Basalt Fiber Market Overview
The basalt fiber market is expected to grow at 10.8% CAGR from 2023-2030 & to reach above USD 590 million by 2029 from USD 342.25 million in 2023.
A specific type of synthetic fibre known as basalt fibre is made from basalt rock that is produced through the volcanic process. Because of its exceptional mechanical properties as well as environmental benefits it is seen as an alternative to traditional reinforcement materials such as steel and fibreglass.
The excellent tensile strength and the stiffness of basalt fiber makes it suitable for various applications. It is known for its an excellent resistance to abrasion, chemical, and heat, which makes it the most suitable material to use in tough conditions. The thermal stability and insulation qualities of basalt fibre can be beneficial in situations which require heat resistance.
The long-term sustainability of basalt fibre is among its major benefits. Basalt, the primary material rock, is readily available and can be extracted using minimal energy. When compared to other synthetic fibres manufacturing basalt fibre has a less carbon footprint, thereby supporting environmentally sustainable manufacturing practices. In numerous industries that use basalt fibre, it is widely used.
It offers greater durability and resistance to cracks when used for reinforcement in concrete structures used in construction. It is also utilized for making high-strength, lightweight elements for automotive industry. Electrical, maritime, aerospace insulation and athletic products are additional uses.
Demand Outlook
The need for lighter materials across a variety of industries is causing a boom in demand for the basalt fibre. The advantages of basalt fibre are becoming apparent as companies are striving to improve their fuel efficiency and a reduction in pollution. Basalt fibre provides a lighter alternative to conventional materials such as fibreglass and steel because of its incredible strength-to-weight ratio.
This allows it to create lighter components, which enhances performance also improves energy-efficiency in fields like aerospace, construction and transportation. The fact that basalt fiber is a green product and manufactured using sustainable methods contributes to the reason it's becoming a more well-known product on the market.
Inadequate awareness and the high cost of production can be a problem for basalt fibre industries. In comparison to other products, production of basalt fiber requires complex processes and special equipment, which increases the price of production.
This may increase the cost and limit its use across various industries. In addition, basalt fiber may not be popular because both the manufacturers and the end users are not aware of its benefits and applications. To show the advantages of basalt fiber and encourage its growth in the near future the limitations have to be overcome by cost optimization as well as increased promotion and education programs.
Increased investment has opened up a lucrative opportunity for the market for basalt fiber. Investors are becoming aware of the benefits of basalt fiber and are committing funds to its research and development as well as commercialization because the demand for lightweight and high-performance materials grows.
Improved production techniques as well as process optimization and diversification of products are possible thanks to this investment, which help reduce costs and improve efficiency. Furthermore, additional funds are available for marketing strategies, advertising campaigns and the building of distribution networks. This encourages expansion of the market for basalt fibre.
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Market Dynamics
Growth Drivers
Basalt fiber is akin to fibreglass and carbon fibre however it is much less expensive than carbon fibre, and offers superior mechanical properties. Apart from being used in the production of many different products that are used in the end and products, it is also used as a fireproof material in the automotive and aerospace industries. In addition, basalt fibres retain their properties even in cold temperatures, and are more in resisting acid and are naturally resisting ultraviolet (UV) or high energy radiation.
In light of the latest strict regulations and government rules, the demand for eco-friendly and easily recyclable composite and fibre products is growing dramatically. A lot of consumers are choosing to purchase recyclable products that don't impact the environment. The developed countries like those in the USA, Japan, and Germany are focused on using green products over petroleum-based ones.
The regulations will convince the manufacturers and end-users to utilize natural fibre composites, including basalt fibre for construction and infrastructure, automotive and transportation electronics, electrical & electronic and marine as well as other end-use industries.
Restraints
Basalt fibre is an innovative material used in the structural and fibre composites industry. When compared to E-glass material the basalt fibre is much more costly. The production of basalt fibre faces some technical hurdles that make it difficult for it to compete with other well-known products. Glass fibre is the preferred material as the applications for basalt fibre are not clear and hard to market.
