.2.5 Energy Industry
5.2.6 Other (Sports, Chemical Industry, Petroleum Industry)
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.2 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.3.4 South America
22.214.171.124 Rest of South America
5.3.5 Middle East and Africa
126.96.36.199 Saudi Arabia
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Basalt Engineering, LLC
6.4.4 Deutsche Basalt Faser GmbH
6.4.5 Fiberbas construction and building technologies
6.4.6 Galen Ltd.
6.4.9 JiangSu Tianlong Continuous Basalt Fuber Co.Ltd
6.4.10 Kamenny Vek
6.4.12 Sudaglass Fiber Technology
6.4.13 Technobasalt Invest
6.4.14 Zhejiang Shijin Basalt Fiber Co.,Ltd.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing adoption of environmentally friendly materials
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Frequently Asked Questions
What is the study period of this market?
The Basalt Fiber Market market is studied from 2017 - 2027.
What is the growth rate of Basalt Fiber Market?
The Basalt Fiber Market is growing at a CAGR of >10% over the next 5 years.
Which region has highest growth rate in Basalt Fiber Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Basalt Fiber Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Basalt Fiber Market?
Kamenny Vek , Basaltex , Sudaglass Fiber Technology, MAFIC, Isomatex are the major companies operating in Basalt Fiber Market.