Increasing Investment in Basalt Fiber Production and Increasing Investment in Military and Defense Sector to Augment Growth of Basalt Fiber Market

 

Basalt Fiber Market

Basalt fiber is a special material made out of very fine threads of basalt, which consists mainly of magnesium, calcium, and phosphorus. It is much like fiberglass, having superior physical properties than ordinary fiberglass, yet being relatively cheaper than carbon fiber. Basalt is an igneous rock that forms at high pressure and temperatures in Earth's crust. Since it forms at such high temperatures, this material is called a super-hard mineral. Because of this property, when made into fibers, basalt fiber is exceptionally flexible and durable. It is used as a fireproof textile in the aerospace and automotive industries and as a substitute to steel rebar and glass in construction industry.

Market Dynamics

Increasing investment in basalt fiber production is expected to propel growth of the global basalt fiber market. For instance, in 2019, Armenia announced to develop a new segment of its industry – production of basalt fiber.

Increasing investment in the military and defense sector is expected to offer lucrative growth opportunities for players in the basalt fiber market. For instance, in March 2019,        China's Ministry of Finance announced a yearly budget of US$ 177.5 billion for the defense sector compared to US$ 167.4 billion in 2018.

However, significant decline in the automotive sector is expected to hinder growth of the basalt fiber market. For instance, according to the Society of Motor Manufacturers and Traders, the new car registrations in the U.K. decreased by 44% in March 2020 compared that in March 2019.  Decrease in air traffic is also expected to hinder growth of the market. For instance, according to Airports Council International, the global air passenger numbers are expected to decrease by 5.6 billion during 2020, along with a US$ 104.5 billion reduction in revenue.

Competitive Analysis

Major players operating in the global basalt fiber market include, Sudaglass Fiber Technology, Mafic SA, JEC Group, Mafic USA, BasaltEx NV, Hebei Tong Hui Science Technology Co., Kamenny Vek, Jiangsu Green Materials Vally New Material T&D Co. Ltd., Basanite Inc., JiangSu TianLong Continuous Basalt Fibre Co. Ltd., and Vulkan Europe BV.

Major players operating in the global basalt fiber market are focused on adopting partnership strategies to enhance their market share. For instance, in August 2020, Mafic USA partnered with The Materials Group, a manufacturer and distributor of engineered thermoplastic resins for automotive OEMs & suppliers, to increase the use of basalt fiber compounded into injection molded thermoplastics within the automotive industry.


Location: India

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