The global Continuous Basalt Fiber Market is valued at USD 236.82 Million in 2022 and is projected to reach a value of USD 465 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 10.1% between 2023 and 2030.
Continuous Basalt Fiber market expansion is driven by its application in the automotive, aerospace, defense, and construction industries. The global development in residential construction and dwelling activities is a major propelling factor in the global Continuous Basalt Fiber market. For example, the residential construction business in the United Kingdom increased by 2.9% between 2015 and 2019. Furthermore, the construction business in the United States is predicted to develop at a 5% annual rate, reaching $1,428.5 billion by 2024. Furthermore, an increase in the disposable income of individuals and an improvement in the standard of living of people in developing countries are predicted to drive market expansion. The COVID-19 pandemic has halted the production and sales of various products on the market, contributing primarily to a lengthy lockdown in key worldwide countries such as the United States, Italy, and the United Kingdom. This has considerably affected the expansion of the Continuous Basalt Fiber market in recent months and is projected to persist during the pandemic.
Furthermore, lockdowns have slowed construction activity, limiting demand for the steady basalt fiber market in 2020. The automotive segment in the global Continuous Basalt Fiber market is expected to witness significant growth in the coming years. Continuous Basalt Fiber offers numerous advantages in automotive applications, such as high strength, lightweight, corrosion resistance, and high heat resistance. These properties make it an ideal material for various automotive components. One of the key drivers for the growth of Continuous Basalt Fiber in the automotive segment is the increasing demand for lightweight materials in the automotive industry. Lightweight materials help in reducing the overall weight of vehicles, which in turn improves fuel efficiency and reduces emissions. Continuous Basalt Fiber, being a lightweight material, is increasingly used in manufacturing automotive components such as body panels, chassis, suspension systems, and interior parts. Overall, the demand for Continuous Basalt Fiber is anticipated to increase as the automotive sector expands and the population's disposable income rises. For instance, India's automotive sector is anticipated to expand at a rate of 10.2% between 2022 and 2026.
Continuous Basalt Fiber Market Size, 2022 To 2030 (USD Million)
- Asia Pacific generated more than 48.50% of the revenue share in 2022.
- North America is expected to increase at the highest CAGR from 2023 to 2030.
- By Type, the Basic Type segment is anticipated to register at 8% CAGR during the forecast period.
- By Application, the Construction Sector recorded a major growth rate in 2022.
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One of the key economic insights in the global Continuous Basalt Fiber market is the increasing investment in infrastructure development. The construction industry is witnessing significant growth worldwide, particularly in emerging economies. Continuous Basalt Fiber is widely used in infrastructure projects for concrete reinforcement, asphalt, and composite applications. This drives the demand for Continuous Basalt Fiber and contributes to the market’s overall growth.
Top Market Trends
- Sustainable and Eco-friendly Solution: Because of its natural origin and little environmental impact, Continuous Basalt Fiber is considered eco-friendly. It is comprised of large and widely available volcanic basalt rocks. In addition, the manufacturing process uses less energy than other synthetic fibers. This element of sustainability has contributed to the increased use of Continuous Basalt Fiber in various sectors.
- Expanding Applications: Continuous Basalt Fiber is being used in various sectors. It is utilized in the automotive industry to make body panels, interior components, and reinforcing materials. In addition, it is used in construction to strengthen concrete structures and for thermal and acoustic insulation. Other industries, such as electrical, electronics, and aerospace, use Continuous Basalt Fiber in various applications.
- Increased Investments: Manufacturers and venture investors have significantly invested in the Continuous Basalt Fiber business. This infusion of cash has enabled R&D activities, technological breakthroughs, and increased production capabilities, all of which have contributed to market growth.
The global Continuous Basalt Fiber market can be categorized on the following: Type, Product Type, Processing Technology, End User, and Region. Based on Type, the market can be categorized into Basic and Advanced. Furthermore, based on Product Type, the market is split into Roving, Chopped Strands, Fabrics, and Other Product Types. In addition, based on the segment Processing Technology, the market is further divided into Pultrusion, Vacuum Infusion, Texturizing, Stitching & Weaving, and Other Processing Technologies. Additionally, based on the End User, the market can be split between Construction, Automotive & Transportation, Industrial, and Other End Users. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Type
Basic Type to Accommodate Maximum Market Share
The basic type segment is expected to grow significantly during the forecast period. This is attributed to the wide range of Basic Type basalt fiber applications, including construction, automotive, electrical & electronics, and aerospace. The Basic Type basalt fibers are known for their excellent thermal stability, high tensile strength, and good corrosion resistance, making them ideal for various industries. The increasing focus on sustainable and eco-friendly materials also drives the market demand for Basic Type basalt fibers.
