Basalt Fiber Market (Updated Version Available)

Basalt Fiber Market Size, Share & Trends Analysis, By Type (Filaments, Staple, and Super Thin), Product (Direct Roving, Assembled Roving, Chopped Strand, Fabrics, Twisted Yarn, Reinforcing Mesh, Others), Usage (Composite and Non-Composite), Processing Technology (Pultrusion, Weaving, Stitching, Compression Moulding, Filament Winding, Texturizing, Vacuum Infusion, Others (RTM, Braiding, Sputtering)), End Use (Construction Industry, Automotive Industry, Chemical Industry, Petroleum Industry, Marine Industry, Energy Industry, Others), By Region and Segment, Forecast Period 2023 - 2030

Report ID : RI_673849 | Date : March 2023 | Format : ms word ms Excel PPT PDF

This Report Includes The Most Up-To-Date Market Figures, Statistics & Data
Key Market Overview:

Basalt fiber market size was worth USD 288.40 Million in 2022 and is expected to surpass USD 576.47 Million by 2030, registering a CAGR of 10.4% during the forecast period (2023-2030).

Basalt fiber is a type of fiber that is made from the extrusion of basalt rock. That volcanic basalt rock is a dense, fine-grained rock, rich in minerals such as magnesium, iron, and silica. Thus, basalt fiber produced from such basalt rocks finds applications in various industries due to properties such as resistance to corrosion, better mechanical properties, high wave permeability, acid-alkali resistance, electrical properties, and others.

However, the most common type of basalt fiber used is in the form of basalt chopped strands. Such strands are created by cutting continuous basalt fiber and applying a silane sizing coating. These chopped strands are highly effective for reinforcing thermoplastic resin and concrete. They contain a unique silicate that provides excellent chemical resistance and tolerance to alkalis. Basalt fiber chopped strands are an ideal replacement for polypropylene & peroxyacetyl nitrate in reinforcing cement and concrete to improve stability and provide improved low-temperature crack and fatigue resistance.

Moreover, growing infrastructural investments, especially in countries such as India, Japan, and Malaysia, the demand for basalt fibers as reinforced material with high mechanical properties as compared to E-glass will boost the market statistics during the forecast period. For instance, according to the data published by the World Bank, the construction industry in India contributed over USD 822,261.3 million to the global construction industry worth USD 26.63 trillion in 2021. Thus, such growing construction activities across the region create favorable circumstances for basalt fiber market growth.

Basalt Fiber Report Coverage:

    Report AttributesReport Details
    Study Timeline2017-2030
    Market Size in 2030 (USD Billion)576.47 Million
    CAGR (2023-2030)10.4%
    Base Year2022
    By TypeFilaments, Staple, and Super Thin
    By ProductDirect Roving, Assembled Roving, Chopped Strand, Fabrics, Twisted Yarn, Reinforcing Mesh, Others
    By UsageComposite and Non-Composite
    By Processing TechnologyPultrusion, Weaving, Stitching, Compression Moulding, Filament Winding, Texturizing, Vacuum Infusion, Others (RTM, Braiding, Sputtering)
    By End UseConstruction Industry, Automotive Industry, Chemical Industry, Petroleum Industry, Marine Industry, Energy Industry, Others
    By Geography
  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]

  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]

  • North America [United States, Canada, Mexico]

  • Middle East & Africa [GCC, North Africa, South Africa]

  • South America [Brazil, Argentina, Columbia, Chile, Peru]
  • Key PlayersKamenny Vek, MAFIC, Technobasalt Invest, Sudaglass Fiber, ARMBAS, Arrow Technical Textiles Pvt. Ltd., BASALT FIBER & COMPOSITE MATERIALS TECHNOLOGY DEVELOPMENT (China), Company Mineral 7, Jumeisheng, Arab Basalt Fiber Company, Basaltex


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    Market Dynamics:

    Driver:

    Favorable demand for basalt fibers as an eco-friendly alternative to conventional materials that help to reduce the carbon footprint of industries supports the market growth due to increased awareness about environmental concerns and the need for sustainable solutions. Moreover, large-scale usage of basalt fibers in various industries such as automotive, construction, aerospace, marine, and others due to better mechanical and physico-chemical properties as compared to synthetic fibers such as E-glass boosts the market growth. Also, increased government expenditures on initiatives such as infrastructural development and urbanization boost the demand for basalt fibers in the construction industry.

    Restraint:

    The high production costs of basalt fibers as compared to conventional fibers such as glass and carbon fibers hampers the market growth. The factor attributing to such restraint is the complex and expensive process that requires specialized equipment, high energy consumption, and skilled labor. Further, the established presence of other types of fibers in the market such as carbon fibers, glass fibers, and aramid fibers that offer a wide range of applications as compared to basalt fibers limits the market growth.

    Opportunities:

    The scope of improvements in construction materials such as reinforcing concrete is estimated to offer opportunities for market growth during the forecast period. Moreover, the emerging demand for lightweight and high-strength materials in various industries such as automotive and aerospace is projected to create lucrative opportunities for the basalt fiber market statistics due to the excellent strength-to-weight ratio of the chemical.

