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

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

Basalt fiber's estimated global market size is USD 279 million in 2023, and it is anticipated to reach USD 503 million by 2028. Between 2023 and 2028, this growth is anticipated to occur at a Compound Annual Growth Rate (CAGR) of 12.5%. In order to meet the increasing demand from a variety of end-user industries, including building and infrastructure, automotive and transportation, electrical and electronics, among others, this expansion is anticipated to continue in the upcoming years. Of these, the construction and infrastructure industry is the main user of basalt fibers since these fibers are highly suitable for demanding applications requiring characteristics like minimal water absorption, chemical resistance, durability, and mechanical strength.

“Continuous form of the basalt fiber holds the largest share in terms of both value and volume.”

Continuous form of basalt fibers dominated the global basalt fiber market and is expected to register the highest CAGR during the forecasted period. This remarkable growth can be chiefly attributed to the increasing demand across a spectrum of global end-use industries, thanks to its efficient properties. The continuous form of basalt fiber is widely used in several industries, including wind energy, construction and infrastructure, automotive and transportation, and maritime. Because of their superior mechanical qualities, increased tensile strength, and outstanding efficiency, continuous basalt fibers are the go-to option in these sectors.

“Usage of basalt fiber in composite is the fastest growing segment.”

Given its broad applicability across a variety of end-use industries, including construction and infrastructure, automotive and transportation, maritime, wind energy, and sporting goods, among others, the use of composites is expected to rise significantly in the near future. Whether used in concrete or plastic matrices, basalt can bring new possibilities for reinforced composites when used in the form of continuous fibers.

Currently, there is an increase in demand for basalt fiber across a range of applications, both in composite and non-composite forms. These applications include, but are not limited to, the production of pipes, bars, fittings, fabrics, structural plastics, automotive components, concrete reinforcement for construction, insulating plastics, and materials used in friction-related applications. They also include areas such as thermal and sound insulation, which involves materials like basalt wool and engine insulation.

“Construction & infrastructure is the largest and the fastest-growing end-use industry of basalt fiber.”

During the forecasted period, the construction and infrastructure sector is poised to exhibit the highest Compound Annual Growth Rate (CAGR). Within the construction industry, basalt fibers and basalt fiber composites are extensively employed due to their excellent insulating properties. Notably, these materials offer longevity and resistance to corrosion, setting them apart from steel and the decay-prone nature of wood. This translates to reduced maintenance and replacement expenses.

Furthermore, basalt fiber composite materials are gradually making inroads into the construction industry, gradually displacing steel. This transition is driven by their exceptional combination of attributes, which include a high strength-to-weight ratio, resistance to chemicals and corrosion, low thermal conductivity, and an absence of electrical and magnetic conduction. Basalt fibers find application in a multitude of construction scenarios, including assembled houses, structures, cold floor heating systems, fire partitions, firewalls, fire doors, and various other construction applications. These fibers take on multiple forms, serving as reinforced rebars, pultruded load-bearing profiles, unidirectional, biaxial, and triaxial basalt fabrics, basalt reinforcing meshes, and they are even incorporated into basalt fiber-reinforced concrete within the construction and infrastructure sector.

“Asia Pacific region dominated the global basalt fiber market.”

Asia Pacific region holds the largest share of the global basalt fiber market and is expected to register the highest CAGR between 2023 and 2028. This prevalence is mainly attributed to the substantial demand emerging from industries like automotive and transportation, construction and infrastructure, and wind energy within the region. Notably, the burgeoning investments in the construction and infrastructure sector in the region are a significant driving force behind the heightened consumption of basalt fibers. Among the countries in this region, China emerges as the foremost player in the basalt fiber market.

Breakdown of Profiles of Primary Interviews:

By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%

By Designation- C Level- 50%, Director Level- 30%, and Others- 20%

By Region- North America- 15%, Europe- 50%, Asia Pacific (APAC) - 20%, Latin America-10%, Middle East & Africa (MEA)-5%,

The report provides a comprehensive analysis of company profiles listed below:

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)

Research Coverage

This report covers the basalt fiber market by form, usage, end use industry and region. It aims at estimating the size and future growth potential of the market across various segments. The report also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.

Reasons to buy the report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall basalt fiber market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Increase in demand for non-corrosive materials), restraints (1.2.2.2 Lack of standardization in manufacturing technologies), opportunities (1.2.3.2 Growing adoption of environmentally friendly and recyclable materials), and challenges (1.2.4.1 Complex manufacturing process and high cost compared to E-glass fibers) influencing the growth of the basalt fiber market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the basalt fiber market

Market Development: Comprehensive information about lucrative markets – the report analyses the basalt fiber market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the basalt fiber market

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players in the basalt fiber market.