Basalt fiber market can be regarded as a standard material that offers insulation in high-temperature applications like fireproof, rope and industrial furnace lining. It is excessively adopted in the electronics, chemical, and marine sectors owing to properties that include high mechanical strength, chemical inertness, and impact resistance. Consistent replacement of steel rebar by basalt fiber reinforced polymer composite bars will add impetus to the material’s application outlook over the coming years.
Company Mineral 7, GMV, Galen, Shanxi Technology, and Hebei Tong-Hui Technology are some of the major suppliers of the product. Estimates reveal that the global basalt fiber market size could see an exponential rise with regard to annual revenue by 2025.
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Natural and easy availability of fibers
Industry share from the continuous form basalt fiber segment was valued at more than USD 90 million in 2018 owing to prominent properties like high strength-to-weight ratio, lower cost, and enhanced corrosion resistance. There is a robust need for sustainable as well as reusable composite additives across the polymer industry along with increasing adoption of naturally derived fibers in comparison to synthetically derived materials. This can be owed to the extraction of natural-sourced fibers from molten basaltic rocks, minus the use of chemicals.
Scope in construction & infrastructure application
Excessive use of basalt fiber composites in the construction and infrastructure sector is likely to gather over 35% of the annual revenue through 2025. The growth can be attributed to the enhanced financial capacities of consumers as well as the formulation of supportive regulations and norms for infrastructural projects. Besides, there is a rising demand by structural engineers for basalt fiber reinforced polymer (BFRP) bars in comparison to steel reinforcements.
For instance, Basanite Industries, LLC, in July 2020, inked a multi-million dollar supply agreement with MEP Consulting Engineers, Inc., to exclusively source various types of basalt fibers, including BFRP reinforcing bar (composite rebar) to lend support to the Florida-based construction engineering and design community.
Asia Pacific to emerge as a promising market
Asia Pacific observes a consistent demand for basalt fiber market and the regional industry is estimated to contribute to more than 18% of the total remuneration over the next few years. Numerous norms have been directed to amplify the use of fibers across diverse applications.
For instance, basalt rebars are a part of the national construction codes facilitating the construction sector of China. Expanding basalt fiber uses in manufacturing headliners and brake pads in automobiles and the expansion of the automotive sector will drive the regional demand.
Marketing investments to favor growth
Leading basalt fiber suppliers comprising of multiple multinational, regional, and domestic companies are continuously engaged in strategic ventures and R&D investments to ameliorate their existing facilities and capacities to sustain market competition. For instance, Isomatex, in 2017, produced drones entirely from composite materials derived from FILAVA fibers.
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There is also an augmented demand for the fibers to offer high performance attributes to cater to rising consumer needs, suggesting increased popularity of basalt fiber market reinforced polymers during and post the coronavirus pandemic. For instance, Mafic Inc, in 2019, made investments close to USD 20 million to establish the first-ever basalt fiber market production facility in the U.S.
Surge in environmental concerns has paved way for the adoption of eco-friendly materials by production companies along with sustainable manufacturing activities for basalt fibers. Simplified access to the material as well as its minimum production cost in comparison to fiberglass and carbon fibers considering the abundance of basalt rock reserves and the ease of basalt’s recyclability will indicate numerous opportunities for the market players.
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