The basalt fiber market will touch USD 798.6 million by 2030, progressing at a rate of 12.2% in the years to come. This is because glass fiber can be substituted with basalt fiber in polymer matrix composites as a possible polymer reinforcing material.
This material is environment-friendly and has alike properties to carbon fiber. So, it has numerous applications in engineering, nuclear power, civil construction and concrete reinforcements, plastics, composite tissues, prepregs and laminates, electro-tech applications, and in hot gas filtration procedures.
Fabrics led the industry in the past, and this category will power at a rate of more than 12% in the future. Basalt fabrics are put to use with resin for the sleeve or pipe winding, selective reinforcement of laminates, seams, and molding, and they are compatible with epoxy, polyester, and vinyl ester.
Also, they can be employed for the suppression of fires that initiate when extremely combustible substances, mainly gasoline, burn. In industrial ventilation systems, this can surge fire resistance and, therefore, provide stronger safety. The low cost of basalt fabrics than that of substitutes basically drives their use.
The continuous form of basalt fiber had about 90% revenue share in the past, and it will grow at a rate of about 13% in the future. This can be credited to the fact that continuous basalt fiber with a diameter lower than 14 micrometers has nearly double the strength and 15–30% superior modulus of elasticity than e-glass fibers.
Furthermore, an increase in the expenditure on home renovation and retrofitting activities will power the requirement for non-woven fabrics and the continuous basalt fiber, because of the latter’s low weight, elasticity, and resistance to corrosion.
Moreover, the increase in the people’s disposable income and standard of living will increase the requirement for continuous basalt fibers in the automotive and aerospace sectors.
APAC basalt fiber market made the highest revenue, of about USD 150 million. This is chiefly credited to the widespread urbanization and industrialization in developing economies across the region.
Moreover, Chinese companies are investing to make some type of high-tech fiber with reasonable prices and good performance, to sustain with the nation's altering industrial trends. This is for the reason that basalt fiber is put to use widely in both non-military and military fields, as well as construction, aerospace, chemical, pharma, agriculture, and electronics.
It is because of the growing construction industry all over the world, and increasing demand for basalt in automotive and transportation sector, the demand for basalt fiber is on the rise. This trend will continue in the years to come as well.
Source: PS Intelligence
