Vancouver, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global basalt fiber market size was USD 256 Million in 2022 and is expected to register a rapid revenue CAGR of 8.6% during the forecast period. The surge in demand for basalt fibers is attributed to their widespread application in the automotive and construction sectors. Automotive Original Equipment Manufacturers (OEMs) are increasingly turning to basalt fibers to create lightweight components without compromising strength, fostering a rapid shift towards Electric Vehicles (EVs), and enhancing safety in battery operation.
The automotive and transport segment is poised to capture a substantial share of the global basalt fiber market. With the automotive industry integrating basalt fibers into various components such as brake pads, clutch plates, and CNG cylinders, the market is responding to the rising demand for lightweight and durable solutions. The segment's growth is further fueled by the adoption of basalt fibers in Electric Vehicle (EV) components, where their mechanical strength and resistance to high temperatures contribute to overall vehicle lightness.
The construction segment is anticipated to witness steady growth, driven by the increased use of basalt fibers. Renowned for their high elastic modulus, fire resistance, and acid resistance, basalt fibers are employed as reinforcement materials in construction, extending the longevity and durability of structures. As global urbanization trends rise, the demand for sustainable construction materials is expected to further boost the adoption of basalt fibers in the construction sector.
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Asia Pacific secured the largest revenue share in 2022, with the adoption of basalt fibers on the rise in construction and automotive applications. The region is witnessing a surge in infrastructure projects incorporating basalt fibers as a sustainable material. India, expected to become the third-largest construction market globally, is a key player in driving the market's growth. Additionally, the wind energy industry's rapid expansion, with China leading in wind capacity additions, contributes significantly to the market's success.
North America, the second-largest market in 2022, showcases rapid growth in the automotive industry. With basalt fibers playing a pivotal role in various automotive components, the region benefits from a robust market. Government initiatives, like the USD 12 billion funds granted for EV production, further propel the market. In Europe, the automotive industry's significant contribution to the Gross Domestic Product (GDP) and the rapid growth of wind energy installations position the continent for the fastest revenue growth rate in the basalt fiber market.
Challenges and Opportunities:
While the basalt fiber market experiences substantial growth, challenges such as easily available substitutes, including steel, glass, nylon, and polypropylene, pose a threat. Limited awareness and the cost-effectiveness of substitutes hinder the market's potential. Additionally, the energy-intensive production process of basalt fibers may restrain revenue growth.
Form and Application Insights:
- Continuous Form Dominates: The continuous form segment claimed the largest revenue share in 2022. Basalt Continuous Fiber (BCF) finds extensive use in construction, composites, and the aircraft industry, contributing to its dominance.
- Discrete Form on the Rise: The discrete form segment, manufactured from fine fibers of basalt, shows promising growth, driven by its application in textiles, particularly in woven fabric production.
Outlook and Future Prospects:
As the global basalt fiber market continues to flourish, driven by the automotive and construction sectors' increasing adoption, stakeholders are encouraged to explore sustainable solutions. The market's future promises continued growth, propelled by innovation and a shift towards environmentally conscious practices.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 256 Million |
| CAGR (2023–2032) | 8.6 % |
| Revenue Forecast To 2032 | USD 586 Million |
| Base Year Of Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotonnes, and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Form, usage, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | ARMBAS, Basalt Engineering, LLC, Basaltex, Bastech, Deutsche Basalt Faser GmbH, Fiberbas construction and building technologies, JiLin Tongxin Basalt Technology Co., Ltd., Kamenny Vek, Isomatex, basaltworldcorp.com, Technobasalt Invest, and Tarmac Holdings Limited |
| Customization Scope | 10 hours of free customization and expert consultation |
Major 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
Strategic Development
- 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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Segments Covered in Report
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)
- Continuous
- Discrete
- Usage Outlook (Revenue, USD Million; 2019-2032)
- Composites
- Non-Composites
- End-use Outlook (Revenue, USD Million; 2019-2032
- Construction
- Automotive
- Marine
- Industrial
- Others
- Regional Outlook (Revenue, USD Million; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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