The basalt fiber market size is projected to grow at a significant double digit CAGR between 2015 and 2020. Major growth in the Asia-Pacific region is expected from the growing building & construction, automotive and wind turbine blades application.
The basalt fiber market in Asia-Pacific region is growing fast as the application industries such as growing building & construction, automotive and wind turbine blades application. are expected to register a significant growth rate in next five years. Presence of emerging economies such as China is expected to help the basalt fiber market to grow in the region.
Expansion use and new product launch are the key strategies which expected to be adopted by the major key players. The basalt fiber has wide industrial applications and new product launches are paving the way for fulfilling the ever changing demand for new applications with better physical and mechanical properties. As a result of this, a diverse application base is developing for basalt fibers. Market players are focusing on to develop new products in both existing and emerging markets that can meet the growing demand from application industries.
The major players in the basalt fibermarket are Basaltex (Belgium), Sudaglass Fiber Technology (U.S.), Kamenny Vek (Russia), Zhejiang GBF Basalt Fiber Co., Ltd (China), Technobasalt (U.S.), Shanxi Basalt Fiber Technology Co., Ltd (China), JiangSu TianLong Continuous Basalt Fiber High-tech Co., Ltd. (China), GMVChina (China), Mafic SA (Luxembourg) and Mineral 7 (Ukraine).