Home Bulk Chemicals Basalt Fiber Market Size, Growth Factors, Report to 2031

Basalt Fiber Market

Basalt Fiber Market Size, Share & Trends Analysis Report By Product Type (Basalt Rebar, Basalt Roving, Basalt Fabric, Mesh and Grid, Chopped Strands, Others), By Form (Continuous Basalt Fiber, Discrete Basalt Fiber), By End-Use Industry (Construction and Infrastructure, Automotive and Transportation, Electrical and Electronics, Chemical, Wind Energy, Marine, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRCH1394DR
Study Period 2019-2031 CAGR 9.4%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 273.5 Million
Forecast Year 2031 Forecast Year Market Size USD 613.9 Million
Largest Market Asia-Pacific Fastest Growing Market North America
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Market Overview

The Total Addressable Market (TAM) for Basalt Fiber was valued at USD 273.5 million in 2022. It is projected to reach USD 613.9 million by 2031, growing with a CAGR of 9.4% during the forecast period (2023–2031). 

Basalt fiber is a fiber-reinforced polymer manufactured using extremely fine fibers of basalt and comprises minerals, such as pyroxene, plagioclase, and olivine, and is processed through pultrusion, prepreg process, compression or resin molding, and vacuum infusion to obtain continuous or discrete basalt fiber. These fibers are relatively new in the fiber-reinforced polymers and emerged as a strong competitor for fibers like glass, carbon, and aramid owing to high tensile strength and high resistance to alkaline, acidic, and salt corrosion, durability, superior thermal protection, etc. This makes it an ideal choice for various construction applications such as concrete, shoreline structures, and bridges, along with various other applications such as filament winding of pipes, tanks, cylinders, geogrids, tunnels, refractory bricks, etc. The global basalt fiber market is expected to grow rapidly during the forecast period. This can be attributed to applications in various end-use industries such as automotive, aerospace, construction, marine, etc. However, the industry's limited raw materials and basalt fiber suppliers are anticipated to hinder market growth.

Market Dynamics

What are the factors driving the market growth?

Sustainable Properties

Basalt rock, which is readily available in nature, is used to make basalt fiber. Plagioclase, feldspar, pyroxene, and magnetite make up the extrusive, igneous rock known as basalt, which has a fine-grained structure. Compared to glass fibers, this fiber has several superior mechanical qualities, including a higher tensile strength and a lower manufacturing cost. Basalt fibers are environment-friendly since they can be recycled. Due to their natural origins and the fact that the recycled basalt fibers in resin have the same properties as fresh basalt powder, basalt fibers are categorized as sustainable materials. Due to its recyclability and eco-friendliness, basalt fiber is becoming increasingly popular and taking the place of glass fiber. Basalt fiber and basalt composites are also anticipated to be used more frequently in the construction and infrastructure, automotive and transportation, and other end-use industries as a result of the strict laws prohibiting the use of glass fibers.

What are the factors restraining the market growth?

Availability of Substitute Materials

Substitute materials are expected to hamper the growth of the global basalt fiber market. Substitutes, such as carbon fiber and glass fiber, dominate the market, and therefore, their usage for reinforcing applications is continuously increasing at a significant pace. As basalt fiber is new in the market, its manufacturing is limited, which indirectly markets the substitute materials. Hence, the market may observe restrictions on its growth during the forecast period.

Regional Analysis

The market for basalt fibers is divided into four regions, namely, North America, Europe, Asia Pacific, and LAMEA.

Asia-Pacific is anticipated to hold the largest market share during the forecast period. The growth can be attributed to the growing population, industrialization, and urbanization in the countries of this region, which has led to the robust growth of various end-user industries such as construction, automotive, renewable energy, electrical and electronics, etc., which uses basalt fibers extensively for several applications. The growing automotive industry in Asia-Pacific is expected to boost the demand for basalt fiber as it is a reinforcement for automotive parts. India has also observed a rise in automobile production in recent years. Additionally, infrastructural developments and various initiatives taken by the governments, such as 100 Smart Cities and Housing for All by 2022, will also drive market growth in the region.

Europe is expected to be the second-largest region in the global basalt fiber market due to the presence of countries like Russia and Germany, the top producers and suppliers in the European and global markets. The growing usage of basalt fiber in the wind energy sector is also boosting the demand in the region. Furthermore, the growing construction and infrastructure activities, the electrical and electronics industry, and the automotive industry in Europe are also anticipated to augment the market growth in the region. Because of the strict rules that are in place in the EU for issues like greenhouse gas emissions and automobile emissions, the region has experienced a rise in the demand for basalt fibers. Additionally, there have been a number of R&D initiatives focusing on the application of basalt fiber in the automotive sector. For the research project to create novel composite materials based on basalt fiber and bio-resin for the automobile industry, EIT Raw Materials, the European raw materials association, granted a sizeable sum of money. Therefore, throughout the projection period, the basalt fiber market in Europe would grow due to the expansion of the construction and automotive industries as well as increased R&D.

North America will witness significant growth over the forecast period. The region's market is expected to increase as a result of factors like rising demand from different end-user industries like the aerospace and alternative energy sectors. The US dominates the North American market for basalt fiber. In Shelby, North Carolina, Mafic USA has started operations at the largest basalt fiber production facility in the world. It's the first one of its kind in North America.   This is a significant advancement in the company's mission to introduce basalt fiber to North American markets and to scale up production of the product for profitability.

