Basalt Fiber Market Research Report - Forecast till 2030

Basalt Fiber Market: Information by Form (Continuous and Discrete), Product Type (Roving, Chopped Strands, Fabric, Mesh and Grid, Mats and others), End-Use Industry (Construction, Automotive, Aerospace & Defense, Electrical and Electronics, Chemical, Marine and others) and Region (North America, Europe, Latin America, Asia-Pacific and Middle East & Africa) - Forecast till 2028

ID: MRFR/CnM/6435-HCR | February 2023 | Region: Global | 140 Pages         

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Basalt Fiber Market

Smart Coatings Market is projected to be worth USD 544.3 Million by 2028, registering a CAGR of 10.5% during the forecast period (2021 - 2028).

Form Continuous Discrete
Product Type Roving Chopped Strands Fabric Mesh Grid Mats
End-Use Industry Construction Automotive Aerospace & Defense Electrical and Electronics Chemical Marine
Key Players
Companies Profiled   Kamenny Vek (Russia)   Galen Ltd (Russia)   Technobasalt Invest LLC (Ukraine)   Albarrie Canada Limited (Canada)   Zhejiang GBF Basalt Fiber Co. Ltd (China)   Sudaglass Fiber Technology (China)   Mafic SA (Ireland)   Shanxi Basalt Fiber Technology Co. Ltd (China)   Basaltex (Belgium)   Jiangsu Tianlong Continuous Basalt Fiber Co. Ltd (China)   INCOTELOGY GmbH (Germany)   Mudanjiang Basalt Fiber Co. Ltd (China)
Market Driving Forces   Increasing adoption in an array of applications across various end-use industries such as automotive construction marine aerospace & defense and chemical.
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Basalt Fiber Market Overview

As indicated by a report by Research and Markets, the worldwide basalt fiber market is expected to reach over USD 544.3 million by 2028, with a CAGR of 10.5% during the forecast period.

Basalt filaments, a sort of fiber-supported polymer produced using basalt strands containing minerals like pyrite, olivine, and plagioclase, are produced using incredibly fine basalt filaments. Stone strands are moderately new in the realm of fiber-built-up polymers, yet they have in short order arisen as an intense contender to glass, carbon, and aramid filaments. Notwithstanding its high rigidity, basalt fiber displays great consumption obstruction against basic, acidic, and salt arrangements, making it a brilliant material for concrete, coastline constructions, and scaffolds. In an assortment of utilizations like line, tank, and chamber winding, basalt filaments are a minimal expense option in contrast to carbon strands. Moreover, basalt filaments have been utilized as flame-resistant materials in aviation and auto businesses because of their hotness opposition and superb shock obstruction.

As per industry experts, interest in basalt fiber will flood as it is progressively embraced in applications across different ventures including auto, compound, development, marine, and aviation, and guard. In 2018, the greater part of the complete basalt fiber market was represented by the development and car businesses. Also, the development area is projected to develop at the quickest rate. It is logical because of better mechanical properties, synthetic opposition, and hotness obstruction of basalt strands instead of steel fortifications. Likewise, the developing requirement for lightweight composite materials in the auto business is another central point driving the worldwide basalt fiber market.

It is hard to track down unrefined components and produce basalt fiber because of the restricted accessibility of natural substances. A considerable measure of rivalry comes from composite filaments like fiberglass, like basalt fiber.

COVID-19 Analysis

This report targets offering a more far-reaching investigation and viewpoint across the Basalt Fiber industry. The reason for the report is that the Basalt Fiber market size presents an alluring development opportunity in post-COVID-recuperation in the short to medium-term future. The worldwide Basalt Fiber market has been arranged on type, application, and country.

Competitive Landscape

Basalt fibers are marketed across the world by several key companies, including 

  • Kamenny Vek (Russia),

  • Galen Ltd (Russia),

  • Technobasalt Invest LLC (Ukraine),

  • Albarrie Canada Limited (Canada),

  • Zhejiang GBF Basalt Fiber Co., Ltd (China),

  • Sudaglass Fiber Technology (China),

  • Mafic SA (Ireland),

  • Shanxi Basalt Fiber Technology Co., Ltd (China),

  • Basaltex (Belgium),

  • Jiangsu Tianlong Continuous Basalt Fiber Co. Ltd (China),

  • INCOTELOGY GmbH (Germany),

  • Mudanjiang Basalt Fiber Co., Ltd (China),

  • Russian Basalt LLC (Russia),

  • HDM (Germany), and

  • Arrow Technical Textiles Private Limited (India).

Market Dynamics

Driver: Increase the popularity of non-destructive materials

Expanding reception in a variety of uses across different end-use enterprises, for example, auto, development, marine, aviation and guard, and compound. Interest for non-destructive items keeps on expanding in the development business as it assists with lessening the expense and increasing the existence of designs made utilizing them. The utilization of consumption-free basalt fiber composite bars as support for concrete is one of these turns of events. Basalt composites are non-destructive, comprise 80% filaments, and have an elasticity multiple times that of the steel bar regularly utilized in building development. The Basalt filaments confer solidarity to the rebar while the tar holds the strands immovably. In contrast with steel rebar, BFRP (basalt fiber supported plastic) rebar altogether works on the existence of structural designing constructions where consumption is a central point.

Restraints: Competition with created things

Basalt fiber is by and large used in developing and system applications. Notwithstanding the way that basalt fiber's preferred properties broke down over E-glass fiber and S-glass fiber, it isn't used monetarily in various applications. There is massive potential for basalt fiber in marine, vehicle and transportation, flying and security, open-air supplies, and wind applications. In any case, given a shortfall of clarity concerning the usage of basalt fiber, glass fiber is at this point the most adored material.

