The global basalt fiber market was valued at USD 279 million in 2023 and is anticipated to reach a projected value of USD 503 million by 2028, projecting a compound annual growth rate (CAGR) of 12.5% during the forecast period from 2023 to 2028. The Research report presents a complete judgment of the market through strategic insights on basalt fiber market trends, growth factors, supplier landscape, demand landscape, Y-o-Y growth rate, CAGR, pricing analysis. 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. 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.
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Continuous forms of basalt fiber are expected to have the largest market share during the forecasted period.
Continuous and discrete forms are the two different types of basalt fibers. Continuous basalt fibers had a notable dominance in the global basalt fiber market during the forecasted period. These continuous fibers are used in a variety of end-use industries, such as wind energy, sports goods, automobile and transportation, building and infrastructure, and pipes and tanks. They can also be used as rovings, textiles, and yarns.
Interestingly, continuous fibers are useful in both non-composite and composite applications, which makes them an adaptable option across a variety of sectors.
Composites usage type dominated the basalt fiber market in terms of both, value and volume.
The demand for basalt fiber in the realm of composites has witnessed a notable surge in recent years, driven by a compelling array of attributes that this versatile material offers. Because of its extraordinary qualities, which include outstanding mechanical strength, resistance to corrosion, and incredible lightweight features, basalt fiber composites have become increasingly desirable. Because of these qualities, they are especially well-suited for a wide range of applications, including infrastructure and construction, sporting goods, automobiles and transportation, and even the manufacturing of pipelines and tanks.
Furthermore, basalt fiber composites are becoming more well-known as an environmentally benign option as sectors place a greater emphasis on sustainability and environmental responsibility. The natural non-corrosive and fire-resistant qualities of basalt, along with its potential for recycling, increase their attractiveness in the composite market. The demand for basalt fiber composites is predicted to rise steadily because of an increasing focus on performance, durability, and environmental effects. This will change a number of businesses that depend on sophisticated materials.
The construction & infrastructure end-use industry is estimated to register the highest CAGR between 2023 to 2028.
The construction and infrastructure, automotive and transportation, marine, electrical and electronics, wind energy, and other industries are some of the segments that make up the basalt fiber market when categorized by end-use sectors. New uses for basalt fiber are emerging in various end-use areas as a result of the continuous quest for cost-effective commercialization. As a result, this adaptable material keeps discovering fresh, creative applications across numerous industries.
Basalt fiber exhibits remarkable resistance to corrosion, rendering it exceptionally well-suited for construction materials exposed to the rigors of various environmental conditions. This durability not only ensures the longevity of structures but also minimizes the need for frequent repairs or replacements, translating into cost savings. Apart from its resistance to corrosion, basalt fiber exhibits remarkable tensile strength, rendering it an excellent option for reinforcing concrete and other building materials. This increased strength ensures that structures and infrastructure can endure a variety of pressures and obstacles by making a substantial contribution to their overall stability and load-bearing capability.
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Asia Pacific is expected to account for the largest market share along with the highest CAGR during the forecasted period.
Asia Pacific is the largest market for basalt fiber. With a remarkable Compound Annual Growth Rate (CAGR), the demand for basalt fiber is currently rising dramatically in the Asia Pacific region. Numerous reasons contribute to this impressive growth trajectory. First off, the region’s infrastructure and building industries are expanding, which calls for the use of durable and sustainable materials. Furthermore, lightweight yet strong materials are becoming more and more popular in the automotive and transportation sectors. These attributes, along with basalt fiber’s resistance to heat, fire, corrosion, and mechanical strength, perfectly match these industries’ needs.
Prominent players, including 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. These companies have adopted various organic and inorganic growth strategies. These market leaders have strategically prioritized growth efforts like mergers and acquisitions, collaborations, expansions, investments, and divestitures to help them expand into previously undiscovered and attractive markets.
Kamenny Vek (Russia)
Kamenny Vek stands as a prominent player in the field of basalt fiber production. With a focus on producing high-grade continuous basalt fiber, its main product, Basalt fiber, is well-known for its remarkable caliber. These products are ideal for uses that need exceptional mechanical strength, resistance to high temperatures, and environmental responsibility. For a variety of applications, Kamenny Vek offers a broad range of basalt fiber solutions and technological advancements. Their product line is useful in many different industries, such as wind turbine blade production, boats, load-bearing profiles, cylinders, tanks, and high-pressure vessel manufacture. The company is focused on the development of new products and is continuously working on its R&D. For instance, in April 2021 the company started production of basalt direct roving 22 microns 2400 tex, basalt assembled roving 18 microns 4800 tex, and basalt assembled roving 18 microns 3000 tex.
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Zhejiang GBF Basalt Fiber Co. (China)
Zhejiang GBF Basalt Fiber Co. specializes in the production and advancement of continuous basalt fiber. As the leading producer of basalt fiber and basalt composites in China, GBF has made a name for itself. Their wide array of products includes bars, panels, yarns, and roving. The products and services provided by GBF find application in the automobile, sports, and defense industries, as well as in the textile industry for fire safety and as insulating materials for the building and construction sectors.
Research and development initiatives focused on producing cutting-edge basalt fiber products are highly valued by GBF. For instance, in November 2021 the company developed a basalt fiber yarn wrapped CNG cylinder. Automotive CNG cylinders are wrapped with GBF brand monofilament diameter 7 micron twistless roving. They have a working pressure of≥ 20 MPa. In addition, they have a research facility on basalt fiber in Nanjing. GBF continues to work closely with government programs, actively taking part in attempts to find new uses for basalt fiber.
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