Basalt fiber market worth $517 million by 2027
CHICAGO, July 12, 2022 /PRNewswire/ — According to the new market research report “Basalt Fiber Market By Use (Composites, Non-Composites), End-Use Industry (Construction & Infrastructure, Automotive & Transportation, Wind Energy, Electrical & Electronics, Marine) & Region – Global Forecast to 2027″, published by MarketsandMarkets™, the global basalt fiber market size is expected to grow from $286 million in 2022 at $517 million by 2027, at a CAGR of 12.5% over the forecast period. The basalt fiber industry is growing due to the increase in demand for environmentally friendly materials with properties such as high strength to weight ratio, good tensile strength, electrical conductivity, among others. In addition, government stimulus packages and the recovery of end-use industries are fueling the demand for basalt fiber globally.
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Based on type of use, composites led the basalt fiber market in terms of value and volume.
On the basis of shape, the basalt fiber market is categorized into two types: continuous basalt fiber and discrete basalt fiber. Continuous basalt fibers are long fibers and find applications in the manufacture of fabrics, yarns and ribbons, among others. Discrete basalt fibers are also called staple fibers. These fibers are available as cut strands of smaller lengths. They are used in the manufacture of mesh, felts and concrete reinforcement, among others.
But, due to the lockdown situation that has arisen due to COVID-19, many floor workers have been unable to work in the manufacturing facilities, resulting in reduced basalt fiber production. Thus, the demand for basalt fiber has decreased in 2020.
The automotive and transportation end-use industry accounted for the largest market share in the global basalt fiber market during the forecast period in terms of value.
Based on end-use industry, the basalt fiber market is segmented into construction & infrastructure, automotive & transportation, marine, electrical & electronics, wind power, and others. New applications for basalt fiber are still emerging in various end-use industries due to efforts and investments being made to bring new applications to market at low cost.
The automotive and transportation industry requires basalt fibers in brake pads, mufflers, headliners and other interior applications. This demand is mainly due to the superior mechanical, physical and chemical properties of basalt fiber.
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APAC is expected to account for the largest market share in the basalt fiber market over the forecast period.
APAC is the largest market for basalt fiber. Major international players are exploring opportunities in the region owing to cheap labor, raw materials and high demand from various end-use industries, such as automotive and transportation, construction and infrastructure, electricity and electronics, marine and wind energy.
The major market players are Kamenny Vek (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 (USA), Shanxi Basalt Fiber Technology Co., Ltd (China), Mudanjiang Basalt Fiber Co. (China), among others.
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