Basalt Fiber Market Forecasts to 2030 - Global Analysis By Product Type, Type (Composites and Non-Composites), Form, Method, End User and By Geography

According to Stratistics MRC, the Global Basalt Fiber Market is accounted for $325.1 million in 2023 and is expected to reach $839.0 million by 2030 growing at a CAGR of 14.5% during the forecast period. A product made from basalt rock called basalt fiber is used as a substitute for carbon and glass fiber. By melting basalt rocks at high temperatures, basalt fiber is created. Pyroxene and minerals like olivine and plagioclase make up this substance. Basalt fiber has superior electromagnetic properties, high tensile strength, high structural reliability, mechanical properties, no toxicity, and is non-combustible. It also has a good thermal performance range.

According to OICA, in 2021, the global motor vehicle production has increased from 7,77,11,725 units in 2020 to about 8,01,45,988 in 2021 which is an increase of more than 3%.

Market Dynamics:

Driver:

Rising demand from automotive industry

There is huge rise in automotive industry for all of basalt fiber's qualities and properties. These qualities include strong mechanical properties, resistance to high temperatures, durability, chemical resistance, and environmental friendliness. Basalt fiber is utilized in the automotive industry for many parts, including headliners, CNG cylinders, fuel tanks, brake pads, clutch plates, exhausting systems, muffler filler, panels, screens, tire covers, interior and exterior parts made of fabrics, and parts and components made of thermoplastic compounds. All of these elements will probably cause the basalt fiber market to expand globally in the coming years.

Restraint:

Lack of information on its uses

The production of basalt fibers is hindered by some issues. There are only a few places in Eastern Europe where basalt rocks are of high quality and have the correct chemical composition needed to produce basalt fibers. Furthermore, despite having a number of advantages over S-glass and E-glass fiber, basalt fiber is not currently being used commercially in many applications due to a lack of knowledge and clarity surrounding its applications.

Opportunity:

Rising usage of recyclable and environmentally friendly materials

Fiber-reinforced composites that are environmentally friendly and easily recyclable are in constant demand. This is a result of the numerous new, strict government laws and regulations. A growing number of consumers are switching to recyclable goods that are safe for the environment. The use of petroleum-based products is being phased out in some developed nations, such as the US, Japan, and Germany, in favor of environmentally friendly goods and bio-based materials. Moreover, the government's rules and regulations are anticipated to increase the use of basalt fiber and other natural fibers in construction, infrastructure, automotive, and transportation, among many other end-use industries.

Threat:

High cost and technical challenges

Basalt fiber is more expensive than E-glass, carbon fiber, or aramid. Due to its opaque nature, basalt is much harder to heat uniformly than glass and requires manufacturing modifications like keeping the molten material in a reservoir for a longer period of time or using a two-stage heating system. Contrary to transparent glass, opaque basalt absorbs infrared light rather than transmitting it. As a result, standard overhead gas burners in glass furnaces have trouble evenly heating the basalt mixture. The technical difficulties involved in making basalt fibers are limiting market expansion.

COVID-19 Impact:

Globally, the COVID-19 outbreak had a negative effect on the basalt fiber supply chain. The delivery of raw materials was delayed as a result of lockdowns in many nations, which had an impact on global market expansion. Consumer spending power has decreased, which has an impact on the aviation, building, and auto industries. As a result, the market for basalt fiber has experienced limited growth.

The composites segment is expected to be the largest during the forecast period

Due to the superior durability, resistance to corrosive elements, and high temperature tolerance across sectors, composite basalt fiber is in high demand and is anticipated to register the largest market share. In addition, as lightweight materials become more popular in the automotive and aerospace sectors, composite basalt fiber is becoming more in demand because it helps structures remain structurally sound while reducing weight. Furthermore, the market is expanding as a result of consumers' growing awareness of the advantages it offers the environment while still being more affordable than other composite materials like carbon and glass fibers.

The construction and infrastructure segment is expected to have the highest CAGR during the forecast period

Due to their distinctive combination of qualities, including their high strength-to-weight ratio, chemical and corrosion resistance, low thermal conductivity, and lack of electrical and magnetic conduction, basalt fiber composite materials are gradually replacing steel in the construction and Infrastructure industries, and this segment is expected to witness rapid growth. Basalt fibers are used for a variety of construction projects, including assembled homes and buildings, cold floor heating plates, fire partitions, firewalls, and fire doors. It also continues in reinforced rebars, pultruded load-bearing profiles, biaxial and triaxial basalt fabrics, basalt reinforcing meshes, and basalt fiber-reinforced concrete, where there is wide scope for their growth.

Region with largest share:

During the forecast period, the Asia-Pacific region is anticipated to dominate the global market. Growing building and construction activity in nations like China, Japan, and India is anticipated to increase basalt fiber demand in the Asia-Pacific region. Furthermore, the region's growing emphasis on renewable energy sources has increased the number of wind turbine installations, which has further contributed to the expansion of the market in this Asia-Pacific region.

Region with highest CAGR:

North America also accounts for a sizable portion of the global basalt fiber market. The world's largest basalt fiber manufacturing facility, located in Shelby, North Carolina, has started accepting orders from Mafic. By combining their respective expertise, the companies will work together to improve the special mechanical properties of basalt fiber. Additionally, the region's market is anticipated to experience revenue growth as a result of rapid infrastructure development and growth in the technical textile sector.

Key players in the market:

Some of the key players profiled in the Basalt Fiber Market include: Hebei Tong-Hui Technology, Incotelogy GmbH, Isomatex SA, JiangSu Tian Long Continuous, Basalt Fiber Co., Ltd., Kamenny VEK, Mafic SA, Mudanjiang Jinshi Basalt Fiber Co. Ltd., Basalt Fibers, Russian Basalt LLC., Shanxi Basalt Fiber Technology Co Ltd., Sudaglass Fiber Technology, Technobasalt-Invest LLC and Zhejiang GBF.

Key Developments:

• In March 2022, USDA-RD State Director Announcing $3 Million Investment with Mafic USA. Mafic USA will use a USDA Business and Industry Loan to finance the purchase of equipment to expand the capacity of its facility.

• In July 2020, Mafic USA has commenced operations at the world's largest basalt fiber production facility in Shelby, North Carolina. It is also the first such facility in North America. Last week, the company completed the highly calibrated process of starting-up the plant's furnace. This week, Mafic's team began melting basalt rock and pulling the first fiber at the plant. This marks a major step forward in the company's goal to bring basalt fiber to North American markets and to produce the product on a commercially viable scale.

Product Types Covered:

• Chopped Strands
• Fabric
• Mesh and Grids
• Roving

Types Covered:

• Composites
• Non-Composites

Forms Covered:

• Continuous
• Discrete

Methods Covered:

• Pultrusion
• Compression Moulding
• Filament Winding
• Hand Layup
• Prepregs
• Resin Moulding
• Spray Gun
• Vacuum Infusion
• Other Methods

End Users Covered:

• Aerospace & Defence
• Automotive & Transportation
• Chemicals
• Construction & Infrastructure
• Electrical & Electronics
• Marine
• Wind Energy
• Others End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances