In 2021, the basalt fiber market generated $283.8 million worth, which is expected to touch $798.6 million by 2030, progressing at a 12.2% CAGR from 2021 to 2030. This is owing to basalt fiber can take the place of glass fiber as a possible polymer reinforcing component in polymer matrix composites. Thus, it has a wide range of uses in hot gas filtration processes, civil construction, engineering, concrete reinforcement, composite tissues, laminates, and prepregs, as well as electro-technical applications.
The category of fabrics, which accounted for the biggest revenue share of the basalt fiber market in past, is predicted to advance at a CAGR of more than 12% in this decade. Basalt textiles are compatible with polyester, and vinyl ester and are utilized with resin for molding and selective reinforcing of laminates.
In the coming years, it will grow requirement for composites constructed from basalt fibers would grow at a higher CAGR of over 12%. This is so that they can have mechanical properties that are better than those of glass-fiber-reinforced composites, such as epoxy-bonded pultrusion basalt-fiber composite materials with 80% fibers. In addition, basalt-plastic composite bars outperform their metallic counterparts in terms of workability, specific gravity, water absorption, and corrosion resistance.
The APAC basalt fiber market earn the most revenue in 2021, around $150 million in past. The primary cause of this is the rapid industrialization and urbanization that is occurring in growing economies throughout the APAC region. Additionally, Chinese businesses are investing in the development of a specific kind of high-tech fiber with competitive pricing and superior performance to stay up with the nation's shifting industrial trends.
The basalt fiber market is predicted to grow in the next years as residential facility development will continue to be brisk as a result of the low rates on house loans and government incentives. Plastic reinforced with basalt fibers has a density that is 4.2–5.0 times lower and a tensile strength that is 2.0–2.5 times higher than steel. By substituting one kilogram of basalt-plastic reinforcement for nine kilograms of steel, structural structures may be made lighter.
