Basalt Fiber market Growth Forecast At 11.8% Cagr During 2021 To 2028 Covid Impact And Global Analysis | Sudaglass Fiber Technology,

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.

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.

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Market Taxonomy:-

On the basis of type, the global basalt fiber market is segmented into:
Continuous
Discrete

On the basis of application, the global basalt fiber market is segmented into
Building & Construction
Electronics
Wind Energy
Marine
Transportation
Others (insulation, composites, etc.)

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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In January 2018, Mafic SA entered into a partnership with Michelman, Inc. (manufacturer of barrier & functional coatings, and polymeric binders). Both companies will work together for developing innovative basalt fiber composite products. Michelman’s surface treatment and fiber sizing technology will be leveraged by Mafic for development of high performance composite products. The partnership will help Mafic to expand its product portfolio.

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