Basalt Fiber Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast

 Basalt Fiber Market: Advanced Reinforcement for Concrete Applications

• Basalt fiber, a product derived from the basalt rock, is widely used in the building & construction and automotive applications owing to its highly attractive mechanical properties such as high tensile strength, alkali strength and high impact strength
• It is considered an alternative product to glass fiber and carbon fiber. Basalt fiber is composed of pyroxene, and minerals such as plagioclase and olivine. Plageocene and pyroxene make up almost 80% of the basalt fiber composition. Basalt fiber has properties such as good range of thermal performance, high tensile strength, and superior electro-magnetic properties
• Basalt fiber is inexpensive compared to fiberglass and is widely used in automotive and aerospace industries owing to its high structural integrity and mechanical properties. Basalt fiber can be used from very low temperatures (-200°C ) to high temperature (800°C).

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Rise in Demand from Building & Construction Industry to Drive Market

• Increase in demand for basalt fiber in the building & construction industry with special emphasis on civil engineering applications is anticipated to boost the basalt fiber market
• Demand for basalt fiber in the strengthening of concrete structural materials is on the rise as the incorporation of basalt fiber improves durability and flexural strength of the structural material. Use of basalt fiber as concrete reinforcement is high in hydraulic engineering and construction in seismically hazardous regions.
• Increase in demand for basalt fiber as concrete reinforcement for applications such as bridges, tunnels, residential buildings, soft roofing, reusable shutters, heat supply system, and cable conduits is anticipated to drive the global basalt fiber market
• Rise in construction activities in emerging economies such as Asia Pacific and Latin America is also likely to propel the demand for basalt fiber in the next few years. Increase in investments in infrastructure projects, including new construction of railways, highways, underground metro lines, and pavement linings, is estimated to fuel the demand for basalt fiber. 

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Nuclear Power Plant Application to Offer Attractive Opportunities

• Increase in consumption of basalt fiber in nuclear applications is likely to augment the demand for basalt fiber. Basalt fiber does not absorb nuclear radiations. This makes it ideal for usage in production and transportation of radioactive materials that are employed in nuclear power plants. Thus, demand for basalt fiber is high in nuclear applications.
• Protective caps made up of basalt fiber composites are used in waste disposal sites. These offer protection for human health and environment against nuclear wastes. 

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Rise in Threat of Substitute Materials to Hamper Market

• Substitute materials such as carbon fiber and glass fiber are performing well in the market. Usage of these materials for reinforcing applications is rising at a significant pace. Basalt fiber has been recently introduced into the market. Moderate number of manufacturers of basalt fiber operate in the market. Thus, high threat of substitute materials and presence of limited number of manufacturers are likely to restrain the global basalt fiber market. 

Asia Pacific Projected to Hold Significant Share of Basalt Fiber Market

• In terms of region, the global basalt fiber market can be split into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Asia Pacific is anticipated to account for prominent share of the global basalt fiber market. Growth in demand for basalt fiber in end-user industries such as construction & infrastructure, automotive & transportation, and wind energy is a major factor driving the demand for basalt fiber in Asia Pacific. Manufacturers of basalt fiber located in China develop new technologies and focus on manufacturing low-cost continuous basalt fiber.