The report "Basalt Fiber Market by Usage (Composites, Non-Composites), End-Use Industry (Construction & Infrastrastructure, Automotive & Transportation, Wind Energy, Electrical & Electronics, Marine), Form (Continuous, Discrete) and Region - Global Forecast to 2027" is expected to grow from USD 287 million in 2022 to USD 517 million by 2027, at a CAGR of 12.5% during the forecast period. The growing adoption of environmentally and easily recyclable materials acts as a major growth opportunity for the market. However, competition with matured products such as E-glass is restraining the market growth. Factors such as complex manufacturing process, high cost compared to E-glass fibers, and promotion of basalt fiber for greater use are challenging the market growth.
Browse 166 market data Tables and 37 Figures spread through 170 Pages and in-depth TOC on "Basalt Fiber Market by Usage (Composites, Non-Composites), End-Use Industry (Construction & Infrastrastructure, Automotive & Transportation, Wind Energy, Electrical & Electronics, Marine), Form (Continuous, Discrete) and Region - Global Forecast to 2027"
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Continuous form of basalt fiber comprise a major share of the basalt fiber market in terms of value and volume.
Continuous basalt fibers account for the major share of the overall basalt fiber market. Basalt fibers are used as composites and non-composites. These fibers are used more in composites compared to non-composites due to the growing demand for lightweight, high-strength, and cost-effective materials. The high demand for basalt fiber is due to its unique properties such as non-corrosiveness, heat & fire resistance, and high mechanical strength.
Based on the usage type, composites dominated the basalt fiber market in terms of both, value and volume.
Composites and non-composites are the two major usage types of basalt fibers. Composites basalt fibers are preferred over non-composites and are used in several applications in industries such as automotive & transportation, sporting goods, wind energy, construction & infrastructure, and pipes & tanks. These composites offer properties such as high strength and lightweight.
The automotive & transportation end-use industry accounted for the largest market share in the global basalt fiber market during the forecast period in terms of value.
Basalt fibers have shown good mechanical and physical properties over conventional E-glass and close to S-glass and carbon fibers. To reduce the cost of sheet molding compounds (SMC) and bulk molding compounds (BMC) parts while maintaining high strength and stiffness, the automotive & transportation industry is looking at basalt fiber as a good option over conventional E-glass. Advanced basalt fibers have over 150°C more heat resistance than regular glass fibers, and hence its woven fabrics and mats are suitable for applications such as heat and sound insulation of car interior and engine parts.
APAC is expected to account for the largest market share in the basalt fiber market during the forecast period.
Asia Pacific is one of the leading basalt fiber markets. The growth of end-use industries such as construction & infrastructure, automotive & transportation, and wind energy are driving the basalt fiber market in the region. The region has many manufacturers of basalt fibers and its products. China accounted for the major share of the Asia Pacific basalt fiber market and is projected to register the highest CAGR during the forecast period. The rising awareness among Chinese manufacturers regarding basalt fiber and the increasing demand for environmentally friendly and high-performance materials is driving the basalt fiber market in China.
The key players in the market include 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 (US), Shanxi Basalt Fiber Technology Co., Ltd (China), Mudanjiang Basalt Fiber Co. (China), among others.
These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the basalt fiber market. These players have taken different organic and inorganic developmental strategies over the past five years.
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