Continuous Basalt Fiber Market - Forecast(2023 - 2028)

Continuous Basalt Fiber Market Overview

The continuous basalt fiber market size is expected to reach US$530.3 million by 2027, after growing at a CAGR of around 9.5% from 2022 to 2027. The basalt fiber is made from fine basalt fibers, composed of minerals such as olivine, plagioclase, and others. The continuous basalt fiber is produced from the basalt rock, using technologies such as vacuum infusion, pultrusion, texturizing, and others. The continuous basalt fiber offers major applications such as fireproof textile, reinforced concrete, geogrids, fabrics & tapes, and others. The continuous basalt fiber industry is primarily driven by the high demand in the construction sector due to rising infrastructural and building projects across the world. Thus, the continuous basalt fiber market will experience growth and high demand in various end-use industries due to its excellent mechanical properties, high structural integrity, high-temperature resistance, and electrical insulation during the forecast period.

COVID-19 Impact

The growth of the global continuous basalt fiber market was hampered due to the worldwide covid-19 outbreak and lockdown. The continuous basalt fiber has major applications in building & construction, aerospace, automotive, and others. The worldwide disruptions such as productions halt, supply chain disturbances, and other logistics-related errors. The construction and building sector saw major impacts and delay in production projects, which created a fall in demand and a decline in continuous basalt fiber market size. The supply chain was disrupted as the raw materials didn’t reach the construction site, along with restrictions on transportation and lockdown restrictions. Furthermore, the constructions activities and projects were halted due to labor shortages, logistics issues, and construction material supply disruptions. According to the American Institute of Architects (AIA), around a 5.7% decline in the non-residential construction sector and a 7.1% decline in commercial construction for the year 2020-21. Thus, with reduced spending and declining construction activities, the application demand for continuous basalt fiber (comprising of olivine, plagioclase, and pyroxene) such as concrete structures, reinforced mesh, and others also saw a fall during the covid-19 outbreak. Furthermore, the demand for the continuous basalt fiber market will rise with the recovery in end-use industries, majorly construction. The growing development in building and infrastructure, rise in modular construction, and better remote working structure will boost the building & construction activities, thereby offering high demand and growth in the continuous basalt fiber market post-pandemic phase.

Report Coverage

The “Continuous Basalt Fiber Market Report – Forecast (2022-2027)” by IndustryARC covers an in-depth analysis of the following segments of the continuous basalt fiber market and provides a continuous basalt fiber industry outlook.

By Product Type: Roving, Fabrics, Chopped Strands, Others
By Application: Concrete Structures, Reinforced Mesh, Heat-Insulated Plates, Fabrics & Tapes, Surfboard Manufacturing, Generator Blades, and Others
By End-Use Industry: Building & Construction (Residential, Non-Residential, and Infrastructure), Aerospace (Fireproof Textiles, Aircraft Components, and Spacecrafts), Electronics (Electronic Insulation, Electrical Components), Automotive (Commercial, Passenger, and Automotive Components), and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa)

Key Takeaways

• The global continuous basalt fiber market is growing due to high demand in various end-use industries such as concrete in construction, fireproof textile, and aircraft components in the aerospace, automotive, electronics, and others due to its excellent mechanical properties, high-temperature resistance, and electric insulation features.
• The Asia Pacific region offers a high growth share in the continuous basalt fiber industry and is dominating the market due to the increasing residential as well as non-residential building projects and construction activities.
• The demand for continuous basalt fiber roving product types is high owing to its usage for reinforced bars in construction, CNG cylinders in automotive, thermal insulation, and others.

Figure: Asia Pacific Continuous Basalt Fiber Market Revenue, 2021-2027 (US$ Million)

Continuous Basalt Fiber Market Segment Analysis – By Product Type

By product type, the roving segment is expected to have the largest share of more than 30% in 2021 and is expected to boost the continuous basalt fiber market share in the coming years. The basalt roving is used in various industries for the production of rebar in concrete reinforcement, geogrids, high-pressure vessels, and others. The rising demand for continuous basalt fiber roving for various applications such as meshes, concrete, reinforcing bars and others is boosting the growth of the continuous basalt fiber market. Furthermore, the high strength, resistance to harsh environments, high electric insulation, and the longer service life is leading to major demand for the roving product type for reinforced plastics, construction, and others in the coming years.

Continuous Basalt Fiber Market Segment Analysis – By Application

By application, the reinforced mesh segment is expected to hold a significant share of 35% in 2021 and is expected to increase the continuous basalt fiber market size in the coming years. The high demand for reinforced mesh in the building and construction sector is influencing the growth prospects for the global continuous basalt fiber industry. The continuous basalt fiber (comprises of plagioclase, olivine, and pyroxene) reinforced mesh is used in road pavements, construction structures, and others owing to its high mechanical strength, crack resistance, easy installation, and high electrical resistance compared to steel. Moreover, the demand for reinforced mesh is rising due to increased road and construction activities across the world. According to the Department for Promotion of Industry and Internal Trade Policy (DPIIT), around USD 26.1 billion in FDI inflows was reported between the periods of April 2000 to June 2021 for construction development. Thus, with growing opportunities and investment in the construction sector, the application of reinforced mesh will rise in the continuous basalt fiber market during the forecast period.

