Basalt Fiber Market - Forecast(2021 - 2026)

 

Basalt Fiber Market Overview

Basalt Fiber Market size is forecast to reach $429 million by 2025, after growing at a CAGR of 11.2% during 2020-2025. Basalt fiber is gaining popularity owing to its excellent properties, such as thermal and cold resistance, tensile strength, and chemical resistance to corrosion compared to Fiberglass and other FRP products. It is also environmentally friendly and easily recyclable. Low energy consumption, low cost of basalt, and associated process equipment, high durability and resulting fiber strength, increased demand for high chemical-resistant fibers are driving the market growth of basalt fiber. Recent research studies have led to the advent of new types of basalt, increase energy efficiency of equipment, and promote use of associated petroleum gas for melting basalt rocks. These factors are expected to create lucrative opportunities for market players during the forecast period. 


Basalt Fiber Market Report Coverage

The report: “Basalt Fiber Market– Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Basalt Fiber Industry. 
By Form: Continuous Basalt Fiber and Discrete Basalt Fiber.
By Type: Chopped Fiber, Continuous Filaments, Roves, Ropes, Tapes, Mats and others.
By Composite Processing Method: Pultrusion, Prepregs, Compression Molding, Hand Layup, Resin Molding, Vacuum Infusion, Spray Gun, Resin Film Infusion (RFI), Filament Winding and others.
By End Use Industry: Construction & Infrastructure, Automotive & Transportation, Electrical & Electronics, Wind Energy, Marine and others.
By Geography: North America, South America, Europe, APAC, and RoW.


Key Takeaways

  • Asia Pacific dominates the basalt fiber market, owing to the increasing demand from the automotive & transportation industries. According to OICA, the production of light commercial vehicles has augmented by 10.2 % in 2018 in the APAC region.
  • Increased use of basalt fiber in nuclear applications is likely to increase the demand for basalt fiber. Basalt fiber does not absorb nuclear radiation. This makes it suitable for use in the processing and transport of radioactive materials used in nuclear power plants. Thus, the demand for basalt fiber in nuclear applications is high.
  • There is huge potential for basalt fiber in marine, aerospace & defense, sporting goods, and wind applications. However, due to a lack of clarity regarding the applications of basalt fiber, glass fiber is still the preferred.
  • Furthermore, operations in various industries such as automotive, aerospace, construction and others is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. Therefore, this factor is expected to limit basalt market growth. 


Basalt Fiber Market Segment Analysis - By Form

Continuous basalt fibers held the largest share in the basalt fiber market in 2019, owning to the growing demand from the construction & infrastructure sector. Continuous basal fibers have characteristics such as inferior efficiency, higher tensile strength, and excellent mechanical properties. Also, it is eco-friendly, which makes them suitable for various applications, such as reinforcing nets, pipes, containers, electrical insulation materials, basalt plastic products, and others. Additionally, they offer higher strength than steel which makes them preferred material in the construction industry.


Basalt Fiber Market Segment Analysis - By End Use Industry

The construction & infrastructure segment held the largest share in the basalt fiber market in 2019 and is growing at a CAGR of 11.6% during the forecast period, owning to increased application of basalt fiber in the construction & infrastructure segment due to its high strength, non-corrosive properties, environmentally friendly properties, good compatibility with concrete, and easy mixing at high concentration. Basalt fiber provides higher mechanical strength that is required for construction in extreme conditions. Rising construction activities in various regions owing to population growth, rising income, and government initiatives in several countries to develop better infrastructure will boost the demand for the basalt fiber market. 

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Location: United States

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