Basalt Fiber Market | Key players operating in the market include Kamenny Vek, Mafic SA, Technobasalt-Invest LLC, Russian Basalt, ISOMATEX SA

According to recent market research "Basalt Fiber Market by Form (Continuous and Discrete), End-Use Industry (Construction & Infrastructure, Automotive & Transportation, Electrical & Electronics, Marine), Usage (Composites, Non-Composites), and Region - Global Forecast to 2024", The basalt fiber market is expected to grow from USD 227 million in 2019 to USD 397 million by 2024, at a CAGR of 11.8% during the forecast period. The market is witnessing a significant growth because of the growing demand from various industries such as automotive & transportation, construction & infrastructure, and electrical & electronics. Basalt fiber provides various properties such as high strength, chemical resistance, durability, mechanical strength, and low water absorption.

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The automotive & transportation end-use industry demands basalt fibers in brake pads, mufflers, headliners, and other interior applications. This demand is mainly due to the superior mechanical, physical, and chemical properties of basalt fiber. The cost of basalt fibers is higher in this application when compared to fibers used in construction & infrastructure. Hence, the automotive & transportation end-use industry has a higher share, in terms of value, in the basalt fiber market.

The basalt fibers are available in two forms, namely, continuous and discrete. Continuous basalt fibers are expected to register a higher CAGR during the forecast period as these fibers are used in various applications such as rovings, fabrics, and yarns in end-use industries such as automotive & transportation, sporting goods, wind energy, construction & infrastructure, and pipes & tanks. Continuous fibers are used in both composites and non-composite applications.

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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.

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 partnership, expansions, and new product developments to expand their presence in the global market further. Expansions was the dominating strategy adopted by the major players from 2014 to 2019, which helped them innovate their offerings and broaden their customer base.

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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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