Report ID:
SQMIG15A2444 |
Region:
Global |
Published Date: November, 2024
Pages:
167
|Tables:
0
|Figures:
0
Global Basalt Fiber Market size was valued at USD 195.25 Million in 2022 and is poised to grow from USD 284.1 Million in 2023 to USD 507.61 Million by 2031, growing at a CAGR of 11.2% in the forecast period (2024-2031).
The building and construction, wind energy, automotive and transportation, and electrical and electronics sectors all hold large demand levels for the market. Basalt fibers offer excellent thermal stability and vibration resistance, heat and sound insulation, besides general durability. It is also recyclable and non-corrosive. Demand for sustainable, eco-friendly products is also projected to spur the basalt fiber market growth. Moreover, the drive toward sustainability and awareness of environmental factors has resulted in increased scrutiny toward industries that depend on building materials. There is a clear emphasis on finding substitute materials with lower carbon footprints. Being derived from natural volcanic rock, basalt fiber perfectly falls within these sustainability objectives and thus finds increasing application in industries such as aerospace, automotive, and construction. It is driving market expansion in the US. However, enjoying the above benefits, the basalt fiber industry is constrained by several limitations. The most important limitation is the significant initial investment that is required for building manufacturing facilities for basalt fiber. Another limitation in terms of expanding the market is that end users are not well aware of the advantages of basalt fibers over conventional materials. Technical improvement in the manufacturing process and expanding field of application, basalt fibers are expected to become a more favored alternative than competitors as long as.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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The global basalt fiber market is segmented into type, usage, end use, and region. By type, the market is classified into chopped fiber, twisted roving, and twistless roving. Depending on the usage, it is bifurcated into composite and non-composite. According to end use, the market is divided into building & construction, automotive & transportation, electrical & electronics, marine, and others. Regionally, the market is studied across North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Usage
As per the basalt fiber market forecast, in 2023, the composite category was the market leader with a revenue share of over 58.0%. It is expected to grow considerably between 2024 and 2031. Its use in composite applications as a reinforcing material helps achieve exceptional strength, durability, and resistance to corrosion. Preservation of their lightweight profile is achieved with the use of basalt fiber into composite constructions while providing improvements towards their structural integrity. The highly promising basalt fiber is widely used in numerous industry sectors, including automobile, aerospace, construction, and marine, as it presents the ideal solution for applications requiring superior performing materials. The reasons behind its rapidly growing application to high-performance applications are its resistance to extreme conditions and chemical degradation, thus proving to be especially useful in industries requiring reliability and endurance.
However, basalt fibers have many non-composite applications for textiles, yarns, and tapes. They serve a wide variety of functions in all sorts of applications, including reinforcement, filtration, and insulation. This material is ideal for textile, insulating, and filtering applications, as it has an excellent resistance to heat, fire, and abrasion. Further proof of the flexibility of these materials is that they are used abundantly in non-composite forms in making heat-resistant textiles for industrial protective clothing and filtration devices in high-performance and long-lasting industrial sectors. The material has a robust sustainability profile in combination with a growing need for eco-friendly materials that underpin its wide applicability in non-composite industries.
Analysis By End Use
According to the basalt fiber market analysis, the building and construction category topped with a revenue share of more than 34.0% in 2023. This rise is because wide applications of basalt fiber for the manufacture of concrete with special advantages such as being light, eco-friendly, and having strength comparable to steel are causing it. Due to improved durability, resistance to corrosion, and affordability, basalt fiber-reinforced concrete is gaining popularity. The rise of this global expansion in the building, construction, and infrastructure industries gives rise to the application of lightweight concrete. The market will continue to grow during the forecast period as basalt fiber assumes an important role in supplying high-performance sustainable materials with further expansion of urbanization and infrastructure development globally.
Contrarily, the increase in EV production and the growing digitization in companies led to the electrical and electronics and the automotive industries growing demand for basalt fiber. The automobile sector is the principal user of basalt fiber-reinforced composites in structures and parts such as body panels and chassis reinforcements along with interior trims. These materials enhance performance and improve fuel economy due to their ability to lighten the vehicle. Basalt fiber is perfect for the automobile sector as they have a strong strength-to-weight ratio, corrosion resistance, and heat resistance. In addition, with the upsurge in the rise of electric cars, it is said that this sector is going to boom due to the need for highly light yet strong material such as basalt fiber, which will compel manufacturers to expand capacity and facilities.
