Continuous Basalt Fiber Market by Application and Geography - Forecast and Analysis 2021-2025

The continuous basalt fiber market share is expected to increase by USD 135.06 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 11.1%.

This continuous basalt fiber market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers continuous basalt fiber market segmentation by application (construction, molding, electrical and electronics, automotive, and others) and geography (North America, Europe, APAC, South America, and MEA). The continuous basalt fiber market report also offers information on several market vendors, including ARMBASALT CJSC, BASTECH  , Fiberbas construction and building technologies, HG GBF Basalt Fiber Co. Ltd., INCOTELOGY GmbH, JiLin Tongxin Basalt Technology Co. Ltd., Kamenny Vek, MAFIC, Shanxi Basalt Fiber Technology Co. Ltd., and Technobasalt-Invest LLC among others.

What will the Continuous Basalt Fiber Market Size be During the Forecast Period?

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Continuous Basalt Fiber Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The superior properties of continuous basalt fiber over traditional materials is notably driving the continuous basalt fiber market growth, although factors such as increased demand for lightweight composite materials in the automotive industry may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the continuous basalt fiber industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Continuous Basalt Fiber Market Driver

The rise in building construction activities will be a major influencer of the continuous basalt fiber market growth. Construction activities pertaining to buildings are growing at a considerable rate globally owing to the increasing focus on infrastructure, which is enabling economic growth and improving the standard of living of the people. Developed economies such as the US, Canada, and countries in the European Union (EU) are focusing on improving their existing infrastructure. Developing countries such as China and India are also witnessing significant growth opportunities in the building construction industry, along with growth in the construction industry in the US. For instance, according to the US Census Bureau, residential housing completions in the US grew by 8.2% during July 2016-July 2017. The recovery of the US economy has created optimism among homebuyers, leading to increasing demand for new single- and multi-family homes. Since continuous basalt fiber offers better compatibility and alkali resistance with different resins as well as concrete, it is extensively being used during the construction of buildings. Thus, the rise in the construction of buildings is expected to accelerate the demand for continuous basalt fiber, in turn driving the market growth during the forecast period.

Key Continuous Basalt Fiber Market Trend

Increasing demand for sustainable building materials will be a major driver for the continuous basalt fiber market growth. The construction industry is witnessing a high requirement for environment-friendly and green building. Green or sustainable building practices endorse the construction of buildings that are healthier for occupants as well as for the environment. These buildings improve indoor environmental quality and reduce the adverse impacts of building construction, maintenance, operation, and disposal on both nature and humans. The increasing adoption of environment-friendly and sustainable building materials has encouraged the use of continuous basalt fiber in construction activities as it can be easily recycled and reduces the impact of the built environment on human health. The rising awareness among people about green or sustainable buildings has encouraged them to opt for sustainable products produced from natural resources. Moreover, the implementation of basalt fiber in construction can help in reducing the amount of scrap. The products of basalt fiber are usually durable, cost-effective, and biodegradable. Globally, the use of basalt fiber is one-third of the use of glass and steel fiber in the construction industry. However, the growing demand for sustainable building materials can lead to an increase in demand for continuous basalt fiber during the forecast period.

Key Continuous Basalt Fiber Market Challenge

Lack of awareness among end-users will be a hindrance to the continuous basalt fiber market growth. There is a large population across the globe that is unaware of the applications and properties of continuous basalt fiber. Lack of awareness about the use of basalt fiber, its superior properties, and environment-friendly nature in the developing countries of APAC and MEA is a major limitation to the growth of this market. Carbon and glass fibers are widely popular all over the world, with several end-users. Basalt fiber, on the other hand, is least explored by the industrialists because it is extracted from igneous rocks by vigorous cooling of basaltic lava. The continuous basalt fiber market is at its nascent stage of growth; thus, these fibers have not been adopted widely among end-users. Low awareness about basalt fiber is also due to the increased use of glass and carbon fiber in the construction, energy, automobile, aerospace, and military industries. In addition, increasing demand for glass and carbon fiber will compel the manufacturers of continuous basalt fiber to shift to the adoption of other fibers. Thus, the dearth of awareness among the end-users impedes the growth of the continuous basalt fiber market.

