Basalt fiber is a fiber-reinforced polymer manufactured using extremely fine fibers of basalt and comprises minerals, such as pyroxene, plagioclase, and olivine, and is processed through pultrusion, prepreg process, compression or resin molding, and vacuum infusion to obtain continuous or discrete basalt fiber. These fibers are relatively new in the fiber-reinforced polymers and emerged as a strong competitor for fibers like glass, carbon, and aramid owing to high tensile strength and high resistance to alkaline, acidic, and salt corrosion, durability, superior thermal protection, etc. This makes it an ideal choice for various construction applications such as concrete, shoreline structures, and bridges along with various other applications such as filament winding of pipes, tanks, cylinders, geogrids, tunnels, refractory bricks, etc.
Therefore, the global basalt fiber market is expected to grow rapidly during the forecast period. This can be attributed to applications in various end-use industries such as automotive, aerospace, construction, marine, and others. However, limited raw materials and suppliers of basalt fiber in the industry are anticipated to hinder the market growth.
Continuous Segment to Account for Largest Market Share
Based on the form, continuous basalt fiber is expected to account for the largest share in the global basalt fiber market during the forecast period. This growth can be attributed to efficient and environment-friendly properties, making it suitable for applications, such as reinforcing nets, pipes, containers, and electrical insulation materials.
Continuous basalt fiber is used in the construction and composite industry owing to the features like higher strength than steel, superior efficiency, and resistance to electromagnetic radiations, and UV rays. Additionally, the easy availability in various sizes and compatibility with various resins is further expected to boost the market growth.
Rising Construction Activities to Boost the Basalt Fiber Market
Based on the end-use industry, the construction and infrastructure segment are expected to dominate the market during the forecast period. The growing demand for basalt fiber due to growth in the construction industry, especially in civil engineering applications is expected to augment the market growth. It is used for strengthening concrete structural materials as it improves the durability and flexural strength of the structural material. Its use as concrete reinforcement is high in hydraulic engineering and construction in seismically hazardous regions. Basalt fiber has various applications, such as bridges, tunnels, residential buildings, soft roofing, and reusable shutters, as it has environment-friendly properties, good compatibility with concrete, and the ability to mix at high concentrations.
Additionally, various government initiatives along with investments in infrastructural projects, including new construction of railways, highways, underground metro lines, pavement linings, and others are also anticipated to fuel the market growth. For instance, as per the India Brand Equity Foundation (IBEF), India plans to spend 1.4 USD trillion on infrastructure development in the next five years.
Availability of Substitute Materials to Hinder the Market Growth
Substitute materials are expected to hamper the growth of the global basalt fiber market. Substitutes, such as carbon fiber and glass fiber are, dominating the market, and therefore, their usage for reinforcing applications is continuously increasing at a significant pace. As basalt fiber is new in the market, its manufacturing is limited, which indirectly markets the substitute materials. Hence, the market may observe restrictions on its growth during the forecast period.
Asia-Pacific is anticipated to hold the largest market share during the forecast period. The growth can be attributed to the growing population, industrialization, and urbanization in the countries of this region which has led to the robust growth of various end-user industries such as construction, automotive, renewable energy, electrical and electronics, etc., which uses basalt fibers extensively for several applications.
The growing automotive industry in Asia-Pacific is expected to boost the demand for basalt fiber as it is a reinforcement for automotive parts. As per the data shared by the China Association of Automobile Manufacturers, over 27 million vehicles were sold in the country in the year 2018, which is further expected to increase during the forecast period. India has also observed a rise in automobile production in recent years.
According to the statistics shared by the International Organization of Motor Vehicle Manufacturers (OICA), India, Indonesia, Malaysia, and Thailand saw an increase in their automotive production of up to 5174645, 1343714, 564800, and 2167694 respectively, which accounts for 8.0%, 10.3%, 12.2%, and 9.0% increase than the production of the previous year due to increasing per capita income of the individuals respectively. Additionally, infrastructural developments and various initiatives are taken by the governments such as ‘100 Smart Cities’ and ‘Housing for All by 2022' will also drive the market growth in the region.
Europe is expected to be the second-largest region in the global basalt fiber market due to the presence of countries like Russia and Germany, the top producers and suppliers in the European and the global market. The growing usage of basalt fiber in the wind energy sector is also boost the demand in the region.
According to Wind Europe, wind energy accounted for 15% of the EU's electricity demand in 2019, up from 14% in 2018. The wind power capacity rose by 15.2 GW in 2019: 11.6 GW onshore and 3.6 GW offshore which was 31% high than in 2018. It accounts for more than 80.88 USD billion annual turnover which is one of the major expected reasons for market growth in the region. Furthermore, the growing construction and infrastructure activities, electrical and electronics industry, and the automotive industry in Europe are also anticipated to augment the market growth in the region.
The global basalt fiber market is fragmented and has a limited number of global and regional players. The strategies undertaken by these players to retain their position in the market and increase their market share include partnerships, new product development, and expansions. The players are focusing on research and development activities to innovate in the emerging and existing markets to meet the growing demand from the application industries.
For instance, Anisoprint Sarl, a manufacturer of continuous carbon fiber 3D printers, recently launched a new basalt fiber composite for 3D printing technology application in 2019, which is 15 times stronger than plastic, 1.5 times stronger,and lighter than aluminum, and 5 times lighter than steel.
Basalt Fiber Market: Segmentation
By Product Type
By Usage Type
By End-Use Industry
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