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In 2023, Asia-Pacific basalt fiber market had the highest revenue share, with over 50.0%. Growing use in a range of sectors, including building and construction, wind energy, automotive, and electrical and electronics, is driving market growth in this region. The industrialization of developing countries such as China and India are also supporting market growth. The construction industry is a significant driver for market growth, as the rapid urbanization of the area increases infrastructure projects that require strong and lightweight materials such as basalt fiber for insulation and reinforcement. A focus in this region on sustainability and renewable energy sources has led to applications of basalt fiber in several areas, such as water filtration, electrical insulation, and generation of wind power. The regional basalt fiber market outlook is good. Economic conditions are good, and industrial sectors are growing. Investments in R&D are on the increase.
Infrastructural investments with demand for greener options for building purposes are predicted to set considerable growth in the North America basalt fiber industry. Basalt fiber finds greater development as an option from which governments and the commercial sector are constantly seeking greener options owing to its natural origin, high purity and lesser environmental impact. Basalt fiber is one such alternative to traditional fibers being used in environmentally sensitive building projects, as it is manufactured through a unique method devoid of any toxic emission. Its strength and durability alongside lightweight qualities have expanded appeal for numerous applications, including structural parts and concrete reinforcement, creating great growth potential for local businesses.
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Drivers
The driving force in the market is sustainability. Considering that the raw material is obtained from volcanic rock, the fiber is environmentally friendly compared to other traditional fibers such as fiberglass, which is used with the highest amount of energy for its production. Moreover, low environmental impact and no-toxicity and recyclability make it more attractive for a company looking to reduce its carbon footprint. High demand for basalt fiber is expected from across multiple industries, most particularly from automotive and construction industries, because of higher sustainability rules.
The main demand for basalt fiber is boosted by an increased investment in infrastructure globally, particularly in developing countries. It is increasingly used to construct roads and reinforce concrete because of its great strength, durability, and resistance to corrosion. Fueled by the thirst of governments for durable and sustainable solutions to infrastructure, there is increasing demand for basalt fiber, which is a sustainable alternative to conventional materials.
Restraints
Basalt fiber does boast of some major advantages, but it's clearly much more expensive to manufacture than a whole array of competing fibers such as carbon fiber or fiberglass. The specific process of producing basalt fiber requires high temperatures and energy inputs, making it less accessible in consumer-sensitized price markets. Its immense applicability can be restricted to some extent because of its very high costs of manufacturing, especially in mass-market building and automobile industries that demand maximum cost-effectiveness.
Although it possesses numerous advantages, consumers' knowledge and understanding of the basalt fiber are still relatively weak, especially for those of more industries-related businesses such as construction and automotive. The supply networks, familiarity, and shortage of initial ideas are the main reasons many companies prefer using traditional materials such as steel and fiberglass. All this would call for more long-term benefits and performance advantages of basalt fiber, coupled with an education campaign, to overcome the obstacle.
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The competitive landscape of the basalt fiber industry is comprised of existing and new companies who look for better production capabilities and an increase in their portfolio offerings. High stakes are placed in the industry leaders of aerospace, automotive, and construction manufacturing, because they all compete to secure that niche share of burgeoning demand for green materials. By strategic alliances and regional expansions, firms invest in state-of-the-art technology in order to reduce costs of production, improve material qualities, and strengthen their market positions.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, with growing demand for high-performance, environment-friendly materials in aerospace, automobile, and construction industries, the future prospect is huge for the basalt fiber industry. Basalt fiber is expected to meet demand for environmentally friendly solutions coupled with an ability to replace conventional fibers in critical applications on account of its durability and resistance. However, high production costs and inconsiderable knowledge of the market may inhibit its widespread adoption as short-term barriers. Still, these barriers are anticipated to be somewhat lessened as progress is made in further technical developments and infrastructural schemes are escalated. The pursuit of basalt fibers will most predicted to continue to one of the important aspects which will dictate the course of materials science within many industries as knowledge increases and methods of its production become relatively less expensive.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 195.25 Million |
Market size value in 2031 | USD 507.61 Million |
Growth Rate | 11.2% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Basalt Fiber Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Basalt Fiber Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Basalt Fiber Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Basalt Fiber Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15A2444
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