Basalt Fibre Market Value to Grow by Almost US$ 661.3 Mn During 2022-2032
The global basalt fiber market is anticipated to reach a value of US$ 661.3 Mn by the end of 2032. There is a significant rise in demand for basalt fibre from the construction industry as a non-corrosive material and growing awareness about the various advantages of basalt fibre, such as enhanced mechanical, physical, and chemical properties. The adoption of basalt fibre as a sustainable replacement for plastic fibre among various end-use industries is considerably boosting its sales.
The market for basalt fibres has been significantly influenced by certain demographic factors, macro-economic factors, and certain innovation factors, including urbanization, development in the building and construction industry, increasing vehicle production, rising demand for environmentally friendly products, and technological advancements in the automobile and aircraft industry. The construction sector is expected to hold a prominent share of the global basalt fibre market.
Due to new stringent government rules and regulations, the demand for environmentally friendly and easily recyclable fibre and composite products is increasing drastically. Many consumers prefer to use recyclable products that do not harm the environment. Developed countries such as the US, Japan, and Germany are at the forefront of the use of environmentally friendly products rather than petroleum-based products.
These regulations, combined with end-user demand for environmentally friendly products, are encouraging manufacturers to use natural fibre composites, including basalt fiber, in construction and infrastructure, automotive and transportation, electrical and electronics, marine, and other end-use industries.
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Innovations leading to more efficient and cost-effective production technologies of basalt fibres are expected to create new opportunities in the foreseeable future. To increase basalt fibre production capacity, some manufacturers are shifting from complex and inefficient manufacturing processes to Technology 2.0.
“Growing production advancements such as generation 2.0 production technology, 3-D printing, and the introduction of efficient and environmentally friendly products for end-users are expected to create a significant opportunity for basalt fibre manufacturers,” says an FMI analyst.
- The global market for basalt fibre is projected to witness a CAGR of 6% during the period of 2022 and 2032.
- Significant growth in end-use industries such as construction, automotive, and aerospace is boosting basalt fibre market demand.
- China is anticipated to remain one of the prominent countries in the global market for basalt fibre.
- By product type, the continuous basalt fibre segment is expected to remain one of the fastest growing segments, and is estimated to account for about 63.1% of the overall market size in 2021.
- The construction and automotive segments are expected to remain key end-use industries for the consumption of basalt fibre with a combined market share of more than 75% in 2021.
The market for basalt fibre is estimated to be a consolidated market, where key players are expected to account for a significant share of the market.
ASA.TEC GmbH, Basaltex, Technobasalt-Invest, LLC, Sudaglass Fiber Technolog, Galen LLC, Kamenny Vek Basfiber, MAFIC SA, Zhejiang GBF Basalt Fiber Co. Ltd., Sichuan Aerospace, Tuoxin Basalt Industrial Co. Ltd., Togliattiazot, Shanxi Basalt Fiber Technology Co. Ltd., HG GBF Basalt Fiber Co. Ltd., and many others are some of the manufacturers of basalt fibre profiled in the full version of the report.
Key players are focusing on expanding their production capacity to increase their market presence all over the globe and to gain maximum traction in the market. In order to secure long-term demand, top players are also entering into long-term supply agreements with key end-use industries. For instance, in August 2020, Mafic USA partnered with Materials Group to increase the use of basalt fibre in the automotive industry. The companies are aiming to supply basalt fibre to auto OEMs and their tier one manufacturing suppliers as sustainable products.
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Basalt Fibre Market Segmentation
By Product Type:
- Continuous Basalt Fibers
- Super Thin Basalt Fibers
- Staple Thin Basalt Fibers
- Basalt Scale & Materials
- Non Composite
By End-Use Industry:
- Power Generation
- Electric & Electronics
- Wind Turbines
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