Basalt Fiber Market

The global basalt fiber market is poised for significant growth, with an expected valuation of USD 279 million in 2023, and a projected Compound Annual Growth Rate (CAGR) of 12.5% throughout the forecasted period, aiming to reach USD 503 million by 2028. This expansion is primarily propelled by the increasing demand and diverse applications in sectors like automotive and transportation, construction and infrastructure, wind energy, electrical and electronics, among others. The notable properties of basalt fibers, including their exceptional thermal stability, heat and sound insulation, vibration resistance, and overall durability, are major drivers behind their rising demand. Their inherent non-corrosive nature further contributes to their growing prominence. Additionally, the escalating adoption of environmentally friendly and easily recyclable materials presents a significant growth opportunity within the market.

However, the market faces certain constraints, including competition from well-established products like E-glass. Challenges such as the intricate manufacturing process and higher production costs compared to E-glass fibers, along with the need for greater promotion of basalt fiber, present hurdles for market growth.

Attractive Opportunities in the Basalt Fiber Market

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Global basalt fiber market Dynamics:

Drivers: Increase in demand for non-corrosive materials

The construction industry's growing demand for non-corrosive products remains on the rise due to their ability to cut costs and enhance the longevity of structures. Many developments in concrete technology are being made to improve structural integrity and lengthen the life of buildings and bridges. One such invention is the use of composite bars made of corrosion-resistant basalt fiber for concrete reinforcement. Basalt composites, which have a tensile strength three times greater than that of steel bars typically used in building construction, are naturally resistant to corrosion and contain about 80% fibers. These non-corrosive rebars made of basalt roving are strengthened with vinyl ester or epoxy resin, which is incredibly durable. Pultrusion, as well as in-line winding and coating, are steps in the manufacturing process. The rebar is strengthened by the basalt fibers, and the fibers are firmly bound together by the glue. When corrosion is a major concern, BFRP (basalt fiber reinforced plastic) rebars significantly extend the life of civil engineering structures compared to steel rebars. As an appropriate substitute for steel-reinforced rebars, BFRP rebars support structural framework assembly and overall stability.

Restraints: Lack of standardization in manufacturing technologies

The proliferation of basalt fiber and its composites across a range of applications, including consumer goods, remains hindered by manufacturing expenses and non-recurring development costs. Notable challenges revolve around design uniformity, process standardization, and maintenance technology. The absence of standardized materials and methodologies obliges manufacturers to opt for conventional, risk-averse designs and obstructs large-scale production. This lack of standardization also compels manufacturers to favor traditional products over composites for diverse applications.

Opportunities: Growing adoption of recyclable and eco-friendly materials

Stricter government rules are driving up demand for fiber and fiber-reinforced composite goods that are easily recyclable and eco-friendly. Additionally, a lot of customers say they want recyclable goods that don't damage the environment.

Developed countries like the US, Japan, and Germany are pushing for the use of environmentally friendly substitutes for petroleum-based goods. The usage of bio-based materials and regulations supporting the recyclable nature of car parts are highly prioritized in Europe. End-of-life vehicle disposal is a responsibility that is being pushed on automakers. It is predicted that these regulatory actions would increase the usage of natural fiber composites, such as basalt fiber, in a variety of end-use sectors and industries, including automotive and transportation, construction and infrastructure, electrical and electronics, and others.

Challenges: Complex manufacturing process compared to E-glass fibers

The primary factor impeding the rapid growth of the basalt fiber industry is the intricate technical process involved in transforming basalt rock into basalt fiber. This production procedure necessitates extremely high furnace temperatures, reaching up to 1,450 degrees Celsius, and these temperatures must be maintained within an exceptionally narrow margin of error, typically just two to three degrees. Achieving this level of temperature control for the extrusion bushings is a complex task that involves the supply of electricity from outside the furnace, adding to the inherent difficulty. Because of the complexity of the raw material production process and the resulting high prices, researchers and major basalt fiber manufacturers continue to face significant challenges in developing cost-effective methods. This intricacy is another factor driving up the cost of basalt fibers. Because basalt fibers are more expensive than E-glass fibers, which are more commonly used, E-glass fibers are still the favored option when money is tight.

Simplifying the process of producing basalt fiber from raw basalt while reducing the amount of power needed for furnace heating is essential to satisfying the growing demand for basalt fiber in the building and construction industry.

Basalt Fiber Market: Ecosystem

Construction & infrastructure industry segment account for the largest market share.

Traditional construction materials have long relied on steel-reinforced concrete. However, because of its exceptional strength and corrosion resistance, basalt fiber is currently seeing a rise in use in the infrastructure and building sectors. The increasing use of basalt fiber in infrastructure and construction is mainly due to its great compatibility with concrete, ease of integration at larger concentrations, and eco-friendliness.

Superior mechanical strength is provided by basalt fiber, which is essential for building in harsh environmental settings. Interestingly, the price of these fibers is substantially less than that of other alkali-resistant fibers. Industry insiders claim that four tons of steel rods can be substituted for one ton of basalt rods in terms of reinforcing. When taken as a whole, these benefits make basalt fiber a practical and affordable substitute for the materials that are currently widely available on the market.

Usage of basalt fiber in composites is the segment of the market in terms of value and volume.

Because of its remarkable mechanical, chemical, and thermal properties, basalt fiber is a strong contender to replace E-glass in a variety of composite materials, especially when the material must withstand harsh environments. The use of basalt fibers and their composites in civil and transportation infrastructure applications is constantly rising as a means of improving the structural safety and sustainability of construction projects. Interestingly, basalt fibers are highly compatible with matrix resins and can hybridize with other fibers, steel wires, or steel bars. A noticeable synergistic effect is produced by this hybridization, which exhibits improved fatigue resistance, high-temperature performance, and short- and long-term mechanical properties.

Both BFRP and hybrid FRP materials are essential for a variety of applications, such as smart structures, long-span bridge construction, damage controllable and recoverable structures, and the creation of lightweight and sustainable structures, in addition to their role in general structural reinforcement through BFRP composites.

Continuous form to be the fastest growing segment of basalt fiber on the basis of form.

The segment characterized by the continuous form of basalt fiber has emerged as the most rapidly expanding and dominant category within the basalt fiber market's form type segment. Continuous basalt fiber is recognized for its eco-friendly nature, rendering it suitable for a wide array of applications. These applications encompass the reinforcement of nets, pipes, containers, electrical insulation materials, basalt plastic products, and various others. Furthermore, continuous basalt fibers deliver superior strength, surpassing that of steel, which positions them as a favored material in the construction industry.

Asia Pacific held the largest market share in the basalt fiber market in 2022.

The Asia Pacific region stands out as the primary consumer of basalt fiber, driven by significant demand from countries like China, Japan, Singapore, and others. Anticipated growth in the basalt fiber market in the Asia Pacific (APAC) region is underpinned by the escalating utilization of basalt fiber across diverse industries, including wind energy, construction and infrastructure, electrical and electronics, and automotive. This expansion is also attributed to the burgeoning industrial development observed in nations like China and Japan. Chinese producers of basalt fiber are actively exploring cutting-edge manufacturing techniques that prioritize the creation of continuous basalt fiber that is reasonably priced. Notably, China's transportation and electrical and electronics industries are big users of basalt fiber, which is anticipated to improve the market's standing even more. China has a sizable basalt fiber production capability, making it ready to handle unforeseen spikes in demand. Meanwhile, research projects are underway in nations like Singapore and Japan with the goal of creating commercial uses for basalt fiber.

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Rising demand for environmentally friendly and easily recyclable material

Basalt fiber, derived from naturally occurring basalt rock, offers a notable range of advantageous attributes. Basalt is an extrusive, fine-grained igneous rock comprising plagioclase, feldspar, pyroxene, and magnetite, featuring olivine with less than 53 wt% SiO2 and under 5 wt% total alkalis. These fibers are characterized by their exceptional mechanical properties, including heightened tensile strength, and are also more cost-effective to manufacture compared to glass fibers. What sets basalt fibers apart is their recyclability, making them environmentally friendly and sustainable materials. When basalt fibers within the resin are recycled, they revert to natural basalt powder, maintaining the eco-friendly cycle.

As a result of these eco-conscious and recyclable qualities, the demand for basalt fiber is on the rise, supplanting the usage of glass fiber. Furthermore, the growing stringency of regulations against the use of glass fibers is anticipated to fuel the adoption of basalt fiber and basalt composites across various industries, including automotive and transportation, construction and infrastructure, and other end-use sectors.

Key Market Players

• 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)
• Mudanjiang Basalt Fiber Co. (China).

These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the basalt fiber industry. The study includes an in-depth competitive analysis of these key players in the basalt fiber market, with their company profiles, recent developments, and key market strategies

Read More: Basalt Fiber Companies

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Scope of the Report

:

By Form:

• Continuous
• Discrete

By Usage:

• Composites
• Non-Composites

By end-use industry:

• Automotive & Transportation
• Construction & Infrastructure
• Electrical & Electronics
• Wind Energy
• Marine
• Others

By region:

• North America
• Europe
• APAC
• MEA
• Latin America

Recent Developments

• In November 2021, Zhejiang Shijin Basalt Fiber Co., Ltd. (GBF) has developed basalt fiber yarn wrapped CNG cylinder. Automotive CNG cylinders wrapped with GBF brand monofilament diameter 7 micron twist less roving, working pressure ≥ 20MPa.
• In November 2020, Zhejiang Shijin Basalt Fiber Co., Ltd. (GBF) and Dongyang Communications Investment and Construction Group Co., Ltd. signed and strategic cooperation agreement. The signing of this agreement will greatly promote the application of basalt fiber and products in the highway field.

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