(I-BusinessNews.Com, September 15, 2021 ) Indian Basalt Fiber Market size is forecast to reach $30.4 million by 2026, after growing at a CAGR of 10.7% during 2021-2026. Basalt Fiber is a type of fiber-reinforced polymer, which is made up of extremely fine fibers of basalt and has become a good alternative for carbon fiber and glass fiber. Basalt fiber is composed of the minerals like plagioclase, pyroxene, and olivine. Basalt fiber does not absorb nuclear radiations, this makes it ideal for usage in the production and transportation of radioactive materials in nuclear power plants, which is likely to drive the market's growth.
The growing uses of fiberglass, fireproofing, products with high Resin Tensile Strength across the building and construction sector further drives the demand for basalt fibers. Moreover, basalt fibers are non-toxic and do not produce any chemical reaction when in contact with other chemicals, this makes them environmentally friendly. Furthermore, Basalt fiber is a low-cost alternative to carbon fiber which can be used in manufacturing tanks for LPG and compressed gas, leading to market's growth.
The COVID-19 continues to unfold every day with a negative impact on communities, and businesses. The growth in several industries will be affected significantly while numerous other markets may remain unharmed and show promising growth opportunities. Covid-19 pandemic has severely impacted Indian Basalt Fiber Market due to the decrease in demand from the end-use industry, as India's economy is still struggling to bounce back. The demand for Basalt Fiber is low as the countries automotive and construction industry are showing negative growth, which will hinder the market growth for a period.
Indian Basalt Fiber Market Segment Analysis- By Type
Chopped Strand segment held the largest share of more than 30% in the Indian Basalt Fiber market in 2020. Basalt Chopped Fibers can be mixed directly into polymers and concrete to increase tensile strength and reduce cracking and chipping. Chopped strands offer high resin strength that is used in construction application for their properties, such as resistance to alkali, saltwater, frost, and waterproofing in concrete and require no special coatings.
The properties of chopped strand make them suitable to use in plastering, shotcreting, tunnel lining, and steel fiber replacement, which will drive the market's growth. Furthermore, growing uses of chopped strand in the manufacturing of fiberglass, carbon fiber, and fireproofing products will also aid in market's growth. As per Indian Consumer Durables Industry report released in August 2020, the electronics hardware production in India was $ 65.53 billion in 2019 and is expected to reach$ 400 billion by 2024 and National Policy (DNP) targets production of one billion mobile handsets by 2025.
Indian Basalt Fiber Market Segment Analysis - By Application
Composite Material segment held the largest share of more than 25% in the market in 2020, as these composite materials are widely used in different application like shipbuilding, aircraft cabins, brackets, and propellers due to their multiple properties such as seawater corrosion & fire resistance, heat, and sound insulation. The growing uses of fiberglass, and fireproofing products across various industry verticals further drive the demand for composite materials.
Composite materials are also used in the manufacturing of oil pipelines, flexible tubes, and topside applications, will drive the market's growth. As per the Indian Brand Equity Foundation (IBEF) in 2020, the crude oil production in India stood at 30.5 MMT in 2020, and in the same year, crude oil imports increased to 4.54 mbpd from 4.53 mbpd in 2019. The Natural Gas consumption is forecasted to reach 143.08 million tonnes (MT) by 2040 and the gas pipeline infrastructure in India stood at 16,324 km as of August 01, 2020.
Indian Basalt Fiber Market Segment Analysis - By End-Use Industry
Transportation segment is projected to witness the highest CAGR of 12.4% in the Indian Basalt Fiber market during the forecast period. The growing uses of carbon fiber products in the automotive and aerospace sector owing to the weight reduction factor will drive the market growth. With rapid urbanization and increase in consumer income, and the demand for private and public transportation is driving the market growth.
Basalt fiber is widely used in automotive manufacturing for its mechanical strength, resistance to high temperature, durability, excellent recyclability, and chemical resistance properties. Due to its outstanding properties and affordable price, basalt fibers successfully replace traditional materials in the automotive industry for the production of headliners, CNG cylinders, brake pads & clutch plates, thermal insulation for exhausting systems, and interior and exterior parts.
