Basalt Fiber Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, Japan, Germany, Italy - Size and Forecast 2024-2028

Basalt Fiber Market Forecast 2024-2028 

The basalt fiber market size is estimated to grow by USD 290.57 million at a Compound Annual Growth Rate (CAGR) of 13.13% between 2023 and 2028. The market is experiencing robust growth driven by the surge in renewable energy projects and the growing preference for sustainable materials. Basalt fiber, known for its lightweight and high-strength properties, is gaining traction across various industries, including construction, automotive, and aerospace. Additionally, the market is witnessing a shift towards eco-friendly materials, further fueling the demand for basalt fiber products. With its wide range of applications and environmental benefits, the basalt fiber market presents promising opportunities for manufacturers and investors alike in the global marketplace. 

What will be the Size of the Market During the Forecast Period?

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The market is witnessing significant growth, fueled by the automotive sector's increasing demand for lightweight materials. As reported by Euro Construct, infrastructure projects are also driving the market forward, with basalt fiber gaining prominence due to its exceptional mechanical strength, durability, and chemical resistance, even in high-temperature environments. Trade regulations are shaping market dynamics, while the growing population and rising living standards contribute to the expanding spending power, further propelling the adoption of basalt fiber across various industries.

Market Dynamics and Customer Landscape

The market sees a surge in demand driven by concerns regarding sustainability and the need for sustainable replacements for traditional materials like plastic fiber. Basalt composites, known for their non-corrosive nature and high tensile strength, find increasing applications as reinforcement for concrete in civil engineering structures. With superior mechanical properties and durability, basalt fibers outperform alternatives like fiberglass and steel rebar. In the automotive sector, they offer lightweight solutions with excellent mechanical strength, high-temperature resistance, and silencing properties. As infrastructure projects expand globally, basalt fiber emerges as a preferred choice, aligned with trade regulations and catering to evolving consumer needs and spending power. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

An increase in renewable energy projects is notably driving the market growth. Basalt fibers are used to manufacture wind turbine blades and other components. Wind energy is a significant and growing source of renewable power generation, and longer and more efficient blades are needed to capture more wind energy. Basalt fibers provide the lightweight yet strong properties required for these blades. While basalt fibers are not directly used in photovoltaic panels, they are employed in supporting structures, such as frames and mounting systems. Solar energy is another expanding sector in the renewable energy industry, and the sustainability of materials used in these systems aligns with the use of basalt fibers. In hydropower applications, fibers can be utilized in various aspects, including the construction of infrastructure like dams, turbine components, and equipment. 

In addition, geothermal power plants and systems often require durable and high-temperature-resistant materials. Basalt fibers are suitable for use in geothermal applications due to their resilience in harsh environments. The renewable energy sector prioritizes sustainability, not only in energy generation but also in the materials used for equipment and infrastructure. Basalt fibers are recognized as eco-friendly materials, aligning with the sector's sustainability goals. Thus, an increase in renewable energy projects will enhance the growth of the market during the forecast period.

Significant Market Trends

Increasing demand for sustainable building and construction materials is one of the major market trends.  The construction & infrastructure industry is witnessing a high requirement for green and environment-friendly buildings. Green or sustainable building practices endorse the construction of buildings that are healthier for occupants as well as for the environment. These buildings improve indoor environmental quality and reduce the adverse impacts of building construction, maintenance, operation, and disposal on both nature and humans. The increasing adoption of environment-friendly and sustainable building materials has encouraged the use of basalt fiber in construction activities as it is easily recycled and reduces the impact of the built environment on human health.

Moreover, the implementation of basalt fiber in construction helps in reducing the amount of scrap. The products of basalt fiber are usually durable, cost-effective, and biodegradable. Though the use of glass and steel causes harmful effects on the environment, their use is higher than basalt fibers owing to their low cost and wide applications. Globally, the use of this fiber is one-third of the use of glass and steel fiber in the construction industry. However, the growing demand for sustainable building and construction materials is expected to propel the growth of the market during the forecast period.

