Basalt fiber is a relatively new product among fiber reinforced polymers and composites. It possesses similar chemical properties to glass fibers but have better physiochemical properties than glass fibers. It is also very cheap as compared to carbon fiber. Basalt fiber is highly resistant to alkaline, acidic, and salt attack, which makes it a good candidate for concrete, bridge and shoreline structures.
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Basalt fiber finds major application in construction industry, as a substitute to the steel rebar and glass. Basalt fiber is lighter, stronger, and corrosion resistant than conventional steel rebar. It also possesses high chemical resistance and melting point as compared to glass. Growing construction industry is expected to drive growth of the global basalt fiber market during the forecast period. According to the World Bank, investment in global construction industry is expected to increase by US$ 93 trillion by 2030.
Current research shows that basalt fiber has similar creep and fatigue strength as compared to glass. International bodies such as American Concrete Institute are yet to acknowledge basalt fibers in their codes and provide specific design guidance. This is expected to restrain growth of the market over the forecast period.
North America and Europe holds dominant position in the basalt fiber market, owing to use of specialty materials in aerospace and automobile industry in these regions. Basalt fibers are majorly used in automobile and aerospace industry to reduce the overall weight and increase the fuel efficiency. Asia Pacific market is expected to grow at highest rate, owing to growing construction and automobile industry. For instance, according to the International Trade Administration, Chinese automobile output is expected to increase from 28 million units in 2016 to 35 million units by 2025 with 9% year-on-year growth.
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Key Players in the Global Basalt Fiber Market:-
Key players operating in the global basalt fiber market include Sudaglass Fiber Technology, Mafic SA, JEC Group, BasaltEx NV, Hebei Tong Hui Science Technology Co., Kamenny Vek, Jiangsu Green Materials Vally New Material T&D Co. Ltd., Basanite Inc., JiangSu TianLong Continuous Basalt Fibre Co. Ltd., and Vulkan Europe BV.
Key companies are focusing on adopting various organic and inorganic growth strategies, in order to enhance its production capacity. For instance, in 2017, Canada-based MAFIC SA announced that it will launch its new basalt fiber production facility in the U.S. by 2018.