Basalt Fiber Market Industry Demand, Key Drivers, and Future Share Forecast 2032
The global basalt fiber market size was valued at USD 435.00 million in 2023 and is expected to be worth USD 505.91 million in 2024. The market is projected to reach USD 1,280.70 million by 2032, recording a CAGR of 12.3% during the forecast period.
Basalt fiber, derived from basalt rocks, is a naturally occurring material and is a cost-efficient and environmentally friendly alternative to glass and carbon fibers in various applications. It is formed through the rapid cooling of basaltic lava. The growing demand from the construction and automotive sectors due to its properties, such as its non-corrosive nature, durability, and ability to withstand high temperatures, is expected to drive the market growth.
Fortune Business Insights™ displays this information in a report titled, “Basalt Fiber Market, 2024-2032."
information Source: https://www.fortunebusinessinsights.com/basalt-fiber-market-102317
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
Kamenny Vek (Russia)
Zhejiang Shijin Basalt Fiber Co., Ltd. (China)
Arab Basalt Fiber Company (UAE)
Technobasalt Invest LLC (Ukraine)
JSC “Polotsk-Steklovolokno” (Belarus)
ISOMATEX S.A. (Belgium)
INCOTELOGY GmbH (Germany)
Sudaglass Fiber Technology, Inc. (U.S.)
Basalt Fiber Tech (Australia)
Deutsche Basalt Faser GmbH (Germany)
Segmentation:
Composites Segment Held Highest Share Due to Growing Adoption of Composites in Construction Industry
Based on type, the market is classified into composites and non-composites. The composites segment accounted for the largest basalt fiber market share in 2023 and is projected to witness a significant growth rate in the coming years. BFR composites are used in concrete reinforcement, rebar, and structural components with a focus on improving strength and durability in the construction industry.
Building & Construction Industry Leads with Widespread Adoption of Components
Based on end-use industry, the market is segmented into building & construction, automotive, aerospace & defense, energy generation, insulation & thermoacoustic, and others. The building & construction segment accounted for the highest market share in 2023. The growth can be attributed to the wide adoption of components such as beams, columns, and joints in the building & construction industry, where basalt fiber is adopted to manufacture precast concrete products.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, types, end-use industries, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Growth in Wind Energy Industry to Fuel Market Expansion
Basalt fiber is widely adopted in the manufacturing of wind turbine blades attributed to its strength and lightness, making it a suitable choice for producing large, durable, and efficient blades. Its durability leads to extended life spans for wind turbine components and other infrastructural elements. These factors are vital in minimizing maintenance costs, thereby enabling the reliability of wind energy production. With the increasing demand for wind energy, the industry seeks more cost-effective materials that can perform well. Basalt fiber provides a balance of performance and cost, making it an ideal option for many manufacturers opting to optimize their investments in wind energy infrastructure.
However, the basalt fiber market growth may impede as the industry lacks global standards for production and quality, which may restrict its acceptance in applications such as the aerospace or automotive industries.
Regional Insights:
Asia Pacific Leads Due to Booming Construction Industry in Region
Asia Pacific accounts for the dominant share of the global market and is expected to emerge as the fastest-growing region in the coming future. The increase in the product can be attributed to the region’s booming construction industry, including new construction and renovation activities.
The North American market is witnessing significant growth driven by the increasing demand from the aerospace and defense sectors.
information Source: https://www.fortunebusinessinsights.com/basalt-fiber-market-102317
Competitive Landscape:
Major Players to Focus On Adopting Various Strategic Initiatives to Gain Competitive Edge in Market
Some of the major players operating in this market include Deutsche Basalt Faser GmbH, Basalt Fiber Tech, and ISOMATEX S.A. These players are also focusing on adopting various strategic initiatives, including expanding their manufacturing capacity and distribution & sales network globally to gain a competitive edge in the market.
Notable Industry Development:
April 2021: Kamnney Vek launched three new products, namely basalt direct roving 22 microns 2400 tex, basalt assembled roving 18 microns 4800 tex, and basalt assembled roving 18 microns 3000 tex. The roving 2400 tex has gained widespread adoption in the composites industry due to its high mechanical properties. The assembled rovings, 18-micron 4800 tex, and 18-micron 3000 tex possess minimized sagging and high mechanical properties.