Global Basalt Fiber Market – Industry Trends and Forecast to 2029

Global Basalt Fiber Market, By Product Type (Roving, Chopped Strands, Fabric, Mesh and Grids), Usage Type (Composites, Non-Composites), Form (Continuous Basalt Fiber, Discrete Basalt Fiber), End-User Industry (Construction & Infrastructure, Automotive & Transportation, Electrical & Electronics, Wind Energy, Marine, Others) – Industry Trends and Forecast to 2029.

 Basalt Fiber Market Analysis and Size

Basalt fiber finds foremost application in several industry, as an alternative to the glass and steel rebar. The continuous basalt fiber is the highest growing form due to their excellent mechanical properties such as strong tensile strength which makes them suitable for several applications. The increasing usage of basalt fiber in several applications such as reinforced nets, pipe containers, plastic basalt products and many electrical insulation materials is likely to boost the demand for basalt fiber in the market.

Data Bridge Market Research analyses that the basalt fiber market is expected to undergo a CAGR of 10.90% during the forecast period. This indicates that the market value, which was USD 263.4 million in 2021, would rocket up to USD 602.65 million by 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Basalt Fiber Market Scope and Segmentation

Market Definition

Basalt fiber is a material whch is made from very fine fibers of basalt. This fiber is composed some important minerals such as pyroxene, plagioclase, and olivine. Basalt fiber is similar to fiberglass, and having better physic mechanical properties than fiberglass, but being considerably cheaper than carbon fiber. It is used as fireproof textile in the automotive and aerospace industries and can also be used as a composite to manufacture products such as camera tripods.

Global Basalt Fiber Market Dynamics

Drivers

• Increasing usage of basalt fibers as an alternative

Basalt fibers have proven improved chemical and heat resistance, mechanical strength, insulation, and other qualities. The qualities such as lightweight and corrosion resistance allow to increase the usage of basalt fibers without the use of lifting or other specialist equipment. The increasing usage of basalt fibers as an alternative to steel reinforcements is anticipated to drive the market's growth rate.

• Advantages associated with basalt fiber

Developed countries have been focusing on improving their current infrastructure, which is generating demand for sustainable and advanced materials such as basalt fiber globally. Basalt is a natural, eco-friendly, high-quality raw material. Unlike numerous conventional fibers, basalt produces no harmful emissions during processing and manufacturing. Basalt-reinforced composites can fulfill disposal requirements of Original Equipment Manufacturers (OEMs) because they can be completely burned, which is favorable for the environment.

• Growing demand for the lighter materials

Basalt fibers are light and strong than other materials. They are generally light in weight and stronger than steel, which is highly used on the place of steel. The automotive sector is highly focussing on manufacturing lightweight automobiles, which create the demand for the lightweight materials. Automobile producers need to decrease vehicles' average fuel consumption, so this purpose can be fulfilled by using lightweight materials such as basalt fibers. The increasing demand of lightweight material likely to boost the growth rate of the basalt fibers market.

Opportunities

• Surging investment for market development

Governments augmented their investments in industrialized emerging economies to develop the infrastructure projects which holds significant potential to drive the basalt fibers market. For instance, per the Euro Construct report 2019, construction output reached around USD 1,900 Billion in European nations. Since the higher mechanical strength provided by basalt fiber in extreme construction situations is estimated to create beneficial opportunities for the growth of the basalt fiber market.

Restraints/Challenges

• Issues associated with basalt fiber

The increasing demand for basalt fibers as a strengthening material for the construction of roads, bridges and pavements, among other things, has resulted from augmented government spending on industrial and infrastructure development. However, there are some obstacles to the production of basalt fibers. For instance, the quality of basalt rock and correct chemical composition required for the creation of basalt fibers are only available in few regions in Eastern Europe. This is estimated to restrain market demand during forecast period.

This basalt fiber market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the basalt fiber market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Basalt Fiber Market

The outbreak of COVID-19 had adversely impacted the supply chain of basalt fibers worldwide. The delayed raw material delivery due to lockdowns in numerous countries has affected the growth of the market across the globe. Consumer purchasing power has decreased, affecting the aviation, construction and automobile industries. As a result of this, growth of the basalt fiber market has been constrained. Augmented usage of environmentally friendly and recyclable materials is expected to give attractive market revenue growth prospects. Strict laws in developing and developed countries have resulted in the usage of sustainable products such as basalt fibers compared to petroleum-based products.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In April 2021, Kamenny vek started the manufacture of basalt assembled roving 18 micron 4800 tex, basalt direct roving 22 micron 2400 tex and basalt assembled roving 18 micron 3000 tex.
• In July 2020, Mafic USA started the operations of the world's largest basalt fiber factory based in Shelby, North Carolina. This company will be able to deal the demand for receiving from large consumer base.

Global Basalt Fiber Market Scope

The basalt fiber market is segmented on the basis of product type, usage type, form and end-user industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Roving
• Chopped Strands
• Fabric
• Mesh
• Grids

 Usage Type

• Composites
• Non-Composites

Form

• Continuous Basalt Fiber
• Discrete Basalt Fiber

 End-User Industry

• Construction & Infrastructure
• Automotive & Transportation
• Electrical & Electronics
• Wind Energy
• Marine
• Others

Basalt Fiber Market Regional Analysis/Insights

The basalt fiber market is analyzed and market size insights and trends are provided by country, product type, usage type, form and end-user industry as referenced above.

The countries covered in the basalt fiber market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the basalt fiber market in terms of market revenue due to the growing demand from several industries such as electrical & electronics and automotive, wind energy, construction & infrastructure. Moreover, developing all these industries in china will increase the market's growth.

Europe will continue to project the highest compound annual growth rate during the forecast period of 2022-2029 due to increasing demand for non-composites in this region. Germany is bound to generate growth for basalt fiber manufacturers owing to the investment in several industries such as automotive, aerospace and defense and others. This is flourishing the growth in the basalt fiber market in this region in upcoming years.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data. 

Competitive Landscape and Basalt Fiber Market Share Analysis

The basalt fiber market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to basalt fiber market.

Some of the major players operating in the basalt fiber market are:

• Kamenny Vek (Russia)
• MAFIC (U.S.)
• Technobasalt-Invest (Ukraine)
• INCOTELOGY GmbH (Germany)
• Sudaglass Fiber (U.S.)
• Permali Gloucester Ltd. (U.K.)
• GMV (China)
• Jilin Huayang Group Co., Ltd. (China)
• ARMBAS (Armenia)
• Arrow Technical Textiles Pvt. Ltd. (India)
• JiLin Tongxin Basalt Technology Co.,Ltd (China)
• JFE Mineral & Alloy Company,Ltd (Japan)
• HG GBF Basalt Fiber Co., LTD. (China)
• Russian Basalt (Russia)
• ISOMATEX (Belgium)