Due to the expansion of the construction, automotive, aerospace, mining, and wind energy industries in the region, the market for basalt fibers in the LAMEA region is anticipated to gain momentum in the near future. The expansion is largely attributed to the expanding presence of basalt fiber manufacturers and the expanding use of basalt fiber by various end-use sectors. However, the preference for substitutes is anticipated to restrict regional market expansion. In 2018, Arab Mining Company developed its first facility in Fujairah to produce Basalt Fiber Rebar. This is the first factory of its kind in the Middle East and Africa region. Arab Mining Company and Fujairah Natural Resources Corporation struck an agreement to develop a high-quality basalt fiber rebar manufacturing facility.

Report Scope

Report Metric Details
Segmentations
By Product Type
  1. Basalt Rebar
  2. Basalt Roving
  3. Basalt Fabric
  4. Mesh and Grid
  5. Chopped Strands
  6. Others
By Form
  1. Continuous Basalt Fiber
  2. Discrete Basalt Fiber
By End-Use Industry
  1. Construction and Infrastructure
  2. Automotive and Transportation
  3. Electrical and Electronics
  4. Chemical
  5. Wind Energy
  6. Marine
  7. Others
Company Profiles Kamenny Vek Zhejiang GBF Basalt Fiber Co Mafic SA Technobasalt-Invest LLC ISOMATEX SA Inc. Sudaglass Basalt Fiber Technology Shanxi Basalt Fiber Technology Co Ltd Mudanjiang Basalt Fiber Co Russian Basalt LLC.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The market for basalt fiber is segmented based on product type, form, and end-use industry.

Based on product type, the basalt fiber market is segmented into basalt rebar, basalt roving, basalt fabric, mesh and grid, and chopped strands.

The mesh & grids segment is anticipated to post a significant revenue growth rate. Basaltic mesh is used to reinforce cellular concrete blocks, improving heat efficiency and enabling successful resistance to wind loads, leading to an increase in the masonry's specified resistance. Compared to metal alternatives, using a basaltic grid increases heat efficacy and heat retention by order of magnitude.

Based on form, the basalt fiber market is segmented into continuous basalt fiber and discrete basalt fiber.

Continuous basalt fiber is expected to account for the largest share of the global market during the forecast period. This growth can be attributed to efficient and environment-friendly properties, making it suitable for applications such as reinforcing nets, pipes, containers, and electrical insulation. Continuous basalt fiber is used in the construction and composite industry owing to the features like higher strength than steel, superior efficiency, and resistance to electromagnetic radiations and UV rays. Additionally, the easy availability in various sizes and compatibility with various resins is further expected to boost the market growth.

Based on the end-use industry, the basalt fiber market is segmented into construction and infrastructure, automotive and transportation, electrical and electronics, chemical, wind energy, marine, and others.

The construction and infrastructure segment will dominate the market during the forecast period. The growing demand for basalt fiber due to growth in the construction industry, especially in civil engineering applications, is expected to augment the market growth. It is used for strengthening concrete structural materials as it improves the durability and flexural strength of the structural material. Its use as concrete reinforcement is high in hydraulic engineering and construction in seismically hazardous regions. Basalt fiber has various applications, such as bridges, tunnels, residential buildings, soft roofing, and reusable shutters, as it has environment-friendly properties, good compatibility with concrete, and the ability to mix at high concentrations. Additionally, various government initiatives, along with investments in infrastructural projects, including new construction of railways, highways, underground metro lines, pavement linings, and others, are also anticipated to fuel the market growth. For instance, as per the India Brand Equity Foundation (IBEF), India plans to spend 1.4 USD trillion on infrastructure development in the next five years.

Market Size By Product Type

Recent Developments

  • April 2022- Technical Fibre Products (TFP) of the United Kingdom displayed their most recent nonwoven composite solutions at the JEC World exhibition in Paris. The new polyimide veil is TFP's most temperature-stable polymer veil, with a maximum service temperature of over 260°C - much higher than polyester and PPS.
  • June 2021- Basaltex NV, a provider of basalt fibers, announced that it had reached a major milestone in developing and testing a new composite material solution for railway applications that combines basalt fibers with EconCore's unique honeycomb technology.

Top Key Players

Kamenny Vek Zhejiang GBF Basalt Fiber Co Mafic SA Technobasalt-Invest LLC ISOMATEX SA Inc. Sudaglass Basalt Fiber Technology Shanxi Basalt Fiber Technology Co Ltd Mudanjiang Basalt Fiber Co Russian Basalt LLC. Others

Frequently Asked Questions (FAQs)

What is the growth rate for the Basalt Fiber Market?
Basalt Fiber Market size will grow at approx. CAGR of 9.4% during the forecast period.
Some of the top industry players in Basalt Fiber Market are, Kamenny Vek, Zhejiang GBF Basalt Fiber Co, Mafic SA, Technobasalt-Invest LLC, ISOMATEX SA Inc., OTELOGY GmbH, Sudaglass Basalt Fiber Technology, Shanxi Basalt Fiber Technology Co Ltd, Mudanjiang Basalt Fiber Co, Russian Basalt LLC., etc.
Asia-Pacific has held a dominant position in the Basalt Fiber Market, with the largest market share.
The Basalt Fiber Market has seen the most substantial growth rate in North America.
The global Basalt Fiber Market report is segmented as follows: By Product Type, By Form, By End-Use Industry


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