The global basalt fiber market is expected to witness significant growth owing to demand from industries such as automotive, building & construction, marine, and electronics. It has emerged as a strong competitor in the fiber reinforcement composite. Sandland is produced from basalt rocks, which are melted at 1400 degrees Celsius. Basalt fiber is inexpensive as compared to fiberglass and is widely used in automotive and aerospace industries owing to their high structural integrity and mechanical properties.
Basalt fiber reinforced polymer (BFRP) reinforcing bars have recently introduced as an alternative to steel reinforcement for concrete structures and as external support for retrofitting of concrete structures. Basalt fiber has not been widely used, unlike Glass Fiber-reinforced polymer (GFRP) and carbon fiber-reinforced polymer (CFRP) materials, Chopped basalt fibers have also been introduced as an additive to concrete mixes to produce fiber reinforced concrete (FRC).
The basalt fiber market can be segmented into continuous and discrete. Continuous basalt fibers are anticipated to witness significant increase owing to efficiency and environment-friendly nature. These fibers are primarily employed in the construction industry because they have higher strength than steel and are resistant to electromagnetic radiations and ultraviolet rays and are preferred for soil and embankment stabilization. Technology innovations, raw material development, and new techniques are expected to open new market opportunities for this industry.
Basalt fiber market is anticipated to grow during the forecast period owing to tremendous growth in the automotive industry especially in emerging economies such as India, China, and Brazil. Moreover, the industry is expected to witness high demand from the automobile and construction sector owing to their resistance power to varying temperatures and chemicals, high mechanical strength, low water absorption, and durability. These fibers are expected to replace the expensive glass and carbon fibers in various industries. Owing to better physical and mechanical properties the basalt fiber finds the application in a wider range of industries and with upcoming product launches provides an excellent growth opportunity for the market. Also, growing population, rising urbanization, and the presence of government support are factors favorable for market growth. Increased government spending in various countries including Saudi Arabia, Mexico, and BRICS is expected to push demand for this industry.
Factors such as availability of raw material, increasing the threat of substitutes, and a limited number of suppliers are projected to impact industry growth adversely. The Middle East is predicted to witness high growth owing to the expanding construction sector in the region. Asia-Pacific region is anticipated to drive industry demand due to the presence of various domestic players in the vertical market segment such as automotive and construction. Europe is predicted to grow at a significant rate as basalt salts are replacing other composites in automotive applications.
Expansion and product launch is the key strategy, which is expected to be adopted by the key industry players. The participants are focusing on research and development activities to come up with innovations in both the emerging and existing markets that can meet the growing demand from the application industries. Manufacturers have shifted their industries to economies such as China and Japan, due to the low labor and operating costs.
Key players in the market include GMV, Mafic SA, Basaltex, Sudaglass Fiber Technology, Zhejiang GBF Basalt Fiber Co. Ltd, Shanxi Basalt Fiber Technology Co., KamennyVek, Jiang Su Tian Long Continuous Basalt Fiber High-Tech Co.Ltd, and Mineral.
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The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.