Key Manufacturers are making an independent effort to increase using basalt fiber in a wide range of industries through participation in various events and conferences on composites. The demand for basalt fibre is predicted to expand significantly in the near future because of the introduction of innovative manufacturing techniques such as Generation 2.0 and the decline in the cost of basalt fibre.
The global basalt fibre market is witnessing significant technological advancements from producers.
The increasing advancements on the production field, such as Generation 2.0 technologies for production, 3D printing, and the introduction of efficient new products for the end-users are likely to provide a huge opportunity for producers of basalt fibre. Technology 2.0 has enabled the production of large quantities of basalt fibres at a lower cost and improved efficiency feasible.
Generation 2.0 is the most efficient technical solution for the production of Basalt Fiber that will boost the capacity of Basalt Fiber. Numerous major manufacturers have begun work on Generation 2.0 to produce Basalt Fiber. As of now, 20% of the manufacturers are already producing basalt fiber by using this method.
For example, Anisoprint, a manufacturer of continuous carbon fibre 3D printers as well as materials, has recently introduced the basalt fibre composite for use for 3D printing. According Anisoprint that this material when incorporated to 3D printing technology is 15 times stronger than plastic and 5 times more light than steel and 1.5 times more durable and lighter than aluminum.
The covid-19 virus had an adverse effect in the marketplace for basalt fiber. The market initially saw interruptions because of the general economic slowdown, issues in the supply chain as well as temporary shut downs of manufacturing facilities. Basalt fibre demand declined due to an increase in activity in the automotive and construction industries, which are two of the major users of the product.
However, the market saw an increase in demand as the society slowly got back to normal and adjusted to a new normal. The market for basalt fiber was able to grow because of the growing emphasis on eco-friendly and light materials, as and the revival of infrastructure and construction projects. The pandemic has highlighted the necessity for strong and sustainable materials that are environmentally friendly which made basalt fiber the ideal solution for the future applications.
Basalt Fiber Market Players
- Kamenny Vek
- MAFIC
- Technobasalt-Invest
- INCOTELOGY GmbH
- Sudaglass Fiber
- Permali Gloucester Ltd.
- GMV
- Jilin Huayang Group Co. Ltd.
- ARMBAS
- Arrow Technical Textiles Pvt. Ltd.
- JiLin Tongxin Basalt Technology Co. Ltd.
Recent Developments in Basalt Fiber Market
March 16, 2023, Research progress on basalt fiber-based functionalized composites
November 2022: Basalt Engineering, LLC has announced the receiving of FDOT facility approval which helped the company to gain the approval for Bastech Basalt FRP products to be utilized in transportation infrastructure projects of major Florida Department.
In march 2022, Mafic received an investment of USD 3 Million from the USA Department of Agriculture – RD. The company aims to purchase equipment to expand its production capacity.
January 2022: Basaltex, a leading producer of basalt fiber products based in Belgium, launched a new range of fiber fabrics designed for the aerospace and automotive industries. The new fabrics are lightweight, high-strength, and resistant to high temperatures, making them ideal for producing composites for aerospace and automotive applications.
30 April, 2021 : Kamenny Vek Introduced new products: direct roving 22-2400 and assembled roving 18-4800. The very popular product for many applications in composites industry is the roving 2400 tex, which is a standard product for most of fiberglass manufacturers. Despite the diameter of filaments of 22 microns, our basalt fiber 22-2400 is soft and has high mechanical properties. Basalt assembled roving 18 micron 4800 tex and basalt assembled roving 18 micron 3000 tex. These rovings have reduced catenary and high mechanical properties.
June 3, 2021 : Diamorph Group Holdings Limited (“Diamorph”) announced that it has signed a conditional agreement to acquire Permali Gloucester Limited (“Permali”), a Gloucester-based manufacturer of composites, predominately for the Defence sector. Diamorph is anticipating completion of the Permali acquisition within the coming months
Regional Insights
The market for basalt fiber across the Asia Pacific region is witnessing significant growth due to a variety of factors. A robust growth rate in the infrastructure and construction sector and the increase in investments in renewable energy projects is a major driver to the industry.
Additionally, the need for high-performance, lightweight materials for the transportation and automotive industries also boosts the growth of the market. There are limitations to the market like expensive production costs and a lack of knowledge about basalt fiber.