Major Market Challenge

Poor availability of raw materials is a significant challenge hindering the market growth.  Basalt is a form of igneous rock that is formed by the rapid cooling of lava. The properties of basalt rock depend on the cooling rate, source of lava, and historical exposure to the elements. Basalt is the only source of basalt fiber, and the availability of basalt rock is a major challenge to market growth as it is difficult to extract. The process of producing fibers from basalt is based on selecting basalt rocks possessing superior chemical proprieties with the use of quality tests, crushing the rocks, and melting at high temperatures. The melted basalt rocks fall from a specific calculated hole where its temperature is gradually decreased to form a yarn whose thickness reduces over the cooling process where it gets rolled in a roving.

However, the Hawaiian Islands are an example of basaltic volcanoes located above an oceanic hotspot. The Columbia River Flood Basalts in Washington and Oregon are extensive flood basalts on land. Other examples include the Emeishan Traps of China, the Keweenawan Lavas of the Lake Superior region, the Deccan Traps of India, the Etendeka Basalts of Namibia, the Karroo Basalts of South Africa, and the Siberian Traps of Russia. Such factors are expected to hinder the growth of the market during the forecast period.

Customer Landscape

The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Customer Landscape

Market Segmentation

The application segment of the market showcases its versatility and sustainability across various industries, addressing concerns regarding sustainability and the need for eco-friendly alternatives to traditional materials like plastic fiber. Basalt fibers serve as a sustainable replacement for plastic fiber, offering non-corrosive and high tensile strength properties that make them ideal for reinforcement in concrete and other construction materials. In civil engineering structures, basalt fibers are increasingly utilized as reinforcement, providing superior mechanical properties compared to traditional materials like steel rebar. These fibers contribute to the development of non-corrosive composites that enhance the durability and longevity of infrastructure projects. Moreover, basalt fibers find applications in the automotive sector, where lightweight materials are in demand for improved fuel efficiency and reduced emissions. As per the Euro Construct report, the automotive industry is embracing basalt composites as a viable alternative to conventional materials like glass and steel rebar, thanks to their high tensile strength and sustainability credentials. Overall, the market continues to grow as industries recognize the value of this versatile material in addressing sustainability concerns and meeting the evolving needs of various applications, from construction to automotive manufacturing.

By Application

The composites segment is estimated to witness significant growth during the forecast period. Basalt fiber possesses low thermal conductivity, high strength with low weight, strong resistance, excellent compatibility with organic and inorganic binders, and high fire resistance and durability. This makes basalt composites preferable for use in the construction industry as compared to traditional materials such as carbon, steel, and glass fibres. In addition, the cost to produce is low, and it is environment-friendly in nature.

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The composites segment was the largest and was valued at USD 158.35 million in 2018. Further, basalt fiber is also preferred for adhesion with a polyurethane resin, providing higher flexural strength. It also provides surface finish, low operation costs, low raw material wastage, and faster production with a wide adaptation of the latest technology in moulding. Basalt fiber composites are used as the ideal material for building low-weight and high-strength machinery. These composites are already being implemented by commercial drone manufacturers to produce lightweight and high-resistance drones. Owing to these factors, the composites segment of the global market is expected to grow during the forecast period.

Regional Analysis

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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is driven by rapid urbanization and enhanced standards of living. This has led to an increase in demand for residential houses, which, in turn, has improved the electrical and electronics consumption in several major countries in APAC, such as India and China. Private players are operating several utilities in APAC, and this scenario has boosted the effective production and distribution of electricity, leading to an increase in demand for electrical appliances and electronics in APAC. In APAC, China is the leading producer of basalt fiber, exporting several products globally. The producers in APAC are focusing on the use of better equipment, strong technical force, high quality, and enhanced brand awareness to penetrate the regional market.

Moreover, increased focus on development, rapid industrialization, and the flourishing automotive industry, particularly in China, Japan, and India, are anticipated to drive the demand. APAC has also been witnessing a significant increase in construction projects over the last decade due to increasing industrialization. This is expected to increase the demand in APAC during the forecast period.

Who are the Major Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Basalt Engineering LLC - The company offers basalt fibers, namely BASTECH.