    Basalt Fiber Market Competitive Landscape:

    Kamenny Vek and Technobasalt Invest LLC are leading manufacturers of basalt fiber products that comprise major shares of the market circumstances. Such key players focus on the expansion of their product portfolios and increasing their production capacities to meet the growing demand for basalt fiber products. Following are major market players with a strong presence in market circumstances–

    • Kamenny Vek
    • MAFIC
    • Technobasalt Invest
    • Sudaglass Fiber
    • ARMBAS
    • Arrow Technical Textiles Pvt. Ltd.
    • BASALT FIBER & COMPOSITE MATERIALS TECHNOLOGY DEVELOPMENT (China)
    • Company Mineral 7
    • Jumeisheng
    • Arab Basalt Fiber Company
    • Basaltex


    Recent Developments:

    • In March 2022, Sichuan Jumeisheng Basalt Fiber Technology Co., Ltd., a leading basal fiber enterprise from Dazhou, had an excellent performance at the Dazhou Basalt Fiber New Material Product Application Promotion Conference. The organization was accompanied by various institutions such as the Dazhou Agricultural and Rural Bureau, Dazhou High-tech Zone, and others that resulted in the generation of 162 million yuan worth of orders for basalt fiber industry enterprises located in Dazhou.

    • In June 2021, Basaltex, a company at the forefront of exploring novel applications of basalt fibers, made a notable breakthrough by creating and evaluating a fresh composite material solution that integrates basalt fibers with EconCores patented honeycomb technology. Such composite material is expected to boost company sales in the coming years.

    Basalt Fiber Market Segmentation:

    img-global-basalt-fiber-market-statistical-analysis



    By Type

    The type segment is separated into filaments, staple, and super thin. The super thin segment accounted for largest share contribution to the market growth in 2022. The super thin basalt fiber (STBF) comprises staple fibers layers with a diameter of 1 - 3 microns, which are bound with each other to result in a high-quality felt of basalt wool. Such STBF finds major applications in thermal power plants, nuclear, turbines, heating plants, and others as heat and sound insulation of several thermal types of equipment. Moreover, the staple segment is also anticipated to register the fastest CAGR during the forecast period. Staple-thin basal fiber (TBF) comprises layered staple fibers with a diameter of 4 - 9 microns, and length of 10 – 80 mm that provide several applications in terms of thermal, acoustic, and electric insulation properties.

    By Product

    The product segment is separated into direct roving, assembled roving, chopped strands, fabrics, twisted yarn, reinforcing mesh, and others. The direct roving segment contributed the highest shares to the basalt fiber market growth in 2022. High demand among manufacturers with specific catenary requirements during the pultrusion process boosts segmental growth. Also, direct roving finds applications for producing strong and corrosive-resistant products such as load-bearing profiles, waste water filters, CNG cylinders, high-pressure vessels, and others. Moreover, the chopped strand segment is also projected to support the basalt fiber market growth in terms of volume due to increased demand for phenolic, epoxy, polyester, and vinyl ester resins along with several frictional materials.

    By Usage

    The usage segment is bifurcated into composite and non-composite. The composite segment accounted for largest share contribution to the market growth in 2022. The usage of basal fibers in the form of composites helps to preserve the properties of fibers such as excellent electrical properties, acid-alkali resistance, and high wave permeability. Thus, basalt fiber composites gain increased preference as compared to S glass or Aramid fiber due to low costs and workability in thermal stress environments such as cement concrete in roads, dams, airport runways, and others. Furthermore, the non-composite segment is also estimated to support the market growth in terms of volume due to the large-scale demand for acoustic insulation, beams, fabrics, insulating synthetic material, and others.

    By Processing Technology

    The processing technology is categorized into pultrusion, weaving, stitching, compression moulding, filament winding, texturizing, vacuum infusion, others. The pultrusion segment is estimated to contribute substantial shares to the market growth during the forecast period. The usage of pultrusion technology is referred to the pulling of material, such as resin and Basfiber, through a shaped die to manufacture high strength, lightweight composite profiles that are also easy for installation. Moreover, filament winding segment is also projected to support the market growth in terms of value and volume. Basalt composite pipes are produced using the filament winding process and reinforced with epoxy resin that further, undergo impact testing. Such technology finds major adoption among basalt fiber manufacturers to test the energy absorption and impact force of reinforced basalt fiber composites.

    By End Use Industry

    The end-user segment comprises the construction industry, automotive industry, chemical industry, petroleum industry, marine industry, energy industry, and others. The construction industry segment accounted for highest share contribution to the market growth in 2022. A favorable adoption of basalt fiber as an alternative to steel due to high strength-to-weight ratio, and zero electrical and magnetic conduction as basalt fabrics and mats for concrete reinforcement and thermo-insulation in buildings support the segmental growth. Furthermore, the automotive industry segment is anticipated to contribute substantial shares to the market growth during the forecast period. High demand for producing brake pads, engine gaskets, clutch disks, exhaust silencers, and others due to better thermal stability at high temperatures, sound and heat insulation properties along with good moisture and chemical resistance fuels the segmental growth.

    By Region

    The regional segment comprises North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Asia Pacific accounted for largest share contribution to the market growth in 2022. The factors such as increased expenditures on personal and private infrastructural developments along with established energy industries in countries such as India, China, and Japan support the increased market statistics in the Asia Pacific region.

    global-basalt-fiber-market-statistical-analysis



    Moreover, Europe is anticipated to witness the fastest CAGR during the forecast period. Favorable funding for research and development of biodegradable grade basalt fiber due to strict government regulations are anticipated to boost the basalt fiber market growth in Europe.
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