Basalt fiber is a material made from fine fibers of basalt, composed of several minerals. It offers better tensile strength than E-glass fibers. Basalt fibers are superior to other fibers in terms of thermal stability, heat & sound insulation, vibration resistance, and durability. These fibers are also environmentally friendly and are easily recyclable. These fibers are compatible with carbon fibers and help in forming cost-effective hybrid fibers. Basalt fibers are used as composites and non-composites in various end-use industries such as construction & infrastructure, automotive & transportation, wind energy, marine, and electrical & electronics, among others. However, the price of basalt fibers is higher than the largely used E-glass fibers, and hence, its demand is still at a nascent stage compared to E-glass fibers. ___________ Notes: Micromarkets1 are defined as the subsegments of the basalt fiber market included in the report. Core competencies2 of the companies are determined in terms of their key developments and strategies adopted to sustain in the market.

Visionary leaders are the leading market players in terms of new developments such as product launches, innovative technologies, and the adoption of growth strategies. These players have a broad product offering that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.

Dynamic Differentiators are established players with very strong business strategies. However, they have a weaker product portfolio compared to the visionary leaders. They generally focus only on a specific type of technology related to the product.

Innovators in the competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. The companies have focused on product portfolios. However, they do not have very strong growth strategies for their overall business, when compared with the visionary leaders.

Emerging companies have niche product and service offerings. Their business strategies are not as strong as that of the established vendors. The emerging vendors include the new entrants in the market, emerging in terms of product portfolio and geographic reach, and require time to gain significant traction in the market.