As per the IBEF report, the domestic automobile production increased at 2.36% CAGR of 2016–2020 with 26.36 million vehicles being manufactured in the country in 2020. Basalt fiber is also used for thermal stability, heat insulation, and exhaust sound insulation of gas-dynamic channels, which will drive the market's growth in the forecasted period.
Indian Basalt Fiber Market Segment Analysis - By Geography
North India region is projected to grow with a CAGR of 7.4% during the forecast period due to the presence of many electronic manufacturing bases in the region, especially in Delhi NCR. For instance, in 2017, as per Electronic Media a tech journalism platform report, mentioned that Delhi NCR is the manufacturing hub for electronics components, which produces more than 30% of total electronics components manufactured in India.
There are over 300 large and small-scale industry in the region for electronic manufacturing, which is driving the market's growth in the region. The basalt fiber is used to produce semiconductors for their dielectric properties. A large amount of investment in infrastructure projects mainly in developing airports, expressways and industrial & defense corridors is also contributing to the market growth.
The need for non-corrosive materials continues to increase in the construction industry as it helps to reduce the cost and increase the life of the applicant structure. The use of basalt rebars, which are corrosion resistant as reinforcement for concrete is one of the drivers for the market. Basalt composites are non-corrosive in nature, which consist of extremely fine fibers, and have a tensile strength three times more than steel bars normally used in building construction. The Basalt fibers grant strength to the rebar while the resin holds the fibers firmly. In contrast to steel rebar, basalt rebar significantly improves the life of the structures where corrosion is a major factor. As per National Investment Promotion and Facilitation Industry, the Construction industry in India in terms of value is expected to record a CAGR of 15.7% to reach $ 738.5 bn by 2022.
Eco Friendly in Nature and High Melting Temperature of Basalt Fiber
The stringent government rules and regulations drive the demand for environmentally friendly and easily recyclable fiber products, which in turn drive the market growth. Basalt fiber is an eco-compatibility material and is easily recyclable compared, to glass fiber. Moreover, the problem in glass fibers is recycling, they melt during incineration, and stick to the inside of the incinerator chambers wall. This results in a costly clean-up effort and significant downtime.
Whereas, Basalt fiber has a high melting point of about 1400°C. This means that after some composite material is contained, which is then incinerated, and the only product left in a coagulated, fully usable basalt that can be swept from the incinerator and this is naturally a significant added value. The raw materials used for the production of basalt fiber are natural volcanic rocks consists of pyroxene, olivine – basalt, and the final product doesn't include any hazardous materials, they have no toxic reaction with air or water, and are non-combustible & explosion-proof. When in contact with other chemicals they do not cause any chemical reactions that may damage health or the environment. The rising focus on the use of environmentally friendly products instead of petroleum-based products is also contributing to the market growth.
Indian Basalt Fiber Market Challenges
High Cost of Production and Availability of the Other Alternative Fibers
The raw material required to produce the basalt fiber are igneous rocks but the preparation of converting the stones into fine fiber is challenging compared to glass fiber. The preparation of basalt fibers includes preparation of raw materials, melting of the stones, homogenization of the melt, the spinning of the fibers, and finally the application of the size. This increases the cost of production and make them costlier than glass fiber, and carbon fibers, which further deter the market's growth. Furthermore, the presence of various alternative products to the basalt fibers like glass, carbon, and aramid fibers are hindering the market growth.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Indian Basalt Fiber Market report. Major players in the Indian Basalt Fiber Market are Arrow Technical Textiles Pvt. Ltd., Solvay, CF Composites, HDM Global, Nickunj Eximp Enterprises Private Limited, Vaishnav Composites, Avigit Aerospace, Lafarge India Pvt. Ltd., S. R. Polychem, Kemrock Industries and Exports Ltd., and among others.
South India has the largest share in the market after North India, mainly due to a large number of renewable energy projects. Tamil Nadu has the largest share in the region, due to its automobile manufacturing bases.
Basalt fiber used as a fireproof textile in the aerospace and automotive industries, and are expected to drive market demand in the near future.
The growing demand for lightweight material that has the potential to replace metals and is popularly in high-performance products such as aircraft, race-cars, and sporting equipment drive the demand for Carbon fibers.
Covid-19 has majorly impacted the market's growth due to the decrease in demand for end-use products.
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