Basalt Fiber Market 2024 - 2032 - Booming by Recent Trends, Share, Applications And Major Players - ARMBAS, Basalt Engineering, LLC, Basaltex, Bastech

The global basalt fiber market is witnessing a steady surge, with a projected revenue CAGR of 8.6% during the forecast period, according to recent market research. The market, valued at USD 256 million in 2022, is being propelled by a myriad of factors, including the burgeoning demand for lightweight materials in automotive manufacturing and the increasing emphasis on durable infrastructure development.

Driving Forces

1. Automotive Sector: Original Equipment Manufacturers (OEMs) in the automotive industry are turning to basalt fibers to craft lightweight yet robust components. These fibers find applications in a wide array of automotive parts such as brake pads, panels, and tire covers. With the rising adoption of Electric Vehicles (EVs), basalt fibers are particularly sought after for their heat insulation properties, enhancing battery safety and lifespan.

2. Infrastructure Development: Basalt fibers are playing a crucial role in extending the longevity and durability of infrastructure projects worldwide. Their mechanical characteristics, including high thermal and corrosion resistance, make them ideal for reinforcing concrete. Basalt Fiber Reinforced Polymers (BFRP) are increasingly replacing steel in construction, offering superior strength and corrosion resistance.

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Market Challenges

Despite the promising growth trajectory, the market faces challenges stemming from the availability of substitutes such as steel, glass, nylon, and polypropylene. Additionally, the energy-intensive production process of basalt fibers presents cost challenges for manufacturers.

Segment Insights

1. Basalt Fiber Form:
• Continuous Form: This segment holds the largest revenue share in the market. Basalt Continuous Fiber (BCF) is utilized across various industries, including construction, composites, and aerospace, for its mechanical characteristics.

• Discrete Form: Although exhibiting moderate growth, discrete basalt fibers are witnessing increasing demand, especially in textile applications such as woven fabric production.

2. End-Use Applications:

• Automotive and Transport: Expected to dominate the market, driven by the demand for lightweight materials in automotive manufacturing, particularly in EV components

• Construction: Witnessing steady growth, fueled by the need for durable and resilient materials in infrastructure projects to accommodate the increasing urban population.

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Outlook
With the global urban population projected to reach 68% by 2050, the demand for basalt fibers in construction and automotive sectors is expected to escalate further. However, addressing challenges related to substitutes and production costs will be crucial for sustained market growth.

Basalt Fiber Top Companies and Competitive Landscape

The global basalt fiber market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions.

Some major players included in the global basalt fiber market report are:
• ARMBAS
• Basalt Engineering, LLC
• Basaltex
• Bastech
• Deutsche Basalt Faser GmbH
• Tarmac holdings limited
• Fiberbas Construction and Building Technologies
• JiLin Tongxin Basalt Technology Co., Ltd.
• Kamenny Vek
• Isomatex
• Technobasalt Invest

Basalt Fiber Latest Industry News

• On 7 December 2022, Tarmac Holdings Limited, a prominent player in the basalt fiber market started a trial to use low carbon reinforced concrete for highways. The company collaborated with construction and development company Skanska AB to incorporate low carbon concrete and basalt fiber reinforcement for highway construction project of USD 196 Million.

• On 12 July 2021, Mafic U.S.A announced its plans to double production capacity at its continuous basalt fiber manufacturing facility in Shelby, N.C. to meet rising demand.

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Basalt Fiber Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global basalt fiber market on the basis of form, usage, end-use, and region:

• Form Outlook (Revenue, USD Million; 2019-2032)
o Continuous
o Discrete

• Usage Outlook (Revenue, USD Million; 2019-2032)
o Composites
o Non-Composites

• End-use Outlook (Revenue, USD Million; 2019-2032
o Construction
o Automotive
o Marine
o Industrial
o Others

• Regional Outlook (Revenue, USD Million; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
o Rest of APAC
1. Latin America
2. Brazil
3. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

About the Report

The market analysis was conducted based on comprehensive research, encompassing key drivers, challenges, and segment insights to provide stakeholders with actionable intelligence for informed decision-making.

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