Basalt Fiber Market size is expected to be valued at USD 125.3 million in 2022 and is poised to grow at a significant CAGR of 12.8% over 2022–2028. Basalt fiber mentions as a form of fiber-reinforced polymer production using enormously fine fibers of basalt and minerals such as plagioclase, pyroxene, and olivine. It is generally processed through pultrusion, prepreg process, compression/resin molding, and vacuum infusion to find continuous or discrete basalt fiber. The basalt fiber market is primarily growing due to the rise in demand from applications from automotive & transportation, construction & infrastructure, wind energy, electrical & electronics, and industries to making fireproof automobile and aerospace textiles, filament winding of pipes, tanks, and cylinders, reinforced plastics, tunnels geogrids, and refractory bricks. The significant properties of basalt fibers such as thermal stability, sound insulation, heat, vibration, resistance, non-corrosiveness, and durability are also propelling the market demand. Furthermore, the growing adoption of environmentally and easily recyclable materials is seen as a major basalt fiber market growth opportunity. However, competition with matured products such as E-glass is restraining the market growth. However, during COVID-19, with certain restrictions, basalt fiber market demand had negatively affected by reduced from various industries globally. Construction & infrastructure, and automotive & transportation being the main consumers of basalt fiber have recorded the adverse and abrupt consequences of the pandemic in 2020. With recuperating end-use industries, the demand for basalt fiber is expected to display significant growth during the forecasted years.
Recent Market Developments:
In April 2021, Kameny Vek has launched three new products consisting of Basalt direct roving 22 microns 2400 tex, basalt assembled roving 18micron 3000 tex, and basalt assembled roving 18 microns 4800, with its market expanded.