A naturally-derived material, basalt is relatively more recyclable compared to other reinforcing fibers and is, thus, witnessing significant traction in various end-use industries.
Market players are investing in R&D for expanding the application scope of basalt fibre to wind energy, marine and other industries.
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Basalt Fibre Market – Growth Restraints
While basalt fibre is witnessing significant demand from several end-use sectors, factors such as high cost and scarcity of raw material is posing threat to the basalt fibre market growth.
Availability of numerous low-cost substitutes such as fiberglass is dampening the adoption of basalt fibre from small-scale industries.
Domestic manufacturers in emerging regions are stiffening the market competition by selling products at much cheaper rates, as such, leading players are experiencing difficulties in expanding their regional foothold.
Impact of COVID-19 on Basalt Fibre Market
The COVID-19 pandemic is having dampening effect on the global mining industry. Government has imposed lockdowns in various non-essential service sectors, thus, resulting in reduced production of metals from mining industries.
On the other hand, demand for commodities such as copper, basalt and iron remains low from various end-use industries.
Unavailability of labor and high transportation costs have halted construction processes in worst-affected countries including, Italy, the US, China, India, among others.
Recent studies reveal the global construction industry currently stands at 0.9% growth in 2020. Going forward, demand from the automotive industry for basalt fibre has seen a severe downfall during the COVID-19 pandemic.
Basalt Fibre Market – Regional Analysis
North America and Europe currently hold prominent share in the global basalt fibre market. The US, Russia and Germany are leading consumers of basalt fibres in these regions respectively.
These regions are hub of automobile, construction and wind energy sectors. Further, favorable government trade policies are playing a helping hand in the market growth in North America and Europe.
Asia Pacific (APAC) is anticipated to provide remunerative opportunities to basalt fibre market towards the forecast period.
Increasing government investments towards infrastructural development is slated to drive the regional market growth.
Expanding automotive industries in China and Japan is fueling the demand for basalt fibre. Studies reveal that the annual production of automobiles in APAC is more than 50 million, 60% of which are used domestically.
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Basalt Fibre Market – Competitive Landscape
The global basalt fibre market is slightly fragmented and is represented by limited number of global and regional players. These players are focusing on continuous expansion and collaboration activities. For instance,
- In April 2020, Polotsk-Glassfibre expanded its business by launching a new furnace with production capacity of 500 tons fibre per year.
- In 2019, Basanite Industries LLC started a new manufacturing unit in Florida for production of basalt fibres and basalt composites.
- Kamenny Vek Mafic
- Fibrebas Construction and Building Technologies
- Hebei Tong-Hui Technology
- Technobasalt-Invest LLC
- Company Mineral 7
- Aerospace Tuoxin
- Mudanjiang Jinshi Basalt Fibre Co. Ltd
- Mafic SA
- Jilin Province Huayang New Composite Material Co., Ltd.
- Tongxin, Galen, Nmg Composites Co., Ltd.
- Sichuan Aerospace Tuoxin Basalt Industrial Co., Ltd.
- Incotelogy GmbH
Basalt Fibre Market – Segmentation
Basalt fibre market is segmented on the basis of following,
By Composite Processing Method
- Compression Moulding
- Hand Layup
- Resin Moulding
- Vaccum Infusion
- Spray Gun
- Filament winding
- Resin film Infusion (RFI)
- Concrete reinforcement
- Mesh filters
- Wall Plugs
- Spray Application
- Refractory Bricks and Blocks
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.