Report : Basalt Fibers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Composites, Non-composites); End-Use Industry (Construction and infrastructure, Automotive and transportation, Electrical and electronics, Wind energy, Marines, Others) and Geography
Wide Applications of Basalt Fibers in Various End-Use Industries to Escalate its Market Growth During 2021–2028
According to our latest market study on “Basalt Fiber Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product (Roving, Chopped Strand, Twisted Yarn, Fabrics and Tapes, and Others) and End-Use Industry (Construction, Automotive, Electrical and Electronics, Chemical, and Others),” the market was valued at US$ US$ 216.00 million in 2020 and is projected to reach US$ 427.14 by 2028, it is expected to register a CAGR of 9.0% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Basalt fiber possesses similar chemical properties to glass fibers but have better physicochemical properties than glass fibers. Basalt fiber is stronger, lighter, and corrosion-resistant than conventional steel rebar. It also holds superior chemical resistance and melting point than glass. The basalt fiber market is anticipated to witness high growth due to its demand from end-use industries such as automotive, marine, building & construction, and electronics. Increasing construction activities in several regions due to growth in population, growing income, and government initiatives in various economies to develop better infrastructure are the factors likely to boost the growth of the basalt fiber market.
Basalt fibers have a wide scope of applications in various end-use industries such as construction, automotive, electrical and electronics, chemical, aerospace, and marine. In construction, chopped basalt strands are used to increase cracking resistance of cement panels. Due to basalt fiber’s unique chemical stability in extreme conditions, they can be used in many concrete structures, such as bridges, tunnels, dams, and floors. In the production of CNG cylinders, brake pads, mufflers, headliners and other parts for interior applications in automotive industry, high-quality basalt roving, fabrics, and chopped strands are used. Rapid growth across the automotive industry will provide significant opportunities for basalt fiber market in coming years. Basalt fibers are used in the chemical industry for the production of chemical-resistant pipes, protective coatings, storage tanks for corrosive liquids, chemical fertilizers, acids, toxic substances, etc. Basalt fibers are also a good anti-radiation protection material. Additionally, basalt chopped strands are used in the preparation of friction materials. In electrical and electronics, basalt fibers are used in fire resistant cable construction components as fillers, braiding, tapes, etc. Basalt fibers can be used as a heat-resistant insulating material in the field of printed circuit board manufacturing. Due to properties such as thermal stability and heat insulation, basalt fibers are used in the aerospace industry. Basal fibers are also useful in military and civilian fields. As the application of basalt fibers are deepening, the market demand for basalt fibers is increasing at a faster rate. Thus, the wide applications of basalt fibers in various end-use industries is driving the demand for basalt fibers.
Kamenny Vek Company; Fiberbas Construction and Building Technologies; Hydro Design Management Co. Pvt. Ltd.; Hg Gbf Basalt Fiber Co., Ltd; Bastech; Mafic SA; Shanxi Basalt Fiber Technology Co. Ltd; Technobasalt-Invest LLC; Deutsche Basalt Faser Gmbh; and Basalt Engineering LLC are among well-established players operating in the basalt fiber market.
Impact of COVID-19 Pandemic on Basalt Fiber Market
The ongoing pandemic has drastically altered the status of the chemical and materials sector and negatively impacted the growth of the basalt fiber market. The implementation of measures to combat the spread of the virus has impacted the growth of several industrial sectors. Industries such as construction, automotive, chemical, and electronics have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international borders. The significant decline in the growth of the several industrial sectors significantly impacted the demand for basalt fibers in the global market. However, as the economies are planning to revive their operations, the demand for basalt fibers is expected to rise globally. The expanding demand for basalt fibers in various industries such as construction, automotive, chemical, electronics, and aerospace along with significant investments by prominent manufacturers is expected to drive the growth for basalt fibers.
The “global basalt fiber market analysis to 2028” is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the basalt fiber market with detailed market segmentation by product, end-use industry, and geography. Based on product, the basalt fiber market is segmented into roving, chopped strand, twisted yarn, fabrics and tapes, and others. Based on end-use industry, the basalt fiber market is segmented into construction, automotive, electricals and electronics, chemicals, and others. Geographically, the basalt fiber market is segmented into five regions—North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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