Basalt Fiber Market

Basalt Fiber Market: Overview

The market size for basalt fiber was USD 264.5 million in 2021, and it is projected to grow at a CAGR of 11.9 percent during the forecast period. Due to increased demand and applications from automotive & transportation, building & infrastructure, wind energy, electrical & electronics, and industries, the basalt fiber market is expanding. The market for basalt fibers is primarily driven by its outstanding qualities, which include thermal stability, heat and sound insulation, vibration resistance, and durability. Their lack of corrosion is another factor propelling the industry. In addition, a significant development opportunity for the market is the rising use of environmentally friendly and easily recyclable materials. However, competition from established products like E-glass is limiting market expansion. Promoting basalt fiber for increased use and factors including a sophisticated production method that is more expensive than E-glass fibers hinders market expansion.

The basalt fiber market is growing swiftly because basalt fiber can take the place of glass fiber as a potential polymer reinforcing component in polymer matrix composites. This substance is considered environmentally beneficial and possesses characteristics akin to carbon fiber. As a result, it has a wide range of uses in hot gas filtration processes, engineering, civil construction, concrete reinforcement, composite tissues, plastics, prepregs, and laminates, as well as electro-technical applications.

Basalt fiber's enhanced compatibility with concrete, environmentally benign makeup, and ability to mix smoothly at larger concentrations of concrete present it with significant revenue-generating prospects from the global building and infrastructure sectors. Governments expanded their spending on infrastructure projects in industrialized emerging markets, which have a significant potential to drive basalt fiber market. For instance, the Euro Construct report for 2019 estimates that the total value of construction output in European nations was around USD 1,900 billion. Basalt fiber market growth is anticipated due to the enhanced mechanical strength supplied by basalt fiber in challenging construction environments.

Basalt Fiber Market: COVID-19 Impact

COVID-19 has significantly impacted basalt fiber demand because of a decline in demand from several end-use sectors. The pandemic's worst and most immediate effects were seen in 2020 in the industries that consume the most basalt fiber: construction & infrastructure, automobile & transportation, and transportation. Due to recovering end-use sectors, the demand for basalt fiber is anticipated to expand significantly over the predicted years.

Basalt Fiber Market: Drivers

Improved Mechanical, Chemical, and Physical Qualities to Drive Basalt Fiber Market Growth

A novel substitute for commonly used fibers like glass and, to a lesser extent, carbon fiber is basalt fiber. Due to its improved physical, chemical, and mechanical qualities, basalt fiber continues to gain market share in end-use sectors in terms of value and volume. These stand out for having great tolerance to both high and cold temperatures. Compared to other fibers, basalt fibers exhibit additional qualities such as thermal stability, heat and sound insulation, ablation resistance, vibration resistance, and durability. These characteristics set basalt fiber apart from glass and carbon fiber. Carbon fiber can also be used with basalt fiber.

Increasing Use of Recyclable and Environment-friendly Materials Driving Basalt Fiber Market Growth

Due to new, stricter government laws, there is an increase in the demand for items made of easily recyclable, ecologically friendly fiber and fiber-reinforced composites. Additionally, many people favour using recyclable goods that protect the environment. Instead of using petroleum-based products, developed nations like Germany, the US, and Japan emphasize using environmentally friendly products. Europe is adamant about using bio-based materials, encouraging car parts recycling, and holding automakers accountable for disposal at the end of a vehicle's useful life. The Japanese Government aims to replace 20% of plastic usage with renewable products by 2020. These regulations are expected to increase the use of natural fiber composites such as basalt fiber in automotive & transportation, construction & infrastructure, electrical & electronics, and other end-use industries.

Basalt Fiber Market: Restraints

Compared to E-Glass Fibers, Manufacturing Process is Complex and Expensive, to Hamper Basalt Fiber Market Growth

The production of basalt fiber from basalt rock is extremely technically complex, which is a major factor in the industry's delayed growth. Basalt rock must be melted at a very high furnace temperature (1,450 C) to produce basalt fiber, and this temperature should be kept within two to three degrees of the target range. It is challenging to deliver electricity outside the furnace to achieve this temperature control of the extrusion bushings. Creating low-cost technology is a significant challenge for basalt fiber researchers and big producers. Due to the intricacy of the raw material production process and high cost, composites are only used in the early phases of development. This pushes up the price of basalt fibers even further. The price of basalt fiber is higher than the widely used E-glass fibers. Due to the cost limitations, E-glass fibers are still preferred over basalt fibers. If basalt fiber production from raw basalt using low power (for furnace heating) to melt the basalt rock could be made simpler, it would be able to satisfy the expanding demand for basalt fiber in the building and construction industry.

