Basalt Fiber Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: MC240417 | Research Suite: Report (PDF) & Market Data (Excel)
The global basalt fiber market was valued at USD 280.1 million in 2022, and a CAGR of 12.7% is expected during the forecast period. Increasing demand for manufacturing, automotive, and transportation sectors is driving growth in the market significantly. Heat and sound insulation and thermal stability of basalt fiber are driving significant growth in the market.
Lightweight, high strength, and resistance are the key properties, due to which basalt fibers are highly demanded in the market. It prevents corrosion and rust, so its demand is continuously increasing with time. Rising awareness of environmental benefits and expansion in the aerospace sector are driving the demand for basalt fiber significantly.
Impact of Covid-19
The initial phase of the pandemic brought a significant
slowdown in the market. Disruptions in the supply chain, stringent lockdown,
and social distancing hampered the growth in revenue. But later on, demand for
basalt fiber from automotive, construction, and other industries increased due
to its properties like strength, durability, and corrosion resistance. It was
in use, particularly in infrastructure projects and lightweight materials in
vehicles. The overall market is expected to recover and potentially see growth
post-pandemic as industries adapt to new norms and requirements.
Growth Drivers
Increasing demand in the construction, automotive, and aerospace industries is driving growth in the market. With a growing emphasis on lightweight materials for improved fuel efficiency and reduced emissions, basalt fibers are being increasingly used in automotive manufacturing for components such as body panels, interiors, and under-the-hood applications. Increasing demand for eco-friendlier materials compared to traditional materials like steel and fiber glass is driving growth in the market significantly.
With rising environmental concerns, industries are turning to
sustainable alternatives, boosting the demand for basalt fiber. Increasing
investment by governments worldwide in infrastructure projects such as bridges,
roads, and railways is driving the demand for basalt fiber in the entire world.
Due to their durability and longevity, basalt fibers are highly in demand.
Ongoing research and development efforts are leading to innovations in basalt
fiber production techniques, making it more cost-effective and expanding its
range of applications, which further fuels market growth.
Segmentation
Type
·
Composite
·
Non-Composite
·
Continuous
·
Discrete
End-User
·
Building and Construction
·
Aerospace
·
Automotive
·
Defense
Regional Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Europe
·
Middle East and Africa
Basalt Fiber Market by Type
Segmentation
On the basis of type, the basalt fiber market is segmented into composite, non-composite, continuous, and discrete. It is utilized primarily in composite materials, where basalt fibers are combined with a matrix material such as epoxy resin to form a strong and lightweight composite structure. Increasing demand for these composites from various industries like aerospace, automotive, marine, and construction is driving growth in the market significantly.
Non-composite basalt fibers are used in applications where the
fibers are not combined with a matrix material. Instead, they are used for
reinforcement, insulation, and other purposes. Where the individual fibers
provide strength and durability. Continuous basalt fibers are often used in
applications requiring high strength and stiffness, such as aerospace
components and sporting goods. In contrast, discrete basalt fibers are shorter
in length and randomly oriented or aligned in a specific direction. They are used
in concrete reinforcement, thermal insulation, and filtration.
Basalt Fiber Market End-User
Segmentation
On the basis of end-user, the basalt fiber market is segmented into building and construction, automotive, aerospace, and defense. These industries utilize basalt fibers for various applications such as automotive, construction, aerospace, marine, electrical, and electronics. These industries use basalt fibers for various applications, such as reinforcement in composites, insulation, structural components, and heat-resistant materials. Demand from the electronics industry is also driving growth in the market significantly.
Increasing demand for eco-friendly materials in various industries like automotive, aerospace, construction, and others is driving growth in the market. The building and construction sector often lead the basalt fiber market due to the high demand for strong, light-weight, and durable materials. Its versatility, resistance to corrosion, and cost-effectiveness make it a preferred choice for various applications, such as reinforcement in concrete, insulation, and structural components.
The aerospace
and electronics industries are also witnessing significant growth due to their
excellent mechanical properties, high strength-to-weight ratio, and resistance
to extreme temperatures. Increasing demand for basalt fiber in the
manufacturing of composite materials and for aircraft structures is providing
enhanced performance, durability, and fuel efficiency. In the defense industry,
it is used for ballistic protection, armor plating, and light-weight structural
components, contributing to improved safety and performance of military
equipment.
Regional Outlook
On the basis of regions, the basalt fiber market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Due to excessive demand from the construction and automotive industries, Asia Pacific is the leading segment in the market and is expected to dominate during the forecast period. Countries like China, India, and South Korea are witnessing significant growth due to rising demand from these industries. Due to industrial development in the region and an increasing population, emerging economies like China, India, Japan, and South Korea, which are the big markets in the basalt fiber industry, are witnessing tremendous growth.
Demand for construction and infrastructure due to the rapidly expanding population is driving demand for basalt fiber significantly. The basalt fiber market in North America and Europe is steadily growing. Driven by demand in various industries such as construction, automotive, and aerospace. The United States of America is the biggest market in the region due to ongoing construction projects.
Europe, including nations like the United
Kingdom, Russia, the Netherlands, and the Nordic countries, is witnessing
growth in the market due to increasing demand from the construction, automotive,
and aerospace industries. Latin America and the Middle East are witnessing
moderate growth in the market due to increasing urbanization and population
growth in the countries in this region. Advancements in technology and
manufacturing processes are driving significant growth in the market. The
eco-conscious and recyclable qualities of basalt fiber have made it the most
demanding product worldwide.
Key Players
·
Mafic
·
Sudaglass
·
Technobasalt Invest
·
Kamenny Vek
·
INCOTelogy GmbH
·
GMV
·
Galen Ltd.
·
Zaomineral
·
Jiangsu Tianlog
·
Lavaintel
·
Bastech
·
Zhejiang Gbf
· Other Players