Yet, numerous opportunities for growth in the market are available because of the rise of new economies, advances in technology and government initiatives to encourage green infrastructure. In addition, the region's focus on green materials and large manufacturing capabilities provide an ideal environment to the Asia Pacific basalt fiber market.
The increased demand for light and high-performance products in industries like aerospace and automotive has been a major factor in the growth of the basalt fiber market in Europe. Basalt fiber's capability to substitute traditional materials such as aluminum, steel and fiberglass in a variety of applications has led to its increasing popularity.
Basalt Fiber Market Segment Analysis
The market for basalt fiber is divided based on kind of product, type of usage along with the end user.
As compared to mesh, cloth grids, roving strands and chopped strands usually hold a greater market share. Roving, which consists of strands that are continuously bundled of basalt fibre is ideal for applications that require great toughness and stiffness. The smaller basalt fibres, also known as chopped strands, on contrary, tend to be anywhere between just a few millimeters up to several centimeters in length.
In terms of usage when considering usage types, composites are likely to have more market share the field of basalt fiber than non-composites. Composites are made by mixing basalt fibers and an additional matrix material, like concrete or resin and forming a composite structure. The basalt fiber composites possess impressive characteristics, including the favorable strength-to-weight ratio greater durability and resistance to heat and corrosion.
In terms of shape in terms of form, continuous basalt fiber usually holds a greater portion of market share within the field of basalt fiber contrasted to discrete basalt fibre. Continuous basalt fiber refers long and unbroken strands made of basalt fibers made by spinning. They are used primarily in applications that require the highest levels of strength and stiffness, for instance strengthening composites and building materials.
The infrastructure and construction industry makes use of basalt fiber in a variety of applications like reinforcement of concrete structures, bridge and road construction as well as composite materials. Basalt fiber's strong strength, strength, corrosion resistance as well as fire-resistant properties make it ideal to improve the performance and durability in infrastructure construction projects.
Segments Covered in the Basalt Fiber Market
Basalt Fiber Market By Product Type
- Roving
- Chopped Strands
- Fabric
- Mesh And Grids
Basalt Fiber Market By Usage Type
- Composites
- Non-Composites
Basalt Fiber Market By Form
- Continuous Basalt Fiber
- Discrete Basalt Fiber
Basalt Fiber Market By End User
- Construction & Infrastructure
- Automotive & Transportation
- Electrical & Electronics
- Wind Energy
- Marine
- Others
Basalt Fiber Market By Region
- North America
- Asia Pacific
- Europe
- South America
- Middle East And Africa
Frequently asked questions with answers
What is the worth of basalt fiber market?
The basalt fiber market is expected to grow at 10.8 % CAGR from 2023-2030 & to reach above USD 590 million by 2029 from USD 342.25 million in 2023.
What is the size of the Asia Pacific basalt fiber industry?
Asia Pacific held more than 44% of the Basalt Fiber market revenue share in 2021 and will witness expansion in the forecast period.
What are some of the market's driving forces?
The demand for lighter materials throughout numerous industries is fueling a growth in the market for basalt fibre. The benefits of basalt fibre become apparent as enterprises strive for increased fuel economy and less pollution.
Which are the top companies to hold the market share in basalt fiber market?
The basalt fiber market key players include Kamenny Vek, MAFIC, Technobasalt-Invest, INCOTELOGY GmbH, Sudaglass Fiber, Permali Gloucester Ltd., GMV, Jilin Huayang Group Co., Ltd., ARMBAS, Arrow Technical Textiles Pvt. Ltd., JiLin Tongxin Basalt Technology Co., Ltd.
What is the popular product type of basalt fiber market?
In comparison to cloth, mesh, and grids, roving and chopped strands often have a larger market share. Roving, which is made of continuously bundled strands of basalt fibre, is appropriate for applications needing great strength and stiffness.
Which is the largest regional market for basalt fiber market?
The basalt fiber market in the Asia Pacific region is witnessing substantial growth attributed to diverse factors. Robust growth in the construction and infrastructure sector, coupled with increased investments in renewable energy ventures, serves as pivotal drivers for the market.
