Basalt fiber is a material, made from fine fibers of basalt. It is a type of fiber-reinforced polymer, which is composed of minerals for instance plagioclase, pyroxene, and olivine. Basalt fiber has a high tensile strength, and high resistance to acidic, alkaline, and salt corrosion, making it a near-perfect choice in numerous construction applications such as shoreline structures, concrete, and bridges. It is used as a fireproof textile in automotive & aerospace industries and can also be used as a composite to produce products for instance camera tripods.
According to study, “World Basalt Fiber Market Research Report 2024(Covering USA, Europe, China, Japan, SEA and India)” the key companies operating in the world basalt fiber market are Kamenny Vek, Mafic, Technobasalt-Invest, Fiberbas Construction and Building Technologies, Hebei Tong-Hui Technology, Technobasalt-Invest LLC, Company Mineral 7, Aerospace Tuoxin, Mudanjiang Jinshi Basalt Fiber Co. Ltd, Zaomineral, GMV, Mafic SA, KamennyVek, Jilin Province Huayang New Composite Material Co., Ltd., Tongxin, Galen, Nmg Composites Co., Ltd., Sichuan Aerospace Tuoxin Basalt Industrial Co., Ltd., Incotelogy GmbH, JiangsuTianlong, ISOMATEX S.A., JilinJiuxin, Russian Basalt, Arrow Technical Textiles Private Limited, Zhejiang GBF Basalt Fiber Co., Sudagla, Shanxi Basalt Fiber Technology Co. TD. The key manufacturers are focusing on research and development (R&D) activities to come up with modernizations in both the emerging and existing markets which can meet the increasing demand from the application industries.
Based on form, basalt fiber market is segmented into discrete basalt fiber and continuous basalt fiber. Based on product type, market is segmented into chopped strands, roving, fabric, mats, mesh & grid and others. Roving type is further sub-segmented into direct, assembled and gun. Based on usage type, market is segmented into composites and non-composites. Based on technique, market is segmented into centrifugal multiroll, centrifugal blowing and die blowing. Based on method, market is segmented into hand layup, pultrusion, spray gun, filament winding, prepregs, resin moulding, compression moulding, vaccum infusion, resin film infusion (RFI) and other methods. In addition, based on application, market is segmented into walls & foundations, concrete reinforcement, industrial flooring, refractory bricks & blocks, mesh filters, ship & boats building, shafts & tunnels, coastline reinforcement, transportation, automotive parts, electrical & electronics, material manufacturing industries, aerospace & defense and others.
The basalt fiber market is driven by environmentally friendly & easily recyclable material, followed by increase in demand for noncorrosive materials, rapid growth in the automotive sales in developing economies, rise in urbanization & presence of government support, growth in population, and enhanced physical, mechanical, & chemical properties. However, limited number of suppliers, competition with matured products, high cost and increase in threat of substitutes may impact the market. Moreover, growth in adoption of environmentally friendly & recyclable material is a key opportunity for market.
Based on geography, USA holds major share, followed by Europe, in basalt fiber market owing to favorable trade policies and growth in construction expenditure as a result of speedy infrastructure expansion & presence of strong automotive sector in the country. India and China countries are expected to witness higher growth rate due to increase in production capacity and presence of a huge number of manufacturers over the forecast period. In upcoming years, it is estimated that market will be reached at rapid pace on account of increase in production capacities.
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Ankur Gupta, Head Marketing & Communications