Continuous Basalt Fiber Market Segment Analysis- By End-Use Industry

By end-use industry, the building & construction segment is expected to have the largest share of more than 37% in 2021 and is expected to increase the continuous basalt fiber market size during the forecast period. The growing residential, non-residential, and infrastructure construction projects such as railways, highways, pavement linings, and others are influencing the growth in the continuous basalt fiber industry. The excellent properties such as non-corrosiveness, high strength, high mechanical strength, and compatibility with concrete are boosting its application in the building & construction industry. Moreover, the environment-friendly application of continuous basalt fiber for green buildings is creating a high demand in the market. According to the Vietnam General Statistics Office (GSO), the construction sector grew by 5.7% year on year in Q3 2020, with cumulative growth of around 5%. The rise in residential construction, infrastructure development, and other projects are creating a drive in the continuous basalt fiber market, owing to its rising applications such as concrete, reinforcing mesh and nets, geogrids, rebar, and others in the coming years.

Continuous Basalt Fiber Market Segment Analysis – By Geography

By geographical analysis, the Asia pacific holds the largest share of more than 42% in the continuous basalt fiber market for the year 2021 and will increase the continuous basalt fiber market size in the coming years. The growing automotive sector, aerospace, and construction sector in this region are offering a major growth opportunity in the global continuous basalt fiber market. The rising automotive production in APAC is anticipated to boost the demand for continuous basalt applications such as automotive components, fireproof textiles, and lightweight unit parts. According to the China Association of Automobile Manufacturers (CAAM), the sale of automobiles in China is likely to hit around USD 27.5 million, with a 5.4% rise in 2022. Moreover, the developing production base for continuous basalt in China offers low-cost continuous basalt fiber manufacturing, which is boosting its application demand and growth in Asia pacific for aerospace, automotive, construction, electronics, and other sectors in the coming years. Thus, with a rising base for building construction and infrastructure investments in the APAC region, the continuous basalt fiber market will experience major growth opportunities during the forecast period.

Continuous Basalt Fiber Market– Drivers

Increasing demand from the construction sector

The rising demand for continuous basalt fiber in the building and constructions sector is creating a major drive in the market and increasing the global continuous basalt fiber market size. The growing initiatives by the government for infrastructure development and construction projects such as housing, highways, residential buildings, and others are creating a major growth in the market. According to the Office for National Statistics, the output for construction in December 2020 rose by 2.0% in terms of volume. Furthermore, the application of continuous basalt fiber (comprising olivine, pyroxene, and plagioclase) in concrete structures, reinforcement materials for construction, and others is rising owing to its excellent features such as durability, high tensile strength, chemical stability, and excellent performance in harsh climatic conditions. Thus, with the demand for continuous basalt fiber for residential sectors, highways, metro lines, railway construction, and others, the global continuous basalt fiber market will grow during the forecast period. 

High demand for non-corrosive materials

The demand for non-corrosive material products is increasing in the construction sector as it is helpful in cost reduction and increases the life of the structures made from them. The usage of corrosion-free continuous basalt fiber bars is used as reinforcement for the concretes. It is non-corrosive and offers high tensile strength compared to the steel bar used in buildings and constructions. For instance, the Metrotown property redevelopment projects involve the construction of 7 multipurpose towers, with an estimated USD 778 million for the construction work starting from quarter 3^rd of the year 2021. The continuous basalt fiber imparts strength in the reinforced bars, while the resin holds the fibers. The usage of vacuum infusion technology is prevalent for basalt composite manufacturing and resin conversion into laminates. Thus, with increasing demand for non-corrosive continuous basalt fibers, compared to steel, the continuous basalt fiber industry experiences major drive and growth prospects in the coming years.

Continuous Basalt Fiber Market– Challenges

High prices of continuous basalt and chemical durability issues

The demand for continuous basalt fiber is high owing to its major application in various end-use industries and superiority over E-glass. However, the high price factor is creating a challenge for its growth, as the costs are high compared to E-glass. The basalt fibers also lose some of their tensile strength over some time, as a result of chemical durability issues and final product consistency due to manufacturing by different manufacturers, leading to variability and differentiation in mechanical properties. Furthermore, the manufacturers face issues on the quality of basalt rock and its composition such as olivine, plagioclase, pyroxene, and others for the creation of basalt fibers in various regions such as Europe.

Global Continuous Basalt Fiber Industry Outlook

The global continuous basalt fiber top 10 companies include:

1. Basaltex NV
2. Armbasalt CJCS
3. Technobasalt-Invest LLC
4. Fiberbas Jilin Tongxin Basalt Technology Co Ltd
5. LAVAintel
6. Isomatex S.A.
7. Hengdian Group
8. Shanxi Yaxin Group
9. Mafic
10. Sudaglass Fiber Technology

Recent Developments

• In July 2020, the Mafic, located in North Carolina, started its operation for the world’s largest basalt fiber mill. This operation will enable the Mafic to meet up with the demand developed by a large customer base.
• In April 2020, the Kamenny Vek announced the expansion of its product line with the introduction of the latest product line such as Basalt Direct Roving 22 microns 2400 tex, Basalt assembled 18 microns 4800 tex roving, and Basalt assembled roving 18 microns 3000 tex.
• In 2019, the Basanite Industries LLC began the new manufacturing unit in Florida. This manufacturing unit will boost the production of basalt composites and basalt fibers.

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