According to the new market research report “Basalt Fiber Market by Usage (Composites, Non-Composites), End-Use Industry (Construction & Infrastrastructure, Automotive & Transportation, Wind Energy, Electrical & Electronics, Marine) and Region – Global Forecast to 2027″, The global basalt fiber market size is expected to grow from USD 286 million in 2022 to USD 517 million by 2027, at a CAGR of 12.5% during the forecast period. The basalt fiber industry is growing due to the increase in the demand for environmentally friendly materials with properties such as high strength to weight ratio, good tensile strength, electrical conductivity among others. Furthermore, government stimulus packages, and recovering end-use industries are fuelling the demand for basalt fibers across the world.
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Continuous form of basalt fiber comprises a major share of the basalt fiber market in terms of value and volume.
The basalt fibers are available in two forms, namely, continuous and discrete. Continuous basalt fiber dominated the global basalt fiber market in 2021. These continuous fibers are used in various applications such as rovings, fabrics, and yarns in end-use industries such as automotive & transportation, sporting goods, wind energy, construction & infrastructure, and pipes & tanks. Continuous fibers are used in both composites and non-composite applications.
Based on the usage type, composites dominated the basalt fiber market in terms of both, value and volume.
On the basis of form, the basalt fiber market is classified into two types-continuous basalt fibers and discrete basalt fibers. Continuous basalt fibers are long fibers and find applications in the manufacturing of fabrics, yarns, and tapes, among others. Discrete basalt fibers are also known as chopped fibers. These fibers are available as chopped strands of smaller lengths. They are used in the manufacturing of mesh, felts, and concrete reinforcement, among others.
But, because of the lockdown situation occurred due to COVID-19, many floor workers were unable to work in manufacturing facilities, which was resulted in the reduction in output of basalt fiber. Thus, the demand for basalt fibers was declined in 2020.
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Demand for non-corrosive products continues to increase in the construction industry as it helps to reduce the cost and increase the life of structure made using them. In order to increase the structural integrity and life of buildings and bridges, many developments in concrete technology are undergoing. The use of corrosion-free basalt fiber composite bars as reinforcement for concrete is one of these developments. Basalt composites are non-corrosive, consist of 80% fibers, and have a tensile strength three times that of the steel bar normally used in building construction. Non-corrosive basalt fiber rebars are made from high-strength basalt roving along with an extremely durable vinyl ester or epoxy resin with the combination of the pultrusion process and the inline winding & coating process. The basalt fibers impart strength to the rebar while the resin holds the fibers firmly. In comparison to steel rebar, BFRP (basalt fiber reinforced plastic) rebar significantly improves the life of civil engineering structures where corrosion is a major factor. BFRP rebar can be a suitable alternative to steel reinforced rebar which is used for assembly and provide stability to the frame. Basalt fiber is expected to find applications largely in bridge deck and highway construction which also helps to reduce manpower and general engineering cost. It also helps in shortening the construction period and reducing maintenance cost.
The global basalt fiber market size is expected to grow from USD 286 million in 2022 to USD 517 billion by 2027, projecting a CAGR of 12.5% during the forecast period between 2022 and 2027.
The basalt fiber market is highly capital-intensive; therefore, the entry barriers are high. Existing players have a strong foothold in the market. Companies operating in the basalt fiber market have strengthened their position in the global basalt fiber market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2016-2022. However, the novel coronavirus pandemic has created ripples across the global construction & infrastructure, automotive & transportation, wind energy, electrical & electronics, matine, and many other end-use industries, affecting the global supply chains. These factors have affected the demand for basalt fiber in 2020.
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The major basalt fiber manufacturers are 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), among others. These companies have adopted various organic and inorganic growth strategies.
Kamenny Vek is one of the leading basalt fiber manufacturers. The company primarily manufactures high-quality, continuous basalt fiber, which is sold under the brand Basfiber. The products are suitable for applications that require high mechanical strength, resistance to high temperatures, and are environmentally friendly. The company offers a broad range of basalt fiber products and technical solutions for different applications. Kamenny’s products have applications in high-pressure vessels, tanks & cylinders, load-bearing profiles, wind-mill blades, boats, and others.
Zhejiang GBF Basalt Fiber Co. produces and develops continuous basalt fiber. GBF is the leading manufacturer of basalt fiber and basalt composites in China. The company offers a broad product portfolio, which includes roving, yarns, panels, and bars. GBF’s products are used in the textile industry for fire protection; building & construction as insulating material; and automotive, sports, and defense industries. GBF focuses on R&D of new basalt fiber products. The company also has a basalt fiber research center located in Nanjing. GBF is closely working in government projects for exploring new applications of basalt fiber.
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