Basalt Fiber Market to Garner USD 339 Million, Growing at a 12.4% CAGR by 2032

NEW YORK, Feb. 3, 2022 /PRNewswire/ -- In 2022, the global basalt fiber market is expected to reach USD 106 million, and by 2022-2032, it is expected to reach USD 339 million.

Governments have boosted their investments in developing infrastructure projects in industrialized emerging countries, which has the potential to fuel basalt fiber industry. According to the Euro Construct study, construction production in European countries hit around USD 1,900 billion in 2019. Because of the enhanced mechanical strength provided by basalt fiber in difficult building settings, this market is expected to develop at a 12.4% CAGR from 2022 to 2032.

The continuous form of basalt fibers is low-cost, super-efficient, and has excellent mechanical properties such as high tensile strength, making it suitable for a variety of applications such as pipe containers, plastic basalt products, reinforced nets, and various electrical insulation materials, providing them with a wide range of market opportunities.

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Basalt fibers have better mechanical strength, chemical and heat resistance, insulation, and a variety of other properties. The use of basalt fibers as an alternative to steel reinforcements has increased due to properties such as corrosion resistance and lightweight, which allows mounting without the requirement of lifting or other specialist equipment.

In construction composites, basalt fibers also outperform e-glass fiber. In all forms, including roving, chopped strands, fabrics, and so on, basalt fibers have better durability, breaking load capacity, and stiffness. As a result, during the projection years of 2022-2032, the market is expected to see a 1.4X growth in demand.

Basalt fibers are slightly more expensive than E-glass, but far less expensive than carbon fiber, S-glass, and aramid. It aids in the completion of an in-depth cost study for basalt fibers. Furthermore, the improvement in population living standards, as well as their disposable income, is predicted to boost demand in electric vehicles, aerospace, and automotive.

Key Takeaways:

• Europe region to account for nearly 29% of the total basalt fiber market share.
• East Asian basalt fiber market is expected to generate an absolute dollar opportunity of around USD 44.7 million by 2032.
• By product type, roving segment is projected to hold nearly 56% market share.
• By end-use industry, building and construction industry to account for 29.2% share of the overall market.

Growth Drivers:

• Usage of basalt fibers as an alternative to steel reinforcements is boosting the growth of basalt fibers market.
• Rapid growth of construction and infrastructure industry worldwide is expected to propel the demand for basalt fibers.

Key Restraints:

• The equipment costs and initial setup are relatively costly, this is expected to hamper the basalt fiber market.

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Competitive Landscape

Due to the presence of various regional and domestic companies, the global basalt fiber market is fragmented. To increase their worldwide consumer base, the players have used a variety of strategies, including mergers and acquisitions, expansions, collaborations, and partnerships.

New product creation has also been a vital tactic for top corporations to expand their market presence among customers. Advanced basalt fiber has been integrated as a result of these efforts.

• On 30th April 2021, Kamenny Vek expanded its product line with the introduction of three new products: Basalt direct roving 22 microns 2400 tex, Basalt assembled roving 18 micron 3000 tex, and Basalt assembled roving 18 micron 4800 tex.
• On July 27, 2020, Mafic USA, situated in Shelby, North Carolina, began operations of the world's largest basalt fiber mill. This company will be able to meet the demand generated by a big customer base.

Key players in the Basalt Fiber Market include:

• TECHNOBASALT-INVEST LLC
• BASALTEX NV
• Sudaglass Fiber Technology
• Zhejiang GBF Basalt Fiber Co., Ltd (GBF)
• Kamenny Vek
• Shanxi Basalt Fiber Technology Co., Ltd
• JiangSu Tianlong Continuous Basalt Fuber Co.Ltd
• Mafic SA
• Isomatex SA
• Shanxi Basalt Fibre Technology Co., Ltd

More Valuable Insights on Basalt Fiber Market

Fact.MR provides an unbiased analysis of the basalt fiber market, presenting forecast statistics for the period from (2022-2032). The study divulges compelling insights on the global basalt fiber market with a detailed segmentation on the basis of:

• By Product Type :
• Roving
• Chopped Strands
• Fabric
• Mesh and Grids
• Others
• By Usage :
• Composites
• Non-Composites
• By End Use Industry :
• Building and construction
• Automotive
• Aerospace and defense
• Ship Building
• Wind Energy
• Sport Accessories and others
• By Region :
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

Key Questions Covered in Basalt Fiber Market Report

• The report offers insight into the basalt fiber market demand outlook for 2022-2032.
• The market study also highlights projected sales growth for basalt fiber market between 2022 and 2032.
• Basalt fiber market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Basalt fiber market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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