OpportunityGrowing reception of harmless to the ecosystem and recyclable material

The interest for harmless to the ecosystem and effectively recyclable fiber and fiber-supported composites items is expanding because of new severe government rules and guidelines. Numerous buyers also really like to utilize recyclable items which don't hurt the climate.

Created nations including Germany, the US, and Japan are zeroing in on the utilization of harmless to the ecosystem items rather than oil-based items. Europe demands the utilization of bio-based materials, empowering recyclability of vehicle parts, or making the auto producers answerable for removal toward the finish of vehicles' administration life. The Japanese Government has an objective of supplanting 20% of plastic use with sustainable items by 2020. These guidelines are relied upon to expand the utilization of normal fiber composites, for example, basalt fiber in auto and transportation, development and framework, electrical and gadgets, and opposite end-use ventures.

ChallengeDifficulty in the advancement of basalt fiber

Basalt fiber is a somewhat new material in the fiber and underlying composites industry. The cost of basalt filaments is somewhat higher than those made of E-glass however not exactly that of S-glass, aramid, or carbon fiber. As worldwide creation expands, its expense of creation ought to decrease in the coming years. There are some specialized intricacies in the creation of basalt fiber which makes hardships for the item to rival other developed items. There are various benefits of basalt fiber over customary glass fiber; be that as it may, it isn't suggested by the state-run administrations and no drives have been taken by different offices to foster this industry. There are not many nations, for example, Russia, China, the US, Germany, Belgium, and Ukraine zeroing in on the further extension of basalt fiber yet rising economies like Brazil, India, and others don't enlist any drives in this market. Makers are attempting to advance the utilization of basalt fiber all alone in different enterprises by going to a few shows and composites meetings.

Technology Analysis

A key procedure utilized by players in the Basalt Fiber Market is to dispatch new advancements, gain organizations, and direct innovative work.

Market Segmentation

The worldwide basalt fiber market has been fragmented dependent on structure, item type, end-use industry, and locale.

Based on structure, the worldwide basalt fiber market has been sorted as ceaseless, and discrete.

Given item type, the worldwide basalt fiber market has been compartmentalized into a meandering, hacked strands, texture, cross-section and framework, mats, and others.

By end-use industry, the worldwide basalt fiber market has been partitioned into development, auto, aviation and protection, electrical and hardware, compound, marine, and other the worldwide basalt market has been isolated, based on area, into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.

Target Audience

  • Manufactures of basalt fibers

  • Raw material suppliers

  • Aftermarket suppliers

  • Fiberglass fabric manufacturers

  • Potential investors

Regional Analysis

The basalt fiber market was ranked in five main regions: Asia Pacific, North America, Latin America, Europe, the Middle East, and Africa.  Experts predict that Europe will be the leader in basalt fiber production by 2028.  In the European market for basalt fiber, Russia is one of the leading producers and suppliers of the material. North America is expected to become another notable player in the market over the next few years.  As lightweight composite materials become popular in the automobile industry, the demand for basalt fiber is expected to grow significantly.  The growth of basalt fiber is anticipated to be high in Asia-Pacific.  As the demand for SAP services grows in Asia-Pacific, many companies are venturing into the market.  Construction is expected to drive the majority of the growth in the Middle East and Africa during the forecast period.  Several industries are growing steadily in Latin America, including automotive, aerospace, and electrical.

Recent Developments

Michelman (US) and Mafic SA have entered into a partnership in December 2017 to develop products based on basalt fibers.

The company has begun producing 2000 tex direct basalt fiber roving since June 2017. Direct rovings are highly effective in high tex applications owing to their low cost, high mechanical properties, and zero catenaries.

Report Overview

The report stipulates a detailed analysis of the Basalt Fiber Market Size and helps to understand the Basalt Fiber Market Growth for investors to make informed decisions. The Basalt Fiber Market Value and basalt fiber market share have a growth potential in several industries. The report also gives a proper competitive landscape and helps to understand the industry well.

Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2024: USD 102.4 Million
  • 2028: USD 544.3 Million
  •   CAGR   10.5 %(2022-2028)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   By Product Type, Form, End-Use Industry and Region
      Geographies Covered    North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Kamenny Vek (Russia), Galen Ltd (Russia), Technobasalt Invest LLC (Ukraine), Albarrie Canada Limited (Canada), Zhejiang GBF Basalt Fiber Co., Ltd (China), Sudaglass Fiber Technology (China), Mafic SA (Ireland), Shanxi Basalt Fiber Technology Co., Ltd (China), Basaltex (Belgium), JiangSu Tianlong Continuous Basalt Fiber Co. Ltd (China), INCOTELOGY GmbH (Germany), Mudanjiang Basalt Fiber Co., Ltd (China), Russian Basalt LLC (Russia), HDM (Germany), and Arrow Technical Textiles Private Limited (India).
      Key Market Opportunities   The construction industry is expected to be the fastest-growing during the forecast period.
      Key Market Drivers   Increasing adoption in an array of applications across various end-use industries such as automotive, construction, marine, aerospace & defense, and chemical.

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    Frequently Asked Questions (FAQ) :

    Through the forecast period of 2021-2028, the Basalt Fiber Market is forecast to grow at a CAGR of 10.5%.

    Technobasalt Invest LLC (Ukraine), Galen Ltd (Russia), Kamenny Vek (Russia), Albarrie Canada Limited (Canada), Zhejiang GBF Basalt Fiber Co., Ltd (China), Mafic SA (Ireland), Sudaglass Fiber Technology (China), Shanxi Basalt Fiber Technology Co., Ltd (China), 

    It is the European region that dominates the global basalt fiber market.

    The basalt fiber market is expected to reach over USD 544.3 million by 2028