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Basalt Fiber Market worth $517 million by 2027


(IT-NEWSWIRE.COM, August 18, 2022 ) The global Basalt Fiber Market size is estimated to be USD 286 million in 2022 and is expected to reach USD 517 million by 202, projecting a CAGR of 12.5% between 2022 and 2027. Basalt fiber is made from basalt rock which is naturally available. Basalt is a fine-grained, extrusive, igneous rock composed of plagioclase, feldspar, pyroxene, and magnetite. It contains olivine which has not more than 53 wt% SiO2 and less than 5 wt% total alkalis. Hence, it has superior mechanical properties, such as higher tensile strength, along with a lower manufacturing cost compared to glass fibers. Recycling of basalt fibers is proficient compared to glass fibers, and therefore they are environmentally friendly. Basalt fibers are classified as sustainable materials as they are made of naturally occurring material and when the basalt fibers in the resin are recycled the same material as natural basalt powder is obtained. Owing to their recyclable and environmentally friendly properties the demand for basalt fiber from the application industry continues to increase to replacing the glass fiber.

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The basalt fiber and basalt fiber composites industry is concentrated in Russia, Germany, Belgium, and other Eastern Europe countries. Owing to its excellent thermal and mechanical properties (mainly insulating) the basalt fiber is used in a wide range of applications in the Eastern and North European regions. Basalt fiber has good insulation and non-corrosive properties, and hence it registers huge demand in applications in industries such as building & construction, automotive & transportation, marine, and aerospace & defense in this region. The commercial use of basalt fiber in civil engineering, transportation, and marine industries continues to increase in the European region. For example, DBW, an automobile manufacturer in Germany, uses basalt fiber in manufacturing silencer. Basalt fiber is also used in the manufacturing of electric vehicles. High-quality basalt rovings, fabrics, and chopped strands are used in the production of brake pads, mufflers, headliners, and other interior parts for. Germany had its first basalt fiber reinforced marine dock made by SF Marina, which was the sign of the growing interest from the marine industry in basalt fiber applications. Companies such as Kammeny Vek (Russia) and Technobasalt (Belgium) are involved in diversifying their basalt fiber product portfolio in accordance with the need and requirement of end-use industries. Basalt fiber market in APAC is concentrated in China. China is focusing strongly on increasing the use of basalt fiber for various composite and non-composite usage. For instance, Chinese company Jilin Province Huayang New Composite Material Co., Ltd. had adopted technology from Russia to increase its basalt fiber production capacity to 30,000 tons annually.

Basalt fibers are used mainly in end-use industries such as construction & infrastructure, automotive & transportation, electrical & electronics, marine, wind energy, among others. The automotive & transportation end-use industry represents the largest consumption group for basalt fibers in terms of value. The benefits of using basalt fiber composites in automotive & transportation include environ friendly nature, part consolidation, dimensional stability, and corrosion resistance.

Don't miss out on business opportunities in the Basalt Fiber Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. <||>rn

Browse in-depth TOC on "Basalt Fiber Market”
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Basalt fibers are available into two types of form those are continuous and discreate. Basalt fibers are available in forms, namely, continuous and discrete. Continuous basalt fibers account for a major share in the global basalt fiber market. Basalt fibers are also used as composites and non-composites. These fibers are used more in composites compared to non-composites due to the growing demand for lightweight, high strength, and cost-effective materials. The high demand for basalt fibers is due to its unique properties such as non-corrosiveness, heat & fire resistance, and high mechanical strength.

Composites are segmented based on the basis of their usage type, that are composites, and non-composites. Basalt fibers are preferred composites, in contrast to non-composites. The composites are used in several applications in automotive & transportation, sporting goods, wind energy, construction & infrastructure, and pipes & tanks. The composites when used offer properties such as high strength and lightweight.

The key driver of the basalt fiber market is their growing use in various end-use industries. This is due to the increased demand for non-corrosive, high-performance materials. These materials are also easy to recycle and are environmentally friendly which creates major growth opportunities for the basalt fiber manufacturers.

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Mr. Aashish Mehra


Source: EmailWire.Com


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