Basalt Fiber Market Report

Market Insights

“The basalt fiber market value was US$ 279 Million in 2024 and is likely to grow at CAGR of 12.5% in the long run to reach US$ 503 Million in 2030.”

Market Dynamics

Introduction

Basalt fiber is a composite material with increased properties derived from volcanic basalt stone, which can become a natural competitor for fiberglass and carbon fibers. A material made from melting basalt rock at a temperature between 1,400°C and 1,450°C basalt fiber is acknowledged for possessing high tensile strength, durability, and resistance to chemical and heat. Since it has high strength and low density it is widely used in construction applications, automobiles, aerospace, and marine fields. Further, basalt fiber is non-corrosive, noncombustible, and has good insulating properties and thus holds an edge insofar as fire rating and thermal protection may be desirable. The manufacturing process of basalt fiber is considerably more basic and less toxic compared to the competitors, as it does not need incorporating additives and chemicals which is why basalt fiber is also an increasingly popular environmentally friendly engineering material.

Recent Market JVs and Acquisitions:

A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:

• In July 2023, ISOMATEX SA expanded its portfolio through a strategic acquisition to enhance its presence in high-performance basalt fiber applications, primarily targeting the European market?.
• In June 2023, Mafic SA strengthened its manufacturing capabilities in North America by merging with a key partner, expanding its production and distribution capacity for basalt fiber products.

Recent Product Development:

• In October 2023, Zhejiang GBF Basalt Fiber Co. launched a new lightweight basalt fiber product optimized for aerospace applications, focusing on enhanced durability while reducing overall structural weight.
• In September 2023, Sudaglass Basalt Fiber Technology introduced an advanced basalt fiber designed for thermal insulation applications in construction and infrastructure, with a focus on the Asia-Pacific market.
• In August 2023, JFE RockFiber Corp. released basalt fiber composites specifically tailored for the automotive industry, providing a more sustainable alternative to traditional glass fibers?.

Segments Analysis

By Form Type

“Continuous basalt fiber is said to be dominating by the form of the market during the forecast period”.

• The market is segmented into Continuous basalt fiber and Discrete basalt fiber.
• Continuous basalt fiber is the largest segment in the basalt fiber market since they are stronger, heat-resistant, more resilient to corrosion, and perfect for use in the reinforcement industry. Fiberglass is made available in the form of long continuous filaments which provide more strength to the fabric and is particularly useful in structural reinforcement applications of fiber-reinforced composites in construction, automotive, and aerospace applications. Compared to conventional reinforcement materials such as steel, continuous basalt fibers are lighter, non-corrosive, and renewable. These qualities have triggered demand in infrastructures and the transport sector where the durability of material is key to performance and reliability.
• Continuous basalt fibers can be woven into fabrics twisted into ropes rolled into cylinder shapes extruded to rods and pipes or extruded through die profiles, etc. This usability extends its applications across various industries where there are nearly equivalent levels of demand and standard performance under pressure. This kind of production makes continuous basalt fiber the most demanded product in the market with numerous industries using it because of its special features.

By Usage Type

“Composite basalt fiber is said to be dominating the market during the forecast period”.

• The market is segmented into Composite basalt fiber and Non-Composite basalt fiber.
• Composite basalt fiber is presently the most popular type of basalt fiber since it can suit several applications with high mechanical performance requirements for both strength and durability about weight. When used in composite form, basalt fiber is usually woven with polymers, resins, or other materials forming reinforced products used in the construction, automotive, wind energy, and aviation industries. Environmentally friendly low-cost composite basalt materials are steadily replacing glass or carbon fiber composites, which are used in many industries due to similar strength and thermal stability. Other favorable properties of composite basalt materials include low density and chemical inactivity which make them even more suitable for usage in vehicle industries as well as other transport systems and construction, which require robust and long-lasting materials that are also easy on maintenance budgets.
• Also, there has been an embrace of composite basalt fiber products as a result of their chemical, fire, and high-temperature resistance features that are important in areas of severe environmental challenges. Carbon fibers have been dominating the composite materials market but now with industries moving towards sustainable and more resilient materials, basalt fibers have taken the position of dominance due to their enhanced lasting capability and efficiency.

By End-use Industry Type

“Construction & Infrastructure is said to be dominating of the market during the forecast period”.

• The market is segmented into Construction & Infrastructure, Automotive & Transportation, Electrical & Electronics, Wind Energy, Marine and Other.
• Construction and infrastructure is the largest application area of basalt fiber due to its need for a strong, corrosion-resistant material that can operate in difficult enforcement conditions. Basalt fibers are also used in construction as reinforcing agents in concrete and coatings as well as in other construction products and structures where lightweight but equivalent steel fiber is required. The fiber is also resistant to alkalis, weather as well as chemical corrosion; therefore, it is ideal for public infrastructural development particularly where the climate is likely to expose the framework to fluids such as saltwater or moisture, or fluctuating temperatures. Thus basalt fiber has become critical in the construction business hence its continuous investment in infrastructure particularly in developing nations all around the globe.
• The increased emphasis on the use of construction materials that facilitate sustainability has even placed the cementations industry on a pedestal because basalt fiber is environmentally friendly, has a low maintenance rate, and lengthens the durability of structures in infrastructure projects. Such broad applicability across key construction projects has further led to the establishment of the construction and infrastructure sector as the most important end-use segment in the basalt fiber market

Regional Analysis

“Asia-Pacific is the largest and North America is the fastest-growing region of the market for basalt fiber during the forecast period”.

• Asia-Pacific dominates the basalt fiber market due to the high growth rate of urbanization, industrialization, and infrastructural developments in the region owing to countries such as China, India, and Japan. Investment in these countries has been propelled by government agencies especially in the construction of roads, bridges, and housing thus converting the demands for this large infrastructural corporation into one that requires construction materials that have to meet the structural and environmental challenges. Basalt fiber is used in this region due to its low cost ease of obtaining, and competence to meet high-strength performance construction material in extreme weather climates.
• Asia-Pacific has a strong manufacturing footprint that can extend the local production of basalt fiber with reasonable costs. A combination of local production capabilities and the continually increasing need for superior and environmentally sustainable materials across construction and automobile industries place Asia-Pacific as the largest market. The Asia-Pacific region maintains a steady increase in infrastructure and manufacturing industries, which, combined with a suitable production climate, ensures need for the basalt fiber.

Key Players

The market is partially fragmented across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the basalt fiber market:

Here is the list of the Top Players (Based on Dominance)

• Kamenny Vek
• Zhejiang GBF Basalt Fiber Co.
• JFE RockFiber Corp.
• Mafic SA
• Technobasalt-Invest LLC
• Russian Basalt
• ISOMATEX SA
• INCOTELOGY GmbH
• Sudaglass Basalt Fiber Technology
• Shanxi Basalt Fiber Technology Co., Ltd
• Mudanjiang Basalt Fiber Co.

Note: The above list does not necessarily include all the top players of the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The global basalt fiber market is segmented into the following categories. 

Basalt Fiber Market, by Form Type

• Continuous basalt fiber (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
• Discrete basalt fiber (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)

Basalt Fiber Market, by Usage Type

• Composite basalt fiber (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
• Non-composite basalt fiber (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)

Basalt Fiber Market, by End-Use Industry Type

• Construction & Infrastructure (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
• Automotive & Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
• Electrical & Electronics (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
• Wind Energy (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
• Marine (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)
• Other (Regional Analysis: North America, Europe, Asia-Pacific, and The Rest of the World)

Basalt Fiber Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s basalt fiber market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

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