Basalt Fiber Market

Global Basalt Fiber Market Outlook

The global basalt fiber market is estimated at USD 106 Million in 2022 and is forecast to surpass USD 339 Million by 2032, growing at a CAGR of 12.4% during the forecast period of 2022-2032.

Report Attributes	Details
Base Year Value (2021A)	USD 94 Million
Estimated Year Value (2022E)	USD 106 Million
Projected Year Value (2032F)	USD 339 Million
Global Growth Rate (2022-2032)	CAGR 12.4%
Europe Market Share in 2021	~29%
Europe Growth Rate (2022-2032)	CAGR 13.6%
Collective Value Share (China, USA, Germany) 2022: Top 3 Countries	~42%
Top 5 Companies Market Share in 2021	~26%
Key Companies Profiled	TECHNOBASALT-INVEST LLC BASALTEX NV Sudaglass Fiber Technology Zhejiang GBF Basalt Fiber Co., Ltd (GBF) Kamenny Vek Shanxi Basalt Fiber Technology Co., Ltd JiangSu Tianlong Continuous Basalt Fuber Co.Ltd Mafic SA Isomatex SA Shanxi Basalt Fibre Technology Co., Ltd Other Key Players

The global basalt fiber market accounts for <1% share in the global building & construction material market. Optimized compatibility with concrete, environmental friendly composition and easily mixable nature at higher concentrations of concrete offers it notable revenue-generating opportunities from construction and infrastructure industry all across the globe.

Governments increased their investments in industrialized emerging countries for development of infrastructure projects which holds considerable potential to drive this market. For instance, according to the Euro Construct report 2019, construction output reached about USD 1,900 Billion in European countries. Considering the higher mechanical strength offered by basalt fiber in extreme construction conditions is projected to provide this market a growth of 12.4% CAGR during 2022-2032.

Continuous form of basalt fibers being low-cost, super-efficient with excellent mechanical properties such as strong tensile strength makes them suitable for various applications such as pipe containers, plastic basalt products, reinforced nets and various electrical insulation materials thus provides them highly lucrative market opportunities.

According to a Fact.MR report, the construction industry's constant demand for basalt fibers underlies the basalt fiber market's consistent expansion. Manufacturers in the basalt fiber market continually propose new B2C business models that supply improved service offerings to clients to efficiently satisfy demand from end-user industries and increase stabilized sales through the dealer network.

Price of basalt fibers has been noted as slightly more than that of E-glass and quite lesser than that of carbon fiber, S-glass and aramid. It helps to execute the in-depth cost analysis for basalt fibers. Moreover, the rise in living standard of population along with their disposable income for continuous basalt fibers products is expected to increase its demand in electric vehicles, aerospace industries and automotive.

2017-2021 Global Basalt Fiber Market Outlook in Comparison to 2022-2032 Growth Forecast

Historically, the market value of the basalt fiber industry showed a growth of 9.1% CAGR from 2017 to 2021. The global basalt fiber market has generated an absolute dollar opportunity of around USD 33.4 million in the past half-decade. It is estimated to generate opportunities of around USD 103 million and USD 233 million by the mid (2022-27) and long-term (2022-2032) respectively.

Besides, the North American basalt fiber market held ~22% share in the global basalt fiber market during 2021 and is estimated to gain 110 BPS with the growth of 12.7% CAGR in upcoming ten years. Moreover, the United States basalt fiber market is the prime consumer as well as a contributor in the North American market with around ~80% market share in 2021.

The East Asian basalt fiber market accounted for ~17% of the global basalt fiber market in 2021. It is assessed to generate an absolute $ opportunity of USD 40.3 Million during 2022-2032.

In terms of volume, the Japanese basalt fiber market is the subsequent-largest market in the East Asian market. It is likely to grow with an 11.8% CAGR and provide remarkable absolute dollar opportunities amid the forecast period.

From the segmental study, based on product type, the roving basalt fiber is the largest market shareholder. It has acquired more than 55% market share and is projected to grow at the CAGR of 12.6% during 2022-2032.

Further, South Asia & Oceania basalt fiber market has revealed significant growth in the last half-decade. It has acquired nearly 1/5th market share in the global basalt fiber market with a growth of 12.1%. The growing investment in the building & construction industry is expected to boost the sales for basalt fibers in the region. South Asia & Oceania is projected to acquire nearly 180 BPS and generate annually incremental opportunities of around USD 4.4 million during the forecast period.

From the segmental analysis, the demand for chopped strands of basalt fibers grew 1.2X in the last few years and it is projected to grow by 2X demand from different industries. The Automotive industry is projected to grow at the CAGR of 11.8% and create an absolute dollar opportunity of nearly USD 51.8 million by 2032.

Fact.MR projects the basalt fiber market is expected to witness exhibiting growth at 12.4% CAGR amid 2022 and 2032 in contrast to a CAGR of 9.1% with which it grew from 2017 and 2021.

Basalt Fibers as an alternative Empowering Market Growth

Basalt fibers have demonstrated improved mechanical strength, chemical and heat resistance, insulation, and other qualities. Because of qualities such as corrosion resistance and lightweight, which permits mounting without the use of lifting or other specialist equipment, the usage of basalt fibers as an alternative to steel reinforcements has increased.

Basalt fibers also outstrip e-glass fiber in construction composites. Basalt fibers have improved durability, stronger breaking load capacity and stiffness in all forms, including roving, chopped strands, textiles, and so on. Therefore, the market is estimated to witness increased demand by 1.4X during the forecast years of 2022-2032.

Challenges to the Basalt Market

The rising demand for basalt fibers as a reinforcing material for the construction of roads, pavements, and bridges, among other things, has resulted from increased government spending on infrastructure and industrial development.

However, there are a few obstacles to the manufacture of basalt fibers. For example, the correct chemical composition and quality of basalt rock required for the creation of basalt fibers are only available in a few areas in Eastern Europe. This is estimated to constrain market demand by nearly 0.6X over the assessment years.

As a result, even yet the raw material is low-priced, it must be imported. Besides, the equipment costs and initial setup are relatively costly and necessitate capital expenditure, providing a significant hurdle for producers. The producers are concentrating their efforts on creating alternative low-cost technologies for the production of basalt fibers.

Country-wise Insights

What is the European basalt fiber Market Scenario?

The European basalt fiber market consists of numerous regional markets such as Germany, Italy, France, Spain etc. Europe holds nearly 29% of the overall market share and is projected to rise at a CAGR of 13.6% in the coming years. This is attributed to the escalating demand for non-composites, by usage type, in countries like the United Kingdom and Germany.

Germany is bound to create growth for basalt fiber manufacturers due to the investment in different end-use industries such as Aerospace and defense, Automotive, etc. This is powering the growth in the basalt fiber market in the European region in the coming years.

Which Region holds for More Higher Demand for basalt fiber Market?

The Asia Pacific has been separated into two regions including South Asia & Oceania and East Asia. East Asia basalt fiber market is the one furthest profitable market. It has acquired more than 1/5th market share of the global market.

In addition, the East Asian market is largely conquered by the Chinese basalt fiber market which has attained nearly 2/5th market share followed by Japan and South Korea. East Asia is projected to grow at a CAGR of 12.4% and create an absolute dollar opportunity of around USD 44.7 million by the during 2022 & 2032

Further, as numerous basalt fiber companies are located in East Asia Region, the demand for basalt fibers in Japan and South Korea is expected to increase at a CAGR of 12.9% over the forecast period. Additionally, investments in the basalt fiber market it is expected to pump the market growth in the coming years.

Category-wise Insights

Which Product Type of Basalt Fibers is expected to be the Largest Contributor during the Forecast Period in Basalt Fiber Market?

The roving segment holds approximately 56% share of the overall basalt fiber market. This is attributed to the few manufacturers located in China, Russia, Ukraine, and the United States. However, with the ongoing research and development along with major investments to set up production facilities in the basalt fibers market, new production facilities are likely to come up. Therefore, this segment is projected to grow at a CAGR of 12.6% during the forecast years of 2022-2032.

Which End-Use Industry is poised to Show lucrative Growth in Basalt Fiber Market?

Basalt fibers used in industries such as building and construction, automotive, aerospace, ship building etc. However, the sales of basalt fibers comes majorly from building and construction industry as the segment holds 29.2% share of the overall market. The demand is likely to remain concentrated in this segment owing to the product used as a replacement to carbon fiber based reinforcements, and conventional steel.

Additionally, the segments of aerospace and automotive are projected to expand at a CAGR of 9.1% and 13.6% respectively, during the forecast years owing to their increased usage. This is projected to provide a gain of 235 BPS to the basalt fiber market over the assessment years of 2022-2032.

Competitive Landscape: Top Companies in Basalt Fiber Market

The global basalt fiber market is fragmented due to the presence of several regional and domestic players. The players have adopted numerous such as mergers and acquisitions, expansions, collaborations and partnerships to expand the consumer base globally.

Also, the leading companies have adopted new product development as a key strategy to upscale their market presence among consumers. These strategies have resulted in the integration of advanced basalt fiber.

Fact.MR has provided detailed information about price points of top manufacturers of basalt fiber market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

• On 30th April 2021, Kamenny Vek has expanded its product line with launch of three new products includes Basalt direct roving 22 microns 2400 tex, basalt assembled roving 18 micron 3000 tex and  Basalt assembled roving 18 micron 4800 tex.
• On 27th July 2020, Mafic USA has started the operations of world's largest basalt fiber factory based in Shelby, North Carolina. Through this company will be able to cater the demand receiving from large consumer base.

Global Basalt Fiber Market by Category

• By Product Type :

  • Roving
  • Chopped Strands
  • Fabric
  • Mesh and Grids
  • Others

• By Usage :

  • Composites
  • Non-Composites

• By End Use Industry :

  • Building and construction
  • Automotive
  • Aerospace and defense
  • Ship Building
  • Wind Energy
  • Sport Accessories and others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA