Basalt Fibre Market Estimated to Flourish at by 2022-2030

Given its low water absorption aspect, basalt fibre is gaining significant traction as construction material.  High thermal resistance of basalt fibre makes it an ideal material in industrial furnace lining and fireproof rope applications.

A naturally-derived material, basalt is relatively more recyclable compared to other reinforcing fibers and is, thus, witnessing significant traction in various end-use industries.

Market players are investing in R&D for expanding the application scope of basalt fibre to wind energy, marine and other industries.

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Basalt Fibre Market – Growth Drivers and Trends

Increasing infrastructural development projects in emerging economies, especially China, and India, are primarily fueling the demand for basalt fibre in construction industries, owing to its low-cost and non-corrosive properties.

Basalt fibre exhibits 83% more tensile strength versus steel and its small particles act as an additive to produce fibre-reinforced concrete.

Going forward, basalt fibre finds immense usage as fireproof textile in automotive and aerospace industries as it is cheaper than carbon fibre and possess greater physicomechanical properties than fiberglass.

Basalt Fibre Market – Growth Restraints

While basalt fibre is witnessing significant demand from several end-use sectors, factors such as high cost and scarcity of raw material is posing threat to the basalt fibre market growth.

Availability of numerous low-cost substitutes such as fiberglass is dampening the adoption of basalt fibre from small-scale industries.

Domestic manufacturers in emerging regions are stiffening the market competition by selling products at much cheaper rates, as such, leading players are experiencing difficulties in expanding their regional foothold.

Impact of COVID-19 on Basalt Fibre Market

The COVID-19 pandemic is having dampening effect on the global mining industry. Government has imposed lockdowns in various non-essential service sectors, thus, resulting in reduced production of metals from mining industries.

On the other hand, demand for commodities such as copper, basalt and iron remains low from various end-use industries.

Unavailability of labor and high transportation costs have halted construction processes in worst-affected countries including, Italy, the US, China, India, among others.

Recent studies reveal the global construction industry currently stands at 0.9% growth in 2020. Going forward, demand from the automotive industry for basalt fibre has seen a severe downfall during the COVID-19 pandemic.

Basalt Fibre Market – Regional Analysis

North America and Europe currently hold prominent share in the global basalt fibre market. The US, Russia and Germany are leading consumers of basalt fibres in these regions respectively.

These regions are hub of automobile, construction and wind energy sectors. Further, favorable government trade policies are playing a helping hand in the market growth in North America and Europe.

Asia Pacific (APAC) is anticipated to provide remunerative opportunities to basalt fibre market towards the forecast period.

Basalt Fibre Market – Competitive Landscape

The global basalt fibre market is slightly fragmented and is represented by limited number of global and regional players. These players are focusing on continuous expansion and collaboration activities. For instance,

• In April 2020, Polotsk-Glassfibre expanded its business by launching a new furnace with production capacity of 500 tons fibre per year.
• In 2019, Basanite Industries LLC started a new manufacturing unit in Florida for production of basalt fibres and basalt composites.

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Key Compnies

• Kamenny Vek Mafic
• Technobasalt-Invest
• Fibrebas Construction and Building Technologies
• Hebei Tong-Hui Technology
• Technobasalt-Invest LLC
• Company Mineral 7
• Aerospace Tuoxin
• Mudanjiang Jinshi Basalt Fibre 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

Region

• North America (U.S., Canada)
• Latin America (Mexico, Brazil)
• Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
• East Asia (China, Japan, South Korea)
• South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
• Oceania (Australia, New Zealand)
• Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)

Basalt Fibre Market – Segmentation

Basalt fibre market is segmented on the basis of following,