NEW YORK, July 25, 2022 /PRNewswire/ — According to the market research report published by P&S Intelligence, the size of the basalt fiber market was about $284 million in 2021, and it will reach approximately $799 million by 2030, at a growth rate of about 12%. This is because basalt fiber can substitute glass fiber in polymer matrix composites to act as a material that strengthens polymers. Additionally, this eco-friendly material exhibits properties similar to carbon fiber.
Fabrics, which had the largest demand in the basalt fiber market in 2021, will grow at a rate of over 12% in the coming years. Basalt fabrics are utilized for the selectively strengthening laminates, seams, sleeve or pipe curving, and molding with resin, as they gel well with polyester, vinyl ester, and epoxy.
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The continuous form of basalt fiber has an about 90% market share, its usage will rise by around 13% by 2030. Continuous basalt fiber that has a diameter of below 14 micrometers possesses nearly double the tensile strength and 15–30% higher stretchability as compared to e-glass fibers.
Furthermore, a surge in the expenditure on home retrofitting and remodeling will drive the continuous basalt fiber market, because of the latter’s flexibility, lower weight, and resistance to corrosion. Moreover, the increase in the purchasing power and living standards of people will intensify the consumption of continuous basalt fibers in the aerospace and automotive industries.
The demand for composites formed from basalt fibers will rise at a higher rate, of more than 12%, in the near future. Pultrusion basalt-fiber composites bonded by epoxy that are made up of 80% fibers have superior mechanical characteristics to glass-fiber-reinforced composites.
The APAC market in 2021 had the highest revenue, of about $150 million. The widespread urbanization and industrialization in the developing countries in the region, which have been leading to the boom of the automotive and construction industries, are driving the market.
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Furthermore, Chinese companies are investing to make high-tech fibers with reasonable prices and decent performance, for keeping pace with the altering industrial trends in the nation. This is on account of the fact that basalt fiber is used widely in a range of industries, including defense and aerospace, chemical, construction, electronics, pharmaceutical, and agriculture.
The construction sector is majorly contributing to the revenue generation in the basalt fiber market. Material producers will have an enormous demand from this industry because basalt fiber is resistant to chemicals and extreme temperatures, absorbs lower amounts of water, has a high tensile strength, and is durable and cost-effective.
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