Basalt fibres are the fibres made of extremely fine fibres of basalt, comprising the minerals pyroxene, plagioclase and olivine, having better physicomechanical properties than fibreglass, and significantly economical than carbon fibre. Increasing environmental concerns have triggered a paradigm shift towards material compatible with the environment among manufacturers. Various factors include low cost, high mechanical & chemical strength are propelling product penetration rate. Moreover, increasing demand for naturally derived fibres over synthetically produced likely to create new growth opportunities for industry participants.According to AMA, the market for Basalt Fiber is expected to register a CAGR of 10.8% during the forecast period to 2024. This growth is primarily driven by The Growth in Demand for Noncorrosive Materials Worldwide and Increasing Adoption of Environmentally Friendly and Easily Recyclable Material.
Globally, a noticeable market trend is evident Increased Consumer Demand of Durable Goods, Machinery and Equipment. Major Vendors, such as Kamenny Vek (Russia), Zhejiang GBF Basalt Fiber Co. (China), Mafic SA (Ireland), Technobasalt-Invest LLC (Ukraine), Russian Basalt (Russia), ISOMATEX SA (Belgium), INCOTELOGY GmbH (Germany), Sudaglass Basalt Fiber Technology (United States), Shanxi Basalt Fiber Technology Co., Ltd (China) and Mudanjiang Basalt Fiber Co. (China) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
- The Growth in Demand for Noncorrosive Materials Worldwide
- Increasing Adoption of Environmentally Friendly and Easily Recyclable Material
- Increased Consumer Demand of Durable Goods, Machinery and Equipment
- Increasing Threat from the Substitute
- Difficulty in Promotion of Basalt Fiber
The surge in Demand for Basalt Fiber in European and Asian Pacific Countries and Ongoing Technological Advancements and Developments in the Raw Material of Basalt Fibres
Complex Manufacturing Process and High Cost Compared to E-Glass Fibers
AdvanceMarketAnalytics follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization of the Report:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be informed prior purchase