Continuous Basalt Fiber Market Size, Share, Trends, Growth and Forecast 2028

Market Overview

The global continuous basalt fiber market accounted for USD 136 Million in 2020 and is expected to reach USD 360 Million by 2028, growing at a CAGR of 11.3% from 2021 to 2028.

Basalt fibers are fine basalt fibers that comprise minerals plagioclase, olivine, and pyroxene. Basalt fibers exhibit similar properties to that of fiberglass, along with higher physical and mechanical characteristics. Basalt fibers are primarily utilized as fireproof textile material in various industries including automotive, transportation, aerospace, and construction. Continuous basalt fibers are manufactured from basalt rock with uses in composites and construction industry.

Continuous basalt fibers are utilized in an array of applications such as constructional materials, heat isolation material, composite materials, sound isolation materials, and electro-insulation materials. Continuous basalt fibers are seen as substitute for glass fiber as these have higher strength and chemical and temperature stability. 

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COVID-19 Impact Analysis

The global continuous basalt fiber market growth was hindered during COVID-19 crisis in 2020 pertaining to travel and trade restrictions imposed by governments. Such trade and operational restrictions have hampered the production output of industries like construction, electronics, automotive, and transportation. Significant decrease in the production from different industries has hampered the demand for continuous basalt fiber, in turn, hindering market growth. However, easing trade and lockdown restrictions are expected to boost industrial production and trade worldwide, which likely to stimulate market growth.

Growth Factors

Increasing demand for high strength and durable materials from industries like construction, building, and composite has driven the adoption of innovative materials. There has been increasing demand for chemical and temperature resistant fibers for producing sound and heat isolation materials and fire-resistant materials. Growing construction industry worldwide owing to rising investment in infrastructure and commercial and industrial construction activities in urban areas has bolstered the demand for continuous basalt fiber market growth.

Continuous basalt fibers are also used for building heat and sound insulation in automotive, aerospace, and power industries. Rise in the number of vehicles sales has accelerated the demand for raw materials required for constructing insulation. Increase in the production output of automotive and aerospace sectors should augment the demand for basalt fibers. Further, there has been significant growth in the consumption of low-cost fibers that can be used as substitute for carbon fibers and fiberglass, which may also stimulate the continuous basalt fibers market growth.

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Application Segment Analysis Preview

In terms of applications, the molded materials segment held a majority of the market in 2020. Continuous basalt fibers are utilized in manufacturing of wide range of materials where chemical and temperature stability and high physical strength. There has been increase in the consumption of high strength and low weight materials has soared in various industry verticals due to growing use of high-quality products. This trend is expected to boost market growth in molded material applications.

The building and constructions segment is expected to record the highest growth rate over the forecasted period 2020-2028. Continuous basalt fibers are used in construction applications for increasing tensile strength of temperature filters, reinforcing nets, and geo textiles. Rising use of continuous basalt fibers in building and construction applications is attributable to growth in the construction of commercial buildings, roads, and highways, which has driven the use of geo textiles and composite materials. These trends are expected to generate new opportunities for the global market.

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Regional Analysis Preview

The Asia Pacific region dominated the global continuous basalt fiber market in 2020, accounting for a market share of 55%. Rising urbanization in developing countries such as India and China proliferated the demand for construction materials in the region. This growth in the demand for construction materials should propel market growth. Moreover, rising investment in developing infrastructure and facilities have also driven the demand for reinforcement materials and geotextiles. This growth in the consumption of reinforcement materials and geotextiles is likely to contribute to the market growth.

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North American region constituted the second-largest share a market share in the global continuous basalt fiber market in 2020. There has been rapid adoption of high-quality materials in various industry verticals such as aerospace, automotive, composites, and construction has been a major growth driving factor for the North America continuous basalt fiber market.

Key Market Players & Competitive Landscape

Some of key players in continuous basalt fiber market are Zhejiang GBF Basalt Fiber Co., LTD, Sudaglass and Basaltex NV., Technobasalt Invest LLC, Mudanjiang Jinshi Basalt Fiber Co., Ltd., Kamenny Vek, Ltd, Shanxi Basalt Fibre Technology Co., Ltd, Yingkou Hongyuan Fiberglass Technology Co., Mafic SA, and Technobasalt Invest LLC.

The global continuous basalt fiber market is segmented as follows:

By Application Type

• Molded Materials
• Transportation
• Electronics
• Building & Construction
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa