Basalt fiber is made up of numerous thin and delicate basalt fiber strands. The basalt fibers are prepared basically by melting the basalt rock at very high temperatures and then processing it further as per the requirement of the industry. Though there is carbon fibers and fiberglass with high physicochemical properties available, the basalt fibers are still much cost effective compared to others. The basalt fibers have a number of applications in the textile, automotive, and aerospace industry due to its excellent abrasion and temperature resistance properties. According to the study, the global continuous basalt fiber market was accounted to be $68.41 Million during 2015 and is projected to reach around $121.19 Million by 2021, that is, a 10.7% CAGR growth between 2016 and 2021.
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The utilization of the basalt fibers in the building and construction, transportation, electronics, molding, and other industries are the major reasons for boosting the global continuous basalt fiber market growth. The growing population’s increasing demand for more efficient transportation and construction facilities also helps drive the global market growth. The utilization in the aerospace, sports, and defense products fuels the growth of the global market. In 2017, Armenia, a well-known basalt fiber plant, announced that it will start the exportation of its product to Asia after the halt in the overseas sale of the basalt products to Russia due to the constant fluctuation in the Russian ruble exchange rate. Armenia has already signed an agreement with two of the major firms in Asia, which requires certification process cleared before the company starts delivering the full-fledged products.
The global continuous basalt fiber market is bifurcated based on the application. The application segment is divided into electronics; molded materials; building and construction; transportation; defense, aeronautics, and space components; sports equipment; and others. Out of which the building and construction, as well as transportation sector, leads the global market.
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Some of the key players dominating the current global continuous basalt fiber market include Shanxi Basalt Fiber Technology Co. Ltd., Mineral 7, Basaltex, Zhejiang GBF Basalt Fiber Co. Ltd, Mafic SA, Kamenny Vek, Technobasalt, GMVChina, and Sudaglass Fiber Technology.