Basalt Fiber Market: Segment Overview

Construction and Infrastructure to Dominate Basalt Fiber Market due to High Mechanical Strength of Basalt Fiber

Concrete with steel reinforcement is a common building material. Due to its high strength and non-corrosive qualities, basalt fiber is used more frequently in construction and infrastructure. Basalt fiber is being used more frequently in the construction and infrastructure sectors thanks primarily to its favourable environmental characteristics, strong compatibility with concrete, and simplicity of mixing at high concentrations. Basalt fiber delivers greater mechanical strength, which is necessary for construction in difficult circumstances. These are considerably less expensive than all other alkali-resistant fibers and are readily available. According to industry experts, a tonne of basalt rods can give reinforcement equivalent to 4 tonnes of steel rods. Due to these advantages, basalt fiber products are an excellent and affordable alternative to those currently available on the market.

With Superior Mechanical and Thermal Qualities, Composites Category Dominates Basalt Fiber Market

Superior mechanical, chemical and thermal qualities can be found in basalt fiber. It might take the place of E-glass in several composite materials, particularly when resistance to harsh environments is required. Basalt fibers and composites are increasingly used in civil and transportation infrastructure to strengthen construction's structural safety and sustainability. Basalt fibers can be hybridized with steel wires, steel bars, or other fibers to produce a noticeable hybrid effect that exhibits short- and long-term mechanical qualities, fatigue resistance, and high-temperature performance. Basalt fibers have great compatibility with matrix resin. Basalt fiber reinforced plastic (BFRP) composites are used for more than just general structural reinforcement; they are also crucial components of smart structures, long-span bridges, damage-controllable & recoverable structures, lightweight & sustainable structures, and other applications.

Basalt Fiber Market: Regional Landscape

Asia Pacific to Dominate Basalt Fiber Market due to Growing Demand from Japan and China

Due to the significant demand from Japan, China, Singapore, and other nations, APAC is the region that consumes the most basalt fiber. The rising use of basalt fiber in various industries, including wind energy, construction and infrastructure, electrical & electronics, and automotive, is anticipated to fuel the basalt fiber market in APAC. This expansion is partly a result of the faster industrialization of nations like China and Japan. Chinese basalt fiber producers create cutting-edge manufacturing techniques emphasizing producing low-cost continuous basalt fiber. The key basalt fiber customers in China are the electrical, electronics, and transportation industries, which is anticipated to solidify the position in basalt fiber market further.

Additionally, China has a sizable capacity for producing basalt fiber to meet any unexpected spike in demand. Other nations, including Singapore and Japan, are researching to create commercial basalt fiber applications. Due to its non-corrosive and high-strength qualities, basalt fiber is anticipated to surge in demand from the construction and infrastructure sector. In addition, Europe ranks third in basalt fiber market in terms of revenue generation. Numerous businesses produce and employ basalt composites in Russia, and Ukraine. The region has experienced an increase in the basalt fibers market in recent years due to the stringent regulations in place in the EU on greenhouse gas emissions, notably from automobiles. Germany is bound to create growth for basalt fiber manufacturers due to the investment in different end-use industries such as aerospace and defence, and automotive. This is powering the growth in the basalt fiber market in the European region in the coming years.

Global Basalt Fiber Market: Competitive Landscape

Three new goods, including basalt assembled roving 18 microns 3000 texes and basalt assembled roving 22 microns 2400 tex, were introduced by Kamenny Vek on April 30, 2021, expanding its product offering. Mafic USA officially opened the largest basalt fiber mill in the world on July 27, 2020, in Shelby, North Carolina. This business will be able to meet the demand from a sizable customer base. Kamenny Vek began manufacturing 2,000 texes direct basalt fiber roving in June 2017. Where high tex is required, these direct rovings provide advantages such as zero catenary and high mechanical characteristics. Mafic SA and Michelman, Inc. (Ohio, US) partnered to create cutting-edge basalt fiber products in December 2017. This aided the business in improving basalt fiber performance and surface properties for usage in high-performance composites.

Few of the players in the basalt fiber market include Kamenny Vek (Russia), Zhejiang GBF Basalt Fiber Co. (China), JFE RockFiber Corp. (Japan), Mafic SA (Ireland), Technobasalt-Invest LLC (Ukraine), Russian Basalt (Russia), ISOMATEX SA (Belgium), INCOTELOGY GmbH (Germany), Sudaglass Basalt Fiber Technology (US), Shanxi Basalt Fiber Technology Co., Ltd (China), and Mudanjiang Basalt Fiber Co. (China).

Regional Classification of the Global Basalt Fibre Market is Described Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability

Key Elements Included In The Study: Global Basalt Fibre Market

• Basalt Fibre Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value and Volume, 2018 - 2022
• Volume Consumption at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Production Output Analysis (Major Producing Regions)
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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