Basalt Fiber Market, By Use (Composite, Non-Composite), By Form(Chopped Fiber, Yarns, Continuous Fil

Published Date: June - 2019 | Report Code : MT2014730

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The Global Basalt Fiber Market is projected to reach USD 1,469.8 million by 2028, growing at a CAGR of 13.6% during the forecast period.

Basalt Fiber MarketBasalt Fiber Market

Due to excessive demand from sectors such as automotive, construction & infrastructure, marine, and electronics, the global basalt fiber sector is anticipated to see significant development. It has emerged as a strong competitor in the fiber reinforcement composite Sandland are produced from basalt rocks, which are melted at 1400 degrees Celsius. Because of their elevated structural integrity and mechanical characteristics, basalt fiber is cheap compared to fiberglass and is commonly used in the automotive and aerospace industries. Basalt fiber reinforced polymer (BFRP) reinforcing bars have recently introduced as an alternative to steel reinforcement for concrete structures and as external support for retrofitting of concrete structures. Basalt fiber has not been widely used, unlike Glass Fiber-reinforced polymer (GFRP) and carbon fiber-reinforced polymer (CFRP) materials. As an additive to concrete mixtures to create fiber reinforced concrete (FRC), chopped basalt fibers have also been introduced. With the increasing use of light-weight composite material for the manufacture of automotive components and aircraft bodies, demand for basalt fibers continues to remain high. Basalt fibers are made by melting the crushed basalt rock in a furnace. This production process is an environment-friendly process without the production of any harmful infrared radiation. Basalt fibers have been widely used as an alternative for conventionally used steel and other fiber reinforcements owing to the superior mechanical, thermal and other properties. Basalt fibers also outperform e-glass fiber in composites used for construction. In all the forms i.e. roving, chopped strands, fabrics, etc. basalt fibers have witnessed higher breaking load capacity and better durability and stiffness. In addition to these, basalt fibers are available at a lower price and there has been relative ease for raw material procurement. Owing to all the above-mentioned benefits, there has been an expected upsurge in demand for basalt fibers over the forecast period. However, there are a few challenges with respect to the production of basalt fibers. For instance, the quality and exact chemical composition of the basalt rock required for the formation of basalt fibers are available at only specific locations in Eastern Europe. Therefore, though the raw material is available at a cheap cost, it has to be imported. Moreover, the initial set up and equipment costs are quite high and require capital investment, thus posing a major challenge for the manufacturers. The manufacturers are focusing on developing alternative low-cost technologies for the production of basalt fibers. As a result, new production plants are projected to come online in the coming years.

Based on form, the basalt fiber market is segmented into discrete and continuous fibers. Due to their effectiveness and environmentally friendly nature, continuous basalt fibers are expected to witness significant growth. These fibers are primarily employed in the construction industry because they have higher strength than steel and are resistant to electromagnetic radiations and ultraviolet rays and are preferred for soil and embankment stabilization. Technology innovations, raw material development, and new techniques are expected to open new market opportunities for the basalt fiber market.

Basalt Fiber Market

Basalt Fiber Market

On the basis of the end-use industry, the automotive segment of the basalt fiber market is expected to hold a significant share in the basalt fiber market during the forecast period. This is due to the increase in the use of light-weight composite materials in the automotive industry. The stringent regulations, especially, in North America and Europe region regarding vehicle emissions has led the manufacturers to focus on the reduction of weight of the vehicle. Basalt fibers are used as composites for the manufacture of vehicle and aircraft bodies as well as components such as exhaust mufflers and brake pads among others. Also, the construction segment is expected to have a prominent share in the basalt fiber market. The growing government spending on infrastructural and industrial development has led to a rise in the demand for basalt fibers as reinforcement material for the construction of roads, pavements, and bridges among others.

Europe is expected to account for a significant market share during the forecast period. The region has witnessed a growing demand for basalt fibers from the automotive industry as there are stringent regulations prevailing in the EU regarding vehicle emissions and greenhouse gas amongst others. Moreover, the rising concern over energy conservation has also led to the growth of the renewable wind energy generation industry thus, creating traction in the global basalt fiber market. Also, the Asia Pacific region is expected to see significant growth during the forecast period. Increasing basalt fiber usage in multiple sectors such as wind energy, construction & infrastructure, electrical & electronics, and automotive is anticipated to drive the basalt fiber market in the Asia Pacific region. This growth is also because of the increased industrial development in China. Chinese manufacturers are developing new technologies focused on low-cost continuous basalt fiber production. Chinese transport and electrical & electronics industries are the main users of basalt fiber which is anticipated to further strengthen the market position. China also has an enormous basalt fiber production ability that can meet any sudden rise in demand.

Key Factors Impacting the Growth of Basalt FiberMarket:

  • Increase in demand for noncorrosive materials.
  • High demand from the automotive and construction sectors in developed regions.
  • Enhanced physical, mechanical, and chemical properties.
  • Environmentally friendly and easily recyclable material.
  • The complex manufacturing process and high cost of production.

Key Developments in the Basalt Fiber Market:

  • In June 2017, KamennyVek (Russia) started the production of 2000 tex direct basalt fiber roving. These direct rovings offer benefits such as zero catenary and high mechanical strength in applications where high tex is required.
  • In December 2017, Mafic SA (US) and Michelman (US) entered into a partnership to develop innovative basalt fiber products. This has helped Mafic in increasing the performance and surface characteristics of basalt fibers and their use in high-performance composites.

What Does This Report Provide?

This report provides a detailed understanding of the global basalt fiber market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with a potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the basalt fiber market.

Market Segmentation:

By Form:

  • Continuous
  • Discrete

By End-Use Industry:

  • Construction & Infrastructure
  • Automotive
  • Aerospace & Defense
  • Electrical & Electronics
  • Chemical
  • Marine
  • Others

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Form
    • By End-Use Industry
  • Western Europe:
    • By Country (Germany, UK, France, Spain, Rest of Western Europe)
    • By Form
    • By End-Use Industry
  • Eastern Europe:
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Form
    • By End-Use Industry
  • Asia Pacific
    • By Country (China, Japan, India, Rest of Asia Pacific)
    • By Form
    • By End-Use Industry
  • Middle East:
    • By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
    • By Form
    • By End-Use Industry
  • Rest of the World
    • By Region (South America, Africa)
    • By Form
    • By End-Use Industry

Companies Covered: Basalt Technology UK Limited, Sichuan Aerospace Tuoxin Basalt Industrial Co. Ltd, ASA. Tec GmbH, Sichuan Fiberglass Group Co. Ltd., Nmg Composites Co. Ltd, Fiberbas Construction and Building Technologies, Liaoning Jinshi Technology Group Co. Ltd., KamennyVek, Technobasalt-Invest, Sudaglass, Mafic, Zaomineral, Jiangsu Green Materials Vally New Material T&D Co. Ltd., YingkouHongyuan Fiberglass Technology Co. Ltd., and Jilin Province Huayang New Composite Material Co. Ltd.

Years Considered In The Study

Historic Year

2016, 2017

Base Year

2018

Forecast Period

2019-2028 

CAGR % (2019-2028)

13.6%

Reasons to Buy This Report:

  • Market size estimation of the global basalt fiber market on a regional and global basis.
  • The unique research design for market size estimation and forecast.
  • Profiling of major companies operating in the basalt fiber market with key developments.
  • Broad scope to cover all the possible segments helping every stakeholder in the market.

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We provide customization of the study to meet specific requirements:

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