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
Publication Month: Sep 2021 |
Report Code: TIPRE00006086
| No. of Pages: 170
| Category: Chemicals and Materials
| Status: Published
The basalt fiber market was valued at US$ 216.00 million in 2020 and is projected to reach US$ 427.14 million by 2028; it is expected to register a CAGR of 9.0% from 2021 to 2028.
Basalt fiber possesses similar chemical properties to glass fibers but have better physicochemical properties than glass fibers. 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 is likely to boost the growth of the basalt fiber market. However, the inconsistent raw material properties are among the factors restraining the basalt fiber market growth.
In 2020, Asia Pacific accounted for the largest share in the global basalt fiber market. Asia Pacific continent comprises several developing and developed economies such as India, China, Japan, South Korea, and Australia. Emerging countries are witnessing an upsurge in industrialization and urbanization activities. Growth in construction projects in countries such as India and China and growing investments in infrastructure activities, such as the new construction of highways, railways, underground metro lines, and pavement linings, are predicted to bolster the basalt fiber market in the region.
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 several industrial sectors severely impacted the demand for basalt fibers in the global market. However, as the economies are planning to revive their operations, the demand for basalt fiber 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.
Global Basalt Fiber Market Breakdown - by Region
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Market Insights Wide Applications of Basalt Fibers in Various End-Use Industries to Drive its Market Growth
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. Basalt fibers are used in the chemical industry in the production of chemical-resistant pipes, protective coatings, storage tanks for corrosive liquids, chemical fertilizers, acids, toxic substances, etc. As the application of basalt fibers are deepening, and the market demand for basalt fiber is increasing at a faster rate.
Based on product, the global basalt fiber market is segmented into roving, chopped strand, twisted yarn, fabrics and tapes, and others. The roving segment held the largest share in the global basalt fiber market in 2020. Basalt roving is a bundle of continuous unidirectional complex basalt fibers. Roving has resistance to aggressive environments, high natural strength, long service life, and superior electrical insulation properties. Based on its technical characteristics, basalt roving surpasses E-glass and S-glass in numerous respects. Basalt roving is extremely heat-resistant and can resist temperatures up to 1,000 °C for a short time.
Basalt Fiber Market, by Product– 2020 and 2028
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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 the major key players operating in the global basalt fiber market.
Progressive industry trends in the basalt fiber market to help players develop effective long-term strategies
Business growth strategies adopted by developed and developing markets
Quantitative analysis of the basalt fiber market from 2019 to 2028
Estimation of global demand for basalt fiber
PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
Recent developments to understand the competitive market scenario
Market trends and outlook as well as factors driving and restraining the growth of the basalt fiber market
Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
The size of the basalt fiber market size at various nodes
Detailed overview and segmentation of the market, as well as the basalt fiber industry dynamics
Size of the basalt fiber market in various regions with promising growth opportunities
The major players operating in the basalt fiber market are 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.
In 2020, Asia-Pacific held the largest revenue share of the global basalt fiber market. Asia-Pacific continent comprises several developing and developed economies such as India, China, Japan, South Korea, and Australia. These emerging countries are witnessing an upsurge in industrialization and urbanization activities, offering ample opportunities for the key market players in the basalt fiber market. Asia-Pacific region is anticipated to propel the basalt fiber demand owing to the presence of several domestic players in the vertical market segment such as construction and automotive. The basalt fiber market is expected to witness huge demand from the construction and automotive industries due to their resistance power to varying temperatures and chemicals, low water absorption, high mechanical strength, and durability. Besides, basalt fiber finds applications in marine, aerospace & defense, and others. The basalt fiber market is expected to rise during the projection period due to enormous growth in the automotive sector especially in countries including India and China. Additionally, the rising urbanization, rising population, and the presence of government support are the other drivers for the market growth in the region.
Based on product, fabrics and tapes segment is expected to grow at the fastest CAGR from 2021 to 2028. Basalt woven and knitted fabrics are mostly manufactured from direct roving, twisted yarns, special weaving, and knitting machines. Basalt fabrics are generally used for producing structural-basalt plastics, which are based on various thermosetting binders. It can also be used as a base when manufacturing soft and rigid roofing as well as for electrotechnical purposes to produce insulation materials. The basalt fiber tapes are used with resin and are compatible with polyester, epoxy, and vinyl ester. These tapes are used for the selective reinforcement of laminates, sleeve or pipe winding, seams, and molding. The finished edges of the basalt fiber provide easy handling and a clean, finished appearance, which prevents the tape from unraveling.
On the basis of end-use industry, construction segment is leading the basalt fiber market during the forecast period. Basalt fibers are primarily employed in the construction industry as it has a higher strength than steel and is resistant to electromagnetic radiations and ultraviolet rays. Basalt fiber is three times lighter than steel and is 2.5 times stronger in tensile strength than steel. It also has an extremely lower coefficient of heat conductivity than steel, which improves energy efficiency. In the construction industry, basalt fiber is used in various applications, such as in the usage of wet or dry chopped strand for premix technology, basalt roving for spray up and shotcrete technologies, high strength roving for the manufacturing of rebars and pultruded profiles, and basalt fiber fabrics for concrete reinforcement and building thermo insulation.
Based on end-use industry, automotive segment led the global basalt fiber market during the forecasted period. Basalt fiber has various properties such as high mechanical strength, resistance to high temperature, durability, and chemical resistance. It is also environmentally friendly. Such properties make basalt fiber an ideal material to be used in the automotive industry to produce headliners, CNG cylinders, brake pads and clutch plates, thermo insulation for exhaust systems, mufflerâ€™s filler, interior and exterior parts, and thermoplastic parts. Basalt fiber is lighter than steel. The fiber has high mechanical strength and an extended range of working temperatures. It is cost-effective along with excellent recyclability. All these properties made basalt fiber one of the ideal materials to be used to produce CNG cylinders.
Asia-Pacific is estimated to register the fastest CAGR in the market over the forecast period. Asia Pacific comprises several economies such as India, China, Japan, South Korea, and Australia. These countries are witnessing an upsurge in industrialization and urbanization activities, offering ample opportunities for the key market players in the basalt fiber market. In Asia Pacific, there has been an increase in the consumption of basalt fiber in various industries, such as wind energy, construction & infrastructure, electrical & electronics, and automotive. Along with this, the rise in awareness regarding sustainable living and environment-friendly materials used in the application of infrastructure, aerospace, and other industries boosts the demand for basalt fibers in the region. Features of basalt fiber such as low cost, easy availability, and increasing production capacities bolster the growth of the basalt fiber market in Asia Pacific.
The List of Companies - Basalt Fiber Market
Kamenny Vek Company
Fiberbas Construction and Building Technologies
Hydro Design Management Co. Pvt. Ltd.
Hg Gbf Basalt Fiber Co., Ltd
Shanxi Basalt Fiber Technology Co. Ltd
Deutsche Basalt Faser Gmbh
Basalt Engineering LLC
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global basalt fiber market, thereby allowing players to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest `with respect to products, segmentation and industry verticals.