Basalt Fiber Market by Type (Composites and Non-Composites), End-Use Industry (Construction & Infrastructure, Automotive & Transportation, Electrical and Electronics, Wind Energy, Marine, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026352 | Pages: 100 | Industry: Chemicals and Materials | Date: Sep 2022 | Type: Global

The market crossed US$ 285 million mark in 2022 and is expected to hit US$ 715 million by 2030, recording a CAGR of 12% during the forecast period.

 

Increasing basalt fiber’s usage in building and construction activities to drive market growth.

Increasing basalt fibres’ usage in the manufacturing of concrete reinforcement applications is expected to drive the market growth. Furthermore, increase in the number of residential and commercial infrastructural facilities requiring the usage of basalt fibre-based composites is likely to support the material’s demand globally. In addition, cost-effectiveness and higher tensile & compressive strength of basalt fibre-based reinforcement over other concrete resin types is anticipated to support the market growth.     

Within the report, the market is segmented into type, end-use industry, and geography. By type, the market is further segmented into composites and non-composites. By end-use industry, the market is segregated into construction & infrastructure, automotive & transportation, electrical and electronics, wind energy, marine, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Rising adoption of naturally sourced composites among construction builders to drive market

Basalt fibers are composed of various naturally sourced minerals such as pyroxene, olivine, plagioclase, etc. Increasing adoption of the eco-friendly material-based composite materials among construction builders is expected to offer newer market growth opportunities.  Furthermore, governmental focus of increasing the utilization of bio-degradable, recyclable materials for construction industries is likely to favor the market growth globally. 

Rising basalt fiber’s usage in various industries to drive glass basalt fiber market growth.

Basalt fiber is used in various industries such as construction & infrastructure, automotive & transportation, electrical and electronics, wind energy, marine, and others. Increasing basalt fibers’ usage as heat & sound insulation material and anticorrosion & protective coating in automotive industry is expected to drive the automotive & transportation segmental growth. Furthermore, rising basalt fiber’s usage as a heat resistant insulating material in electronic circuit boards is anticipated to favor the material’s demand globally. Increasing material’s usage in other industries such as wind energy, marine, and others is also supporting the market growth.

 

Recent strategic developments in basalt fiber market

The basalt fiber market has undergone several significant developments, and a few of these have been mentioned below:

  • In April 2021, Kamenny Vek, a Russian basalt fiber manufacturer started producing direct roving 22-2400                basalt fiber in Russia.  
  • In July 2020, Mafic USA expanded its basalt fiber production facility in Shelby, California, US.

The basalt fiber market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Kamenny Vek Company, Fiberbas Construction and Building Technologies, Hydro Design Management Co. Pvt. Ltd., Hg Gbf Basalt Fiber Co., Ltd, Bastech are among the prominent players operating in the market.

Target audience for the report:

  • Basalt fiber manufacturers
  • Basalt fiber suppliers
  • Basalt fiber dealers and exporters
  • Chemical industry-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • End users of basalt fiber
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Type:
    • Composites
    • Non-Composites
  • End-Use industry:
    • Construction & Infrastructure
    • Automotive & Transportation
    • Electrical and Electronics
    • Wind Energy
    • Marine
    • Others  
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
  • Kamenny Vek Company
  • Fiberbas Construction and Building Technologies
  • Hydro Design Management Co. Pvt. Ltd.
  • Hg Gbf Basalt Fiber Co., Ltd.
  • Bastech  

Companies profiled
- Kamenny Vek Company
- Fiberbas Construction and Building Technologies
- Hydro Design Management Co. Pvt. Ltd.
- Hg Gbf Basalt Fiber Co., Ltd.
- Bastech

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