Browse 159 market data Tables and 56 Figures spread through 125 Pages and in-depth TOC on "Basalt Fiber Market"

The basalt fiber market size is estimated to be USD 227 million in 2019 and is projected to reach USD 397 million by 2024, at a CAGR of 11.8% between 2019 and 2024. The major factor driving the market is growing demand from the APAC region and the emerging construction & infrastructure and automotive & transportation industries.

APAC is one of the leading basalt fiber markets. The growing end-use industries such as construction & infrastructure, automotive & transportation, and wind energy are driving the basalt fiber market in the region. The region has a presence of many basalt fibers and its products manufacturers. The region also has a presence of manufacturers that majorly focus on the adoption of business strategies in order to increase the production of basalt fibers and meet the growing demand from end users. For instance, Chinese company Jilin Province Huayang New Composite Material Co., Ltd. had adopted technology from Russia to increase its basalt fiber production capacity to 30,000 tons annually.  

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The major basalt fiber manufacturers are Kamenny Vek (Russia), Mafic SA (Ireland), Zhejiang GBF Basalt Fiber Co. Ltd (China), Technobasalt-Invest LLC (Ukraine), Russian Basalt (Russia), Sudaglass Basalt Fiber Technology (US), and Isomatex (Belgium). These players have adopted various growth strategies, such as partnerships, expansions, and new product developments to expand their presence in the global market further. Expansions were the dominating strategy adopted by the major players from 2014 to 2019, which helped them innovate their offerings and broaden their customer base.

Kamenny Vek is an established company in the global basalt fiber market. The company possesses a wide product portfolio of basalt fiber. It is constantly engaged in providing high-grade basalt fiber. As a part of its growth strategy, it is highly focused on new product launches. For instance, the company is developing 2000 tex direct basalt fiber roving.

Mafic SA is a major manufacturer and producer of basalt fiber. It mainly focuses on new partnership and expansions as its major growth strategies. The company invested a multi-million dollar in expanding its production capacity and establishing new production plants of basalt fiber composites. Recently, the company installed a pultrusion line to produce composites using basalt fibers at its manufacturing center in Ireland. Through these strategies, Mafic SA would be able to increase its market share and maintain a huge customer base in the basalt fiber market.

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