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Basalt Fiber Market Segmentation by Form (Continuous and Discrete), and By End-User Industry (Automotive & Transportation, Construction & Infrastructure, Marine and Electrical & Electronics), and Region - Industry Forecast of (2023-2028)

Published: March, 2023
ID: 12596
Pages: 175
Formats: report pdf report excel report power bi report ppt

Basalt Fiber Market Trends (2023-2028):

The basalt fiber Market was valued at US$ 2.87 Billion in 2022 and is anticipated to grow to US$ 5.16 Billion by 2028, with an increasing CAGR of 12.40% during (2023-2028)

Basalt fiber is a material formed from very fine basalt fibers made up of plagioclase, pyroxene, and olivine minerals. Basalt fiber is made by melting crushed and washed basalt rock at a temperature of over 1,500°C (2,730°F). Basalt fiber has a wide range of applications in both military and civilian settings. For example, basalt fiber can be utilized to make protective apparel for both hot and low temperatures. Basalt fiber is employed in a variety of sectors and applications, including building and infrastructure, due to its environmentally benign properties, excellent compatibility with concrete, and ease of mixing at high concentrations. It also has high strength and recyclability, which contributes to its widespread use in a variety of industries. In addition, it does not necessitate the use of any specific processing equipment.

Basalt fibers are in great demand due to the growing usage of lightweight composite materials in the fabrication of automobile components and aircraft bodies. Crushed basalt rock is melted in a furnace to create basalt fibers. This manufacturing process is environmentally safe, as it produces no damaging infrared radiation. Because of their better tensile, thermal, and other qualities, basalt fibers have been widely used as a replacement for traditional steel and other fiber reinforcements.

BASALT FIBER MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022-2028

Base Year

2022

Forecast Period

2023-2028

CAGR

12.40%

Segments Covered

  • By Form
  • By End-User Industry 
  • By Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

 

Market Leaders Profiled

GMV, Mafic SA, Basaltex, Sudaglass Fiber Technology, Zhejiang GBF Basalt Fiber Co. Ltd, Shanxi Basalt Fiber Technology Co., KamennyVek, Jiang Su Tian Long Continuous Basalt Fiber High-Tech Co.Ltd., Mineral

Basalt Fiber Market Drivers:

Basalt fibers have superior mechanical strength, chemical and heat resistance, insulation, and other qualities than other fibers. Due to a number of features such as corrosion resistance and lightweight, basalt fibers are increasingly being utilized as an alternative to steel reinforcements. This enables mounting without the requirement of lifting or other specialist equipment, which further propels the global basalt fibers market during the forecast period.

In construction composites, basalt fibers also outperform e-glass fibers. Basalt fibers have superior breaking load capacity, durability, and stiffness in all forms, including roving, chopped strands, and textiles. In addition, basalt fibers are less expensive, and obtaining raw materials is rather simple. Therefore, because of all of the aforementioned advantages, basalt fibers are likely to see an increase in demand throughout the forecast period. The firms are concentrating on creating alternative low-cost basalt fiber production processes. As a result, new manufacturing facilities are expected to open in the future years. Non-corrosive products are in high demand in the construction industry since they help to save costs and extend the life of structures constructed with them. One of these advancements is the use of corrosion-free basalt fiber composite bars as concrete reinforcement. Basalt composites are non-corrosive, made up of 80% fibers, and have three times the tensile strength of steel bars commonly used in construction. The rebar is strengthened by the basalt fibers, which are held in place by the resin. When compared to steel rebar, BFRP (basalt fiber reinforced plastic) rebar extends the life of civil engineering constructions when corrosion is a significant problem. Therefore, these factors tend to increase the global basalt fibers market share in the next six years.

Basalt Fiber Market Restraints:

Basalt fibers have a few obstacles to overcome when it comes to producing basalt fibers. For example, only a few areas in Eastern Europe have the grade and chemical composition of basalt rock essential for the creation of basalt fibers. As a result, even though the raw material is inexpensive, it must be imported. Furthermore, the initial setup and equipment costs are relatively substantial and necessitate a significant capital commitment, providing a significant barrier for producers. Basalt fiber is commonly employed in infrastructure and building projects. Despite the fact that basalt fiber has superior qualities to E-glass and S-glass fiber, it is not widely used in commercial applications. Basalt fiber has a lot of potential in the maritime, automotive, transportation, aerospace, defense, sporting goods, and wind industries. However, because of a lack of understanding regarding basalt fiber's applications, glass fiber remains the preferred material. Therefore, these factors hamper the global basalt fibers market during the forecast period.

Recent Developments in the Global Basalt Fiber Market:

Basaltic NV states that it has reached a critical milestone in developing and testing a new composite material solution for railway applications that combines basalt fibers with EconCore's proprietary honeycomb technology.

Market Segmentation: 

Basalt Fiber Market By Form:

  • Continuous

  • Discrete

During the forecast period, continuous form held a significant share of the basalt fiber market in terms of both value and volume.This rapid expansion is mostly due to increased demand from the building and infrastructure sectors. Continuous basalt fibers have advantages like greater efficiency, stronger tensile strength, and improved mechanical properties. Continuous basalt fiber is also environmentally friendly, making it appropriate for various applications, including reinforcing nets, pipelines, containers, electrical insulation materials, basalt plastic goods, and so on. They also have a higher strength than steel, making them a popular choice in the building business.

Basalt Fiber Market By End User Industry:

  • Building & Construction

  • Electronics

  • Sports & Leisure

  • Aerospace & Defense

  • Automotive

  • Optical

  • Others

Based on the end-user industry, the construction and infrastructure end-use industry is predicted to increase at a fast rate during 2022 - 2027. Because of its great strength and non-corrosive qualities, basalt fiber is increasingly being used in buildings and infrastructure. Basalt fiber is becoming more popular in the construction and infrastructure industries due to its environmentally favorable qualities, compatibility with concrete, and ease of mixing at high concentrations. Furthermore, basalt fiber has a higher mechanical strength, which is necessary for building in harsh environments. In addition, these are far less expensive than all other alkali-resistant fibers. As a result, the building and infrastructure end-use business is predicted to increase at a fast rate during the next few years.

Basalt Fiber Market Regional Analysis: 

  • North America
  • Europe 
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

Impact of COVID-19 on the Basalt Fiber Market:

The ongoing epidemic has had a significant impact on the chemical and materials industries, as well as the expansion of the basalt fiber industry. The deployment of anti-virus measures has had an impact on the growth of various industrial sectors. The abrupt disruption in operational efficiencies and disruptions in value chains caused by the unexpected closure of national and international borders has harmed industries such as construction, automotive, chemical, and electronics. The Asia-Pacific economies lost more than $200 billion as a result of the coronavirus outbreak. COVID-19 has had a significant impact on the market for basalt fiber.

Fiber Market Key Players:

The companies covered in the report include:

  1. GMV

  2. Mafic SA

  3. Basaltex

  4. Sudaglass Fiber Technology

  5. Zhejiang GBF Basalt Fiber Co. Ltd

  6. Shanxi Basalt Fiber Technology Co.

  7. KamennyVek

  8. Jiang Su Tian Long Continuous Basalt Fiber High-Tech Co.Ltd.

  9. Mineral

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