Basalt Fiber Market

Basalt Fiber Market Overview

Basalt Fiber Market accounted for 316.2 million in 2024 and is estimated to be US$ 607.9 million by 2034 and is anticipated to register a CAGR of 7.4%.

Basalt Fiber Market Trends

Rising Demand for Sustainable Building Materials Boosts Basalt Fiber Market

The market is experiencing a significant trend towards sustainable building and construction materials. There is a strong demand in the construction and infrastructure industry for buildings that are environmentally friendly and promote green practices. These buildings prioritize the well-being of occupants and minimize negative impacts on the environment. By improving indoor environmental quality and reducing the adverse effects of construction, maintenance, operation, and disposal, they contribute to a healthier living environment for both humans and nature. The increasing popularity of sustainable building materials has led to the utilization of basalt fiber in construction activities. Basalt fiber is easily recyclable and helps minimize the impact of the built environment on human health.

Furthermore, the incorporation of basalt fiber in construction also aids in reducing waste. Basalt fiber products are known for their durability, cost-effectiveness, and biodegradability. Despite the harmful effects of glass and steel on the environment, their usage surpasses that of basalt fibers due to their lower cost and wider range of applications. Globally, basalt fiber accounts for only one-third of the usage of glass and steel fibers in the construction industry. However, the increasing demand for sustainable building and construction materials is expected to drive market growth in the forecast period.

Basalt Fiber Market

Size, by Product, - (USD Billion)

Chopped Fiber

Twisted Roving

Twistless Roving

Other Products

The Market will Grow

At the CAGR of:

7.4%

The Forecast Market

Size for in USD:

$607.9 million

Basalt Fiber Market Dynamics

Driver

Use of basalt Fiber in manufacturing of prosthetics

Basalt Fiber is increasingly being recognized for its strength and durability, making it a preferred choice in prosthetics and orthotics. One notable example is Coyote Design in Boise, Idaho, U.S., known for its innovative 'definitive sockets' made from composite materials. Unlike carbon fiber polymer composites, which were criticized for being too rigid and prone to cracking, basalt fiber reinforced polymer (BFRP) has enhanced flexural properties and significantly reduced the failure rate of prostheses.

Restraint

High cost of product & complex manufacturing process

Basalt fiber is a novel material that currently carries a higher price tag compared to E-glass, carbon fiber, or aramid. However, as the global production of basalt fiber increases, it is anticipated that the cost of production will decrease in the near future. Due to its opaque nature, basalt is more challenging to heat uniformly than glass, requiring manufacturing adjustments such as prolonging the retention of molten material in a reservoir or implementing a two-stage heating system. Unlike transparent glass, opaque basalt absorbs rather than transmits infrared light, making it difficult for ordinary glass furnace overhead gas burners to consistently heat the basalt mixture. To address this issue, producers have employed various methods to ensure even heating, such as immersing electrodes in the bath. Additionally, a two-stage heating system with separately regulated heating systems in different zones is utilized. The temperature control system in the in-furnace outflow zone that supplies the extrusion bushings requires precise accuracy, while the initial heating zone may utilize a simpler control system. These technical challenges in basalt fiber production are currently impeding the market's revenue growth.

Opportunities

Growing Adoption of Environment-Friendly and Recyclable Materials

The market for basalt-fiber-reinforced plastic is set to experience significant growth as a result of the thriving construction of residential buildings, backed by low interest rates on home loans and government incentives. Basalt-fiber-reinforced plastic, known for its impressive tensile strength and lower density in comparison to steel, plays a crucial role in reducing the overall weight of construction frameworks. Various industries such as construction, automotive, electronics, marine, and wind energy are progressively incorporating this material into their products. The demand for environmentally-friendly and recyclable fiber-reinforced composites is on the rise, with governments promoting the use of eco-friendly materials due to their minimal environmental impact and lack of harmful substances during production. Developed nations like Germany, the U.S., and Japan are transitioning towards sustainable goods, with Europe specifically highlighting the importance of utilizing bio-based materials and recycling vehicle components, thereby ensuring that automotive manufacturers are responsible for the disposal of end-of-life products.

Basalt Fiber Market

Share, by end user, (USD Billion)

3.16 million%

Construction

Fire Control

Automobile

Military

Other End-Users

607.9 million

Total Market Size

USD (Billion),

7.4%

CAGR

-

Basalt Fiber Market Segments

• Segmentation by type

1.     Chopped Fiber
2.     Twisted Roving
3.     Twistless Roving

• by application

1.     Construction
2.     Fire Control
3.     Automobile
4.     Aerospace
5.     Military
6.     Shipbuilding
7.     Others

• by product

1. Fabric
2. Roving
3. Chopped Strands
4. Mesh & Grids

• by end-use

1. Automotive& Transportation
2. Construction & Infrastructure
3. Electrical & Electronics
4. Wind Energy
5. Marine

• by forms

1. Continuous
2. Discrete

• By Usage

1. Composites
2. Non-Composites

Basalt Fiber Market Key Players

• Kamenny Vek
• Technobasalt-Invest
• Sudaglass
• Mafic
• Zaomineral
• Aerospace Tuoxin
• Shanxi Basai Aote Technology
• GMV
• Jiangsu Tianlong
• Tongxin
• Jilin Jiuxin
• Zhejiang GBF
• BASALTEX NV
• Zhengzhou Dengdian
• Shanxi ECIC
• Sichuan Qianyi composite material Co., Ltd.

Basalt Fiber Market Recent Development

In November 2022, Basalt Engineering, LLC, headquartered in the United States, secured FDOT facility approval, paving the way for Bastech Basalt FRP products to be integrated into major transportation infrastructure projects by the Florida Department.

Basalt Fiber Market

Size, by Product, - (USD Billion)

The Market will Grow

At the CAGR of:

7.4%

The Forecast Market

Size for in USD:

$607.9 million

Conclusion

The basalt fiber market is set for substantial growth, driven by the rising demand for sustainable building materials. This trend is propelled by the construction industry's shift towards environmentally friendly practices that enhance indoor environmental quality and reduce negative impacts on human health and nature. Basalt fiber, known for its recyclability, durability, and cost-effectiveness, is increasingly favored in various applications, including construction, prosthetics, and multiple industrial uses. Despite its higher cost and complex manufacturing process compared to other materials like E-glass and carbon fiber, advancements in production techniques are expected to lower costs. The market is also witnessing opportunities with the growing adoption of eco-friendly and recyclable materials, supported by government incentives and industry initiatives in developed countries. Key players in the market are making strategic moves to expand their reach and capabilities, ensuring the market's dynamic and competitive landscape continues to evolve.

Basalt Fiber Market TO (USD BN)

CAGR OF

7.4%

Basalt Fiber Market

607.9 million%