Basalt Fiber: High Strength and Noncorrosive Materials Market Growth worth $397 Million by 2024
The Basalt Fiber Market is expected to grow from $227 million in 2019 to $397 million by 2024, at a CAGR of 11.8% during the forecast period.
The market is witnessing a significant growth because of the growing demand from various industries such as automotive & transportation, construction & infrastructure, and electrical & electronics. Basalt fiber provides various properties such as high strength, chemical resistance, durability, mechanical strength, and low water absorption.
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Construction & infrastructure end-use industry is expected to grow with high CAGR between 2019 and 2024.
The basalt fiber is finding increased application in the construction & infrastructure segment due to its high strength and non-corrosive properties. This increasing use of basalt fiber in the construction & infrastructure industry is mainly due to its environmentally friendly properties, good compatibility with concrete, and easy mixing at high concentration. Basalt fiber offers higher mechanical strength that is required for construction in extreme conditions. These are available at a much lower price compared to all other alkali-resistant fibers. Hence, the construction & infrastructure end-use industry is expected to grow with high CAGR during the forecast period.
Continuous basalt fiber is the fastest-growing segment by form during the forecast period.
The basalt fibers are available in two forms, namely, continuous and discrete. Continuous basalt fibers are expected to register a higher CAGR during the forecast period as these 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.
Recent Developments
- In December 2017, Mafic SA and Michelman (US) entered into partnership 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.
- In June 2017, Kamenny Vek 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.
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APAC is expected to be the largest market for basalt fiber during the forecast period.
APAC is one of the leading basalt fiber markets. The growing end-use industries such as construction & infrastructure, automotive & transportation, and wind energy are driving the basalt fiber market in the region. The region has a presence of many basalt fibers and its products manufacturers. The region also has presence of manufacturers that majorly focus on adoption of business strategies in order to increase the production of basalt fibers and meet the growing demand from end users. For instance, Chinese company Jilin Province Huayang New Composite Material Co., Ltd. had adopted technology from Russia to increase its basalt fiber production capacity to 30,000 tons annually.
Some of the prominent players in the basalt fiber market are Kamenny Vek (Russia), Zhejiang GBF Basalt Fiber Co. (China), 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). The strategies undertaken by them include partnerships, new product developments, and expansions.