The global basalt fiber market was valued at USD 279 million in 2023 and is anticipated to reach a projected value of USD 503 million by 2028, projecting a compound annual growth rate (CAGR) of 12.5% during the forecast period from 2023 to 2028. Non-corrosive products are becoming more and more in demand in the construction industry since they can save money and increase the life of structures. There are several concrete technology developments underway to improve the structural stability and longevity of buildings and bridges. One of these innovations is the use of composite bars made of basalt fiber that is resistant to corrosion as reinforcement for concrete. These 80% fiber-based basalt composites have a tensile strength three times higher than that of ordinary steel bars used in construction, and they are completely resistant to corrosion. Non-corrosive basalt fiber rebars are manufactured from high-strength basalt roving, combined with exceptionally durable vinyl ester or epoxy resin, utilizing a combination of the pultrusion process and the in-line winding and coating process. The rebar is strengthened by the basalt fibers, which are firmly bound together by the resin. Basalt fiber reinforced plastic, or BFRP, rebars greatly extend the life of civil engineering constructions in comparison to typical steel rebars, especially in situations where corrosion is a major concern. When it comes to frame assembly, BFRP rebars can be a good substitute for traditional steel reinforcement, which will increase stability.
It is expected that basalt fiber will find extensive use in highway and bridge deck construction, resulting in lower labor costs and overall engineering costs. It also helps to expedite building timetables and save maintenance expenses.
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Prominent players, including Kamenny Vek (Russia), Zhejiang GBF Basalt Fiber Co. (China), JFE RockFiber Corp. (Japan), Mafic SA (Ireland), Technobasalt-Invest LLC (Ukraine), Russian Basalt (Russia), ISOMATEX SA (Belgium), INCOTELOGY GmbH (Germany), Sudaglass Basalt Fiber Technology (US), Shanxi Basalt Fiber Technology Co., Ltd (China), Mudanjiang Basalt Fiber Co. (China), among others. These companies have adopted various organic and inorganic growth strategies. These market leaders have strategically prioritized growth efforts like mergers and acquisitions, collaborations, expansions, investments, and divestitures to help them expand into previously undiscovered and attractive markets.
Kamenny Vek (Russia)
Kamenny Vek stands as a prominent player in the field of basalt fiber production. With a focus on producing high-grade continuous basalt fiber, its main product, Basalt fiber, is well-known for its remarkable caliber. These products are ideal for uses that need exceptional mechanical strength, resistance to high temperatures, and environmental responsibility. For a variety of applications, Kamenny Vek offers a broad range of basalt fiber solutions and technological advancements. Their product line is useful in many different industries, such as wind turbine blade production, boats, load-bearing profiles, cylinders, tanks, and high-pressure vessel manufacture. The company is focused on the development of new products and is continuously working on its R&D. For instance, in April 2021 the company started production of basalt direct roving 22 microns 2400 tex, basalt assembled roving 18 microns 4800 tex, and basalt assembled roving 18 microns 3000 tex.
Zhejiang GBF Basalt Fiber Co. (China)
Zhejiang GBF Basalt Fiber Co. specializes in the production and advancement of continuous basalt fiber. As the leading producer of basalt fiber and basalt composites in China, GBF has made a name for itself. Their wide array of products includes bars, panels, yarns, and roving. The products and services provided by GBF find application in the automobile, sports, and defense industries, as well as in the textile industry for fire safety and as insulating materials for the building and construction sectors.
Research and development initiatives focused on producing cutting-edge basalt fiber products are highly valued by GBF. For instance, in November 2021 the company developed a basalt fiber yarn wrapped CNG cylinder. Automotive CNG cylinders are wrapped with GBF brand monofilament diameter 7 micron twistless roving. They have a working pressure of≥ 20 MPa. In addition, they have a research facility on basalt fiber in Nanjing. GBF continues to work closely with government programs, actively taking part in attempts to find new uses for basalt fiber.
Basalt Fiber Market by Usage (Composites, Non-Composites), End-Use Industry (Construction & Infrastrastructure, Automotive & Transportation, Wind Energy, Electrical & Electronics, Marine), and Region - Global Forecast to 2028
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