This continuous basalt fiber market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global continuous basalt fiber market as a part of the global commodity chemicals market within the global chemicals market Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the continuous basalt fiber market during the forecast period.

Who are the Major Continuous Basalt Fiber Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• ARMBASALT CJSC
• BASTECH  
• Fiberbas construction and building technologies
• HG GBF Basalt Fiber Co. Ltd.
• INCOTELOGY GmbH
• JiLin Tongxin Basalt Technology Co. Ltd.
• Kamenny Vek
• MAFIC
• Shanxi Basalt Fiber Technology Co. Ltd.
• Technobasalt-Invest LLC

 

This statistical study of the continuous basalt fiber market encompasses successful business strategies deployed by the key vendors. The continuous basalt fiber market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The continuous basalt fiber market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Continuous Basalt Fiber Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the continuous basalt fiber market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global commodity chemicals market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for the Continuous Basalt Fiber Market?

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36% of the market's growth will originate from North America during the forecast period. The US is the key market for continuous basalt fiber in North America. Market growth in this region will be faster than the growth of the market in regions.

Increasing demand from various end-users such as aerospace and alternative energy sectors will facilitate the continuous basalt fiber market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 has severely impacted North America, especially the US. Owing to the rising number of deaths from the pandemic, many North American countries, including the US, Canada, and Mexico, have implemented a nationwide lockdown. As a result, manufacturing units have been closed. This will affect the growth of the continuous basalt fiber market in North America during the forecast period. Moreover, due to the outbreak of the COVID-19 pandemic, manufacturing units in the region were in an idle state, which, in turn, impacted the consumption of continuous basalt fiber in the region in 2020. In 2021, the US initiated the COVID-19 vaccination drive and has vaccinated almost 48% of its adult population, resulting in the lifting of restrictions on several industrial and commercial activities. This is expected to boost the industrial activity in the region and consequently boost the demand for continuous basalt fibers during the forecast period.

What are the Revenue-generating Application Segments in the Continuous Basalt Fiber Market?

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The continuous basalt fiber market share growth by the construction segment has been significant and is expected to provide significant growth opportunities to market vendors.Continuous basalt fiber possesses low thermal conductivity, high strength with low weight, strong resistance, excellent compatibility with organic and inorganic binders, and high fire resistance and durability. This makes basalt composites preferable for use in the construction industry as compared to traditional materials such as carbon, steel, and glass fibers. In addition, the cost to produce continuous basalt fiber is low, and it is environment-friendly in nature.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the continuous basalt fiber market size and actionable market insights on post COVID-19 impact on each segment.

You may be interested in:

Glass Fiber Reinforced Concrete (GFRC) market - The market share is projected to surge to USD 600.55 million by 2026 at a progressing CAGR of 6.16%. 

Carbon Fiber market - The market share is expected to increase to USD 2.01 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 10.03%.

Glass Fiber Reinforced Plastic (GFRP) market - The market share is expected to increase by USD 7.68 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.35%.

Continuous Basalt Fiber Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 11.1%
Market growth 2021-2025	USD 135.06 million
Market structure	Fragmented
YoY growth (%)	9.93
Regional analysis	North America, Europe, APAC, South America, and MEA
Performing market contribution	North America at 36%
Key consumer countries	US, Germany, China, UK, and India
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	ARMBASALT CJSC, BASTECH  , Fiberbas construction and building technologies, HG GBF Basalt Fiber Co. Ltd., INCOTELOGY GmbH, JiLin Tongxin Basalt Technology Co. Ltd., Kamenny Vek, MAFIC, Shanxi Basalt Fiber Technology Co. Ltd., and Technobasalt-Invest LLC
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Continuous Basalt Fiber Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive continuous basalt fiber market growth during the next five years
• Precise estimation of the continuous basalt fiber market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the continuous basalt fiber industry across North America, Europe, APAC, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of continuous basalt fiber market vendors

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