Basalt Fiber Market Update, Analysis, Forecast, 2019 – 2025

According to a new research report by Global Market Insights, Inc.  Basalt Fibers Market size is estimated to surpass USD 400 million by 2025. Growing demand for high performance materials for aerospace applications will boost basalt fiber market trends. Rising end-user preferences towards lightweight, robust and anti-corrosive material components in marine, construction & infrastructure and automotive sectors will surge the consumption of fiber-based materials.

Mounting demand for basalt fiber from the electronics and transportation segment will considerably transform the industry dynamics, driven by the superior chemical as well as mechanical properties of the material.

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Continuous basalt fiber is recognized for its remarkable potential and unique application prospect including resistance to moisture absorption, affordability, and less carbon footprint among numerous alternatives. Reportedly, continuous basalt fiber industry hit a target revenue of more than USD 90 million in 2018. Many aerospace companies around the globe are trying to engage in developing breakthrough technologies and search more and more economical materials which will benefit the sector in the long run.

Many new composite materials are being manufactured on a large scale. Steps have been taken to investigate the use of products such as basalt wool, blankets, and mats to minimize heat transfer in space related applications, especially engine covers. In addition, increasing environmental concerns like pollution and global warming have bounded manufacturers to shift towards greener materials which are compatible with the environment. Such efforts would positively support the demand for more efficient aerospace materials, propelling basalt fiber market size.

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Continuous research & development activities and implementation of innovative processes results in improved basalt fiber products which serve new areas of application. In 2017, Michelman and Mafic, a manufacturing company based in USA had unveiled a product development and innovative partnership that would fully focus on surging the performance and surface characteristics of basalt fibers and their usage in high performance environments. Unquestionably, establishing successful collaborations between players will open up significant prospects for basalt fiber industry over the next few years.

AI SpaceFactory, a multi-planetary architectural and technology design agency, in May 2019 was unveiled as the winner of a 3D Printed habitat Challenge from NASA, for constructing MARSHA, which was a 3D- printed basalt fiber composite structure proposed for Mars tenancy. This MARSHA prototype is suitable for automation products and in composites for creating a robust and durable space habitat. Such initiatives and rising investments into the aerospace sector will drive basalt fiber market outlook to some extent over the forecast timespan.

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Owing to strategically important basalt fiber properties, the material will experience accelerated adoption on a large scale across major end-use segments. Key industry players focusing on providing novel products and seeking business expansion include GMV, Mafic SA, Basaltex, Shanxi Basalt Fiber Technology Co., Sudaglass Fiber Technology and Zhejiang GBF Basalt Fiber Co. Ltd. Global Market Insights, Inc. has projected that global basalt fiber market size will reach USD 400 million by 2025.

About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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