NEW YORK, March 24, 2022 /PRNewswire/ — The basalt fiber market the size should reach $533.3 million in 2028 and register a revenue CAGR of 10.4% over the forecast period, according to the latest Reports and Data report. The continued growth of the construction industry is one of the major drivers of basalt fiber market revenue growth.
Growing emphasis on infrastructure, tremendous economic growth, and improved living standards of the people are some of the other factors that are positively impacting the growth of the market. Developed economies such as the United States, Canadaand European Union countries have been focusing on improving their existing infrastructure, which is fueling the growth of the market.
Rising demand for continuous basalt fiber from electronics to printed circuit boards and transportation sector is another factor driving the demand for continuous basalt fiber globally. It is also estimated that the growth in demand for sports equipment will contribute to the growth of the market over the forecast period. The excellent impact resistance provided by the fiber is good for ballistic applications and is expected to have a positive impact on market growth.
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Basalt fiber is an economical alternative to carbon fiber and can replace it in certain applications such as filament winding. Basalt reinforced composites can meet OEM disposal requirements as complete disposal by incineration is possible and is therefore environmentally friendly. Huge contamination problems are often caused by the incineration of fiberglass composites. The compatibility of basalt fibers with resins such as unsaturated polyester, vinyl ester, epoxy, and phenolic, among others, is expected to drive the market revenue growth. Basalt fiber is golden brown in color and can be used as a substitute for carbon and aramid fibers in cosmetic applications, propelling the market growth.
Some highlights of the report
- The discrete segment is expected to witness significant revenue growth during the forecast period owing to strong demand for the production of CNG cylinders, headliners and other interior parts in automotive, brake pads and friction materials. Additionally, the demand for environmentally friendly and recyclable products is also fueling the segment’s revenue growth.
- By application, the aerospace and defense segment is expected to witness the fastest revenue growth rate during the forecast period. Rising demand for structural reinforcement in jets and various other aircraft is expected to drive the revenue growth of the segment. Major properties such as excellent thermal properties and better impact resistance compared to its alternatives are likely to drive the demand. Rising military expenditures across the globe and increasing production of commercial aircraft due to growing number of air passengers are also expected to propel the segment’s revenue growth.
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- The composites segment accounted for a large share of revenue in 2020 as they are 80% fiber, non-corrosive and have three times the tensile strength of steel bars used in construction. The basalt fiber composite imparts strength to the rebar while the resin holds the fibers firmly. Compared to steel rebar, basalt fiber reinforced plastic significantly increases the service life of civil engineering structures where corrosion is a major challenge. Therefore, the use of basalt fiber composite has increased in the construction industry.
- Market revenue in North America is expected to grow at a considerably high rate during the forecast period. Rising construction expenditure owing to rapid infrastructure expansion and strong growth in the automotive sector is driving the market growth in the region.
- The major companies in the market are Kamenny VEK, Basaltex, B&W Fiber Glass, Inc., Mafic SA, Technobasalt-Invest LLC, Russian Basalt, Shanxi Basalt Fiber Technology Co. Ltd., Mudanjiang Jinshi basalt Fiber Co. Ltd. and Zhejiang GFB. Basalt Fiber Co.
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For the purposes of this report, Reports and Data has segmented the basalt fiber market on the basis of product type, form, type of use, application and region:
- Product Type Outlook (Revenue, USD Million; 2018-2028)
- Cut strands
- Mesh and grids
- Form Outlook (Revenue, USD Million; 2018-2028)
- Usage Type Outlook (Revenue, USD Million; 2018-2028)
- Application Outlook (Revenue, USD Million; 2018-2028)
- Aerospace and Defense
- Electrical and Electronic
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- Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- a. WE
- b. Canada
- vs. Mexico
- a. Germany
- b. UK
- vs. France
- D. Italy
- e. Spain
- f. Sweden
- g. BENELUX
- h. Rest of Europe
- Asia Pacific
- a. China
- b. India
- vs. Japan
- D. South Korea
- e. Rest of APAC
- Latin America
- a. Brazil
- b. Rest of LATAM
- Middle East & Africa
- a. Saudi Arabia
- b. United Arab Emirates
- vs. South Africa
- D. Israel
- e. Rest of MEA
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