Basalt Fiber Market worth $503 million by 2028 Globally, at a CAGR of 12.5% says MarketsandMarkets™
Chicago, Nov. 12, 2023 (GLOBE NEWSWIRE) — The Global Basalt Fiber Market is expected to grow significantly over the next several years, with a predicted valuation of USD 503 million by 2028, up from USD 279 million in 2023, as per the recent study by MarketsandMarkets™. Non-corrosive products are becoming more and more in demand in the construction industry since they can save money and increase the life of structures. There are several concrete technology developments underway to improve the structural stability and longevity of buildings and bridges. One of these innovations is the use of composite bars made of basalt fiber that is resistant to corrosion as reinforcement for concrete. These 80% fiber-based basalt composites have a tensile strength three times higher than that of ordinary steel bars used in construction, and they are completely resistant to corrosion.
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List of Key Players in Basalt Fiber Market:
- Kamenny Vek (Russia)
- Zhejiang GBF Basalt Fiber Co. (China)
- JFE RockFiber Corp. (Japan)
- Mafic SA (Ireland)
- Technobasalt-Invest LLC (Ukraine)
- Russian Basalt (Russia)
- ISOMATEX SA (Belgium)
- INCOTELOGY GmbH (Germany)
- Sudaglass Basalt Fiber Technology (US)
- Shanxi Basalt Fiber Technology Co., Ltd (China)
- Mudanjiang Basalt Fiber Co. (China).
- among others
Drivers, Restraints, and Opportunities in Basalt Fiber Market:
- Drivers: Increase in demand for non-corrosive materials
- Restraints: Lack of standardization in manufacturing technologies
- Opportunities: Growing adoption of recyclable and eco-friendly materials
- Challenges: Complex manufacturing process compared to E-glass fibers
Key Findings of the Study:
- Based on the Form, Continuous and discrete forms are the two different types of basalt fibers. The market for basalt fibers worldwide is dominated by continuous basalt fibers.
- Based on the end use industry, The main applications for basalt fibers are in a variety of end-use industries, such as wind energy, maritime, electrical and electronics, automotive and transportation, and construction and infrastructure.
- Based on the usage, Basalt fiber can be divided into two main categories based on how they are used: composites and non-composites. When it comes to composites, basalt fibers are preferred over non-composites.
- Based on region, From 2023 to 2028, the basalt fiber market is projected to grow with the highest compound annual growth rate (CAGR) in the Asia Pacific region.
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Non-corrosive basalt fiber rebars are manufactured from high-strength basalt roving, combined with exceptionally durable vinyl ester or epoxy resin, utilizing a combination of the pultrusion process and the in-line winding and coating process. The rebar is strengthened by the basalt fibers, which are firmly bound together by the resin. Basalt fiber reinforced plastic, or BFRP, rebars greatly extend the life of civil engineering constructions in comparison to typical steel rebars, especially in situations where corrosion is a major concern. When it comes to frame assembly, BFRP rebars can be a good substitute for traditional steel reinforcement, which will increase stability.
It is expected that basalt fiber will find extensive use in highway and bridge deck construction, resulting in lower labor costs and overall engineering costs. It also helps to expedite building timetables and save maintenance expenses.
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The region’s booming construction and infrastructure industry, the automotive and transportation industries’ growing reliance on lightweight yet durable materials, and the unwavering search for environmentally sustainable materials are all contributing factors to this dynamic growth trend. These sectors are well-suited to basalt fiber’s exceptional qualities, which include resistance to heat and fire, non-corrosiveness, and remarkable mechanical strength.
Moreover, governments and organizations around the Asia-Pacific region are aggressively pushing for the use of environmentally benign materials, which is causing basalt fiber to be widely used in a variety of applications. The need for this adaptable material will only increase with the continued growth of infrastructure, especially in emerging economies. The Asia Pacific region is transforming industries and laying the groundwork for a resilient and sustainable future by securing a strong position in the global basalt fiber market at a powerful compound annual growth rate (CAGR).
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