Global Basalt Fiber Market Key Players, Size, Share, Growth, Demand, End-Use, Value, Region and Forecasts to 2027

The global basalt fiber market size is projected to grow from USD 286 million in 2022 to USD 517 million by 2027, at a CAGR of 12.5% between 2022 and 2027. This growth is estimated to continue in the coming years to meet the growing demand from end-use industries such as construction & infrastructure, automotive & transportation, electrical & electronics, and others. Construction & infrastructure is the major end-use industry of basalt fibers. Basalt fibers are ideally suited for demanding applications requiring chemical resistance, durability, mechanical strength, and low water absorption. Currently, APAC is the dominating basalt fiber market. This larger market share is attributed to the high demand from end-use industries such as automotive & transportation, construction & infrastructure, and wind energy in the region. Growing investment in the construction & infrastructure sector in the APAC region is one of the major reasons behind the growing consumption in the region. Among all the countries in this region, China is the major basalt fiber market.

However, global pandemic disease COVID-19 has forced the automotive, wind blade and aircraft manufacturers to shut down their operations which resulted into decreased demand for basalt fibers in 2020.

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"Continuous form of the basalt fiber is the fastest-growing form type of basalt fiber market in terms of value."
Continuous form of basalt fibers are projected to register the highest CAGR in terms of value between 2022 and 2027. This high growth is mainly due to the growing demand from the various end-use industries across the globe due to efficient properties. The continuous form of basalt fiber is the most widely used across various end-use industries, including automotive & transportation, wind energy, marine, and construction & infrastructure, among others. Continuous basalt fibers possess characteristics, such as superior efficiency, higher tensile strength, and excellent mechanical properties.

"Composite is the fastest-growing usage form of basalt fiber, in terms of value."
The composite usage segment is expected to record high growth as they are widely applicable in end-use industries such as construction & infrastructure, automotive & transportation, marine, wind energy, and sporting goods, among others. When basalt is used as continuous fibers, it can lead to a new range of reinforced composites (plastic and concrete matrix). At present, basalt fiber as composites and non-composites is experiencing high demand in a number of applications such as thermal and sound insulation (basalt wool and engine insulation), pipes, bars, fittings, fabrics, structural plastics, automotive parts, concrete reinforcement (constructions), insulating plastics, and frictional materials.

"Construction & infrastructure the fastest-growing end-use industry of basalt fiber, in terms of value."
The construction & infrastructure is expected to grow at the highest CAGR during the forecast period. Basalt fibers and basalt fiber composites are extensively used in the construction industry for their insulation properties. Also, they are durable and do not corrode like steel or decay like wood, resulting in reduced maintenance and replacement costs. Basalt fiber composite materials are slowly replacing steel in the construction industry due to their unique combination of properties including high strength to weight ratio, chemical & corrosion resistance, low thermal conductivity, and zero electrical & magnetic conduction. Basalt fibers are used in assembled houses and structures, cold floor heating plate, fire partitions, firewalls, fire doors, and for other construction applications. These fibers are used in a number of forms such as reinforced rebars, pultruded load-bearing profiles, unidirectional, biaxial & triaxial basalt fabrics, basalt reinforcing meshes, and in basalt fiber reinforced concrete in the construction & infrastructure end-use industry.

"APAC is the fastest-growing basalt fiber market."
APAC is projected to register the highest CAGR in terms of value in the global basalt fiber market during the forecast period. The growing end-use industries such as construction & infrastructure, automotive & transportation, and wind energy are driving the basalt fiber market in the region. The region has a presence of many basalt fibers and its products manufacturers.

In 2020, due to COVID-19, , basalt fiber producers and numerous companies halted their production sites across various countries which has led to reduced demand for basalt fibers from the region. The recovery in the end-use industries with restoration in the supply chain is driving the basalt fiber demand during the forecast period.

This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories:
• By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
• By Designation- C Level- 50%, Director Level- 20%, and Others- 30%
• By Region- North America- 15%, Europe- 50%, Asia Pacific (APAC) - 20%, Latin America-5%, Middle East & Africa (MEA)-10%

The report provides a comprehensive analysis of company profiles listed below:
Zhejiang GBF Basalt Fiber Co. (China), JFE RockFiber Corp. (Japan), Mafic SA (Ireland), Technobasalt-Invest LLC (Ukraine), Russian Basalt (Russia), ISOMATEX SA (Belgium), INCOTELOGY GmbH (Germany), Sudaglass Basalt Fiber Technology (US), Shanxi Basalt Fiber Technology Co., Ltd (China), Mudanjiang Basalt Fiber Co. (China),

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• KamennyVek (Russia)
• Zhejiang GBF Basalt Fiber Co. (China)
• JFE RockFiber Corp. (Japan), Mafic SA (Ireland)
• Technobasalt-Invest LLC (Ukraine)
• Russian Basalt (Russia)
• ISOMATEX SA (Belgium)
• INCOTELOGY GmbH (Germany)
• Sudaglass Basalt Fiber Technology (US)
• Shanxi Basalt Fiber Technology Co., Ltd (China)
• Mudanjiang Basalt Fiber Co. (China)

Research Coverage:
This report covers the global basalt fiber market and forecasts the market size until 2027. The report includes the market segmentation - Form (Continuous, Discrete), Usage (Composites and Non-composites), End-use Industry (Construction & Infrastructure, Automotive & Transportation, Electrical & Electronics, Wind Energy, Marine, and Others) and Region (Europe, North America, APAC, Latin America, and MEA). Porter's Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global basalt fiber market.

Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways:
• This report segments the global basalt fiber market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
• The report helps stakeholders understand the pulse of the basalt fiber market and provides them with information on key market drivers, restraints, challenges, and opportunities.
• This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions.

Reasons to buy the report:
The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall basalt fiber market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

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