The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• Basalt Fiber and Composite Materials Technology Development Co. Ltd.
• Basalt Fiber Tech
• BasTech Inc.
• CF Composites
• Chongqing Hesheng Longgang Technology Co. Ltd.
• Deutsche Basalt Faser GmbH
• Fiberbas construction and building technologies
• Final Advanced Materials Sarl
• Galen LLC
• HG GBF Basalt Fiber Co. Ltd.
• Jiangsu TianLong Continuous Basalt Fiber High tech Co. Ltd.
• Kamenny Vek
• Lavaintel
• MAFIC
• Sichuan Jumeisheng New Material Technology Co. Ltd.
• Sudaglass Fiber Technology Inc.
• SWICOFIL AG
• Technobasalt Invest LLC
• Kodiak Fiberglass Rebar

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The market is witnessing significant growth driven by concerns regarding sustainability and the demand for sustainable replacements for traditional materials like plastic fibre. Basalt fibres, known for their high tensile strength and non-corrosive composite, are increasingly being used as reinforcement for concrete in civil engineering structures. Basalt composites, along with glass and steel rebar, offer excellent mechanical properties, making them suitable for various applications. With the rising emphasis on eco-friendly alternatives, basalt fibers are gaining traction in industries seeking durable and environmentally friendly solutions. Additionally, the market is witnessing innovation in the production of basalt fibers to meet the growing demand for sustainable materials.

The market is experiencing robust growth, fueled by demand from industries such as the aerospace industry, automobile industry, construction, and infrastructure. Basalt fiber, known for its versatility and durability, is increasingly recognized as a sustainable replacement for traditional materials like fibreglass and carbon fiber. It finds applications in acid-resistant products, fireproof textiles, and ultraviolet-resistant materials, meeting the stringent requirements of various sectors including the automobile industry. With the rise of environmentally friendly products, basalt fiber composites witness increasing demand in developed countries. Events and composites conferences focusing on technological advancements drive consumption of basalt fiber in diverse sectors, including aerospace and automotive & transportation. 

The market is witnessing significant growth driven by various factors, such as the increasing demand for lightweight materials and the expanding automotive sector. Basalt composite materials, known for their non-corrosive properties and high mechanical strength, are gaining popularity in infrastructure projects worldwide. Trade regulations and standards outlined in reports like the Euro Construct report play a crucial role in shaping market dynamics. Basalt fibers offer excellent chemical resistance and silencing properties, making them ideal for applications in automobiles and construction. With rising population and evolving living standards, there's a growing demand for innovative materials like basalt fiber, supported by increasing spending power in key markets.

The market is witnessing significant growth driven by technological innovations and the demand for sustainable replacements across various industries. Basalt fiber, known for its versatile nature and excellent mechanical qualities, finds extensive applications in sectors such as aerospace, automotive, construction, and marine. Key manufacturers like Anisoprint are focusing on value chain optimization to meet the increasing consumption of basalt fiber in industries such as electric and electronic. With its resistance to acid, corrosion, and freezing temperatures, basalt fiber is gaining popularity as a non-corrosive and environmentally friendly alternative, particularly in the production of end-use products like fireproof textiles and battery-powered electric vehicles. Events and conferences focused on composites further propel the market forward, addressing technical challenges and promoting basalt fiber as a recyclable and sustainable material.

Segment Overview

The market growth and forecasting report covers market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Application Outlook
  • Composites
  • Non-composites

• End-user Outlook 
  • Construction and infrastructure
  • Automotive and transportation
  • Wind energy
  • Others
  Region Outlook 
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Scope
Market Report Coverage	Details
Page number	164
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 13.13%
Market Growth 2024-2028	USD 290.57 million
Market structure	Fragmented
YoY growth 2023-2024(%)	12.55
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 46%
Key countries	US, China, Japan, Germany, and Italy
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Basalt Engineering LLC, Basalt Fiber and Composite Materials Technology Development Co. Ltd., BasTech Inc., CF Composites, Chongqing Hesheng Longgang Technology Co. Ltd., Deutsche Basalt Faser GmbH, Fiberbas construction and building technologies, Final Advanced Materials Sarl, Galen LLC, Jiangsu TianLong High tech Co. Ltd., Kamenny Vek, Lavaintel, MAFIC, Sichuan Jumeisheng New Material Technology Co. Ltd., Sudaglass Fiber Technology Inc., SWICOFIL AG, Technobasalt Invest LLC, and Kodiak Fiberglass Rebar
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market  size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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