Basalt fiber market is expected to grow at a CAGR of 11.8% between 2019 and 2024.
The research of basalt fiber market size and forecast of its growth potential have been conducted by the analytical company Research and Markets.
This research covers different basalt fiber types (continuous and discrete), end-use industries (construction & infrastructure, automotive & transportation, electrical & electronics, marine), applications (composites and non-composites), and regions and presented a global forecast to 2024.
The analysts estimate a global basalt fiber market size at $ 227 million in 2019 and project the market will reach $ 397 million by 2024, at a CAGR of 11.8% during this period.
Basalt fibers are used in different industries such as marine, automotive & transportation, electrical & electronics, construction & infrastructure, wind energy, and others.
They exhibit various properties such as non-corrosiveness, heat & fire resistance, and high mechanical strength. The superior properties offered by basalt fiber are enabling its usage in the end-use industries.
Continuous basalt fiber is accounted for the largest share, in terms of value and volume, in the basalt fiber market.
Continuous basalt fiber dominated the global basalt fiber market in 2018. Continuous basalt fibers possess characteristics, such as superior efficiency, higher tensile strength, and excellent mechanical properties.
Also, these fibers are 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 a preferred material in the construction industry. The high market share of continuous basalt fibers is attributed to its significant properties.
The basalt fiber market in the construction & infrastructure end-use industry is expected to register the highest CAGR between 2019 and 2024.
The 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 properties that are required for construction in extreme conditions and at a much lower price compared to all other alkali-resistant fibers. Industry experts concluded that a ton of basalt rods could provide reinforcement equal to 4 tons of steel rods.
All these benefits make basalt fiber product a good and economical alternative to alkali-resistant fibers, which are presently used in the market.
The basalt fiber market in APAC is projected to register the highest CAGR, in terms of value and volume, between 2019 and 2024.
APAC dominated the global basalt fibers market. The region has the presence of many manufacturers of basalt fibers and its products.
China accounted for a major share of the global basalt fiber market and is expected to register the highest CAGR during the forecast period. The rising awareness among the Chinese manufacturers regarding basalt fiber production, and the increasing demand for environmentally friendly and high-performance materials is driving the basalt fiber market in China.
Also, the low cost of raw materials coupled with less stringent government regulations are driving the market in the country.
The basalt fiber market comprises major solution providers such as:
- Kamenny Vek (Russia),
- Mafic SA (Ireland),
- Zhejiang GBF Basalt Fiber Co. Ltd (China),
- Technobasalt-Invest LLC (Ukraine),
- Russian Basalt (Russia),
- Sudaglass Basalt Fiber Technology (US),
- Isomatex (Belgium).
The news from China prove that basalt fiber and basalt composite industries are experiencing a rapid growth in this country. China is making a claim for leadership in the near future.