In the last decade, basalt fibres has emerged as a strong competitor in the fibre reinforcement composites. Basalt fibres are the fibres made of extremely fine fibres of basalt, comprising the minerals pyroxene, plagioclase and olivine, having better physicomechanical properties than fiberglass, and significantly economical than carbon fibre. It finds its major application as a fireproof textile in the automotive and aviation industries. It also finds its application as a composite to produce products like camera tripods.
Construction market is anticipated to have the highest gain during the forecast period. Construction-related products like rubber roofing is projected to register healthy growth during the forecast period. Mechanical goods is estimated to account for the largest share of total demand for basalt fibre. Increased consumer demand of the durable goods, machinery and equipment will be benefiting the basalt fibre suppliers Globally the basalt fiber market is witnessing a significant growth and this trend will continue in the coming years. Ongoing technological advancements and developments in the raw material of basalt fibres will be the key influencing factors for the global basalt fibre market, with higher emphasis on cost and their applications.
Rising construction output, increasing demand for high performance sealing products, tires and tire adhesive, rapid growth in the automotive sales in developing economies are few factors driving the growth of the global basalt fibre market. Availability of raw material, limited number of suppliers and increasing threat from the substitutes are probable factors negatively impacting the growth of the global basalt fibre market.Basalt Fibre Market Segmentation Based on manufacturing technique: Centrifugal Multiroll, Die Blowing, Centrifugal Blowing; Based on end-use industry: Automotive, Construction, Aerospace, Chemical
With rising automotive sales, burgeoning population and rising urbanization the need for basalt fibre products are increasing. The global basalt fibre market is expected to expand at a significant CAGR during the forecast period (2015-2025). As on date, Asia Pacific region is the largest producer and consumer of basalt fibre, with its automotive sector exhibiting healthy growth rate during the forecast period. Basalt fibre manufacturers have shifted their production facilities to developing economies, due to the low labor and operating costs.
As on 2014, North America & Europe are the dominating regions for the global basalt fiber market. U.S., Russia and Germany are the major consumers of basalt fibres. More than two-third of the total basalt fibres demand came from automobiles, building & construction and wind energy sectors. Primarily the reason behind the increasing demand for basalt fibres in these sectors is because it meets the requirements for demanding applications requiring chemical resistance, mechanical strength, high temperatures, durability and low water absorption.
In terms of strategic initiatives, Asia-Pacific region is the most active market owing to their emerging market demands. The significant growth of the end-user industries, increased number of domestic players in the vertical segments, such as automotive and construction applications and higher levels of local manufacturing in the Asia-Pacific region will significantly boost the consumption of the basalt fibers.
The global basalt fibre market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions, global basalt fibre market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. As of 2015, North America dominated the global basalt fibre market in terms of market revenue followed by Europe. Asia Pacific & Japan are projected to expand at a substantial growth and will contribute to the global basalt fibre market value exhibiting a robust CAGR during the forecast period, 2015-2025.
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