Based on Product Type
Roving Segment to Express Dominion
The roving segment in the global Continuous Basalt Fiber market is expected to grow significantly in the coming years. Roving is one of the most commonly used forms of Continuous Basalt Fiber and is widely used in various industries such as automotive, construction, and aerospace. One of the major drivers for the growth of the roving segment is the increasing demand for lightweight and high-strength materials in these industries.
Based on Processing Technology
Pultrusion to Accommodate Maximum Revenue
The Pultrusion segment in the global Continuous Basalt Fiber market accommodates a major share. Pultrusion is a manufacturing process that involves pulling continuous fibers through a resin bath and a heated die, resulting in a composite material with strong structural properties. Pultruded basalt fiber composites offer excellent mechanical properties, such as high tensile strength, corrosion resistance, and low thermal conductivity, making them suitable for various applications.
Based on the End User
Construction Sector to Dominate Market
The construction segment is anticipated to grow at the largest market growth. Continuous Basalt Fiber has outstanding strength and durability. Its great tensile strength makes it an excellent material for reinforced concrete buildings. The construction industry is increasingly focusing on environmentally friendly and sustainable materials. Continuous Basalt Fiber is manufactured from commonly available natural basalt rock. It is a non-toxic substance that does not emit harmful gases or chemicals during production or in the event of a fire. CBF is also recyclable and can be used to make new fibers or other products, which reduces waste and promotes a circular economy. All of these factors contribute to the market's segmented expansion.
Based on Region
Asia Pacific to Lead Global Sales
The region's growing population, industrialization, and urbanization have substantially grown in various end-user industries such as construction, automotive, renewable energy, electrical and electronics, etc. The constantly expanding building, infrastructure, and transportation sectors drive global demand for Continuous Basalt Fibers. Asia Pacific is the primary consumer due to demand from leading economies such as China, Japan, and India. In addition, Continuous Basalt Fiber's efficient and environmentally favorable features make it excellent for applications such as reinforcing nets, pipes, containers, and electrical insulation, boosting regional demand.
The North American market will likely grow considerably in the coming years. The United States is the primary consumer and contributor in the North American market because of the diverse applications of Continuous Basalt Fiber, and demand for Continuous Basalt Fiber is driven in the North America Region. Furthermore, the steady basalt fiber market is growing due to its efficient and environmentally friendly qualities, which make it appropriate for various applications such as reinforcing nets, pipelines, containers, and electrical insulation.
The global Continuous Basalt Fiber market is fragmented due to the presence of several regional and domestic players. To extend the consumer base globally, the players have used various strategies such as mergers and acquisitions, expansions, collaborations, and partnerships. In addition, the leading companies have made new product creation a fundamental strategy for increasing their market presence among consumers. As a result of these efforts, sophisticated basalt fiber has been integrated.
The key players in the global Continuous Basalt Fiber market include - The Basaltex NV (Belgium), Hengdian Group (China), Shanxi Yaxin Group (China), Fiberbas (Ukraine), Jilin Tongxin Basalt Technology Co. Ltd. (China), Armbasalt CJCS (Armenia), Technobasalt-Invest LLC (Ukraine), Kamenny Vek (Australia), Mafic (U.S.), Isomatex S.A. (Belgium) among others.
Recent Market Developments
- July 2021: Technobasalt-Invest LLC introduced innovations in the construction field. The Company has developed revolutionary packaging for basalt fiber that aims for convenient use. The ideal capacity of this packaging, which can hold 1 kg of basalt fiber, is for use in villa construction.
- April 2021: Three new basalt fiber products were introduced by Kamenny Vek: basalt direct roving 22 microns 2400 tex, basalt assembled roving 18 microns 4800 tex, and basalt assembled roving 18 microns 3000 tex.
- August 2020: Mafic USA teamed up with Materials Group to boost the usage of basalt fiber in the automotive sector. The companies want to provide sustainable products made from basalt fiber to auto OEMs and their tier-one manufacturing suppliers.
Segmentation of the Global Continuous Basalt Fiber Market
- Type (Basic, Advanced)
- Product Type (Roving, Chopped Strands, Fabrics, Other Product Types)
- Processing Technology (Pultrusion, Vacuum Infusion, Texturizing, Stitching & Weaving, Other Processing Technologies)
- End User (Construction, Automotive and Transportation, Industrial, Other End Users)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- The Basaltex NV (Belgium)
- Hengdian Group (China)
- Shanxi Yaxin Group (China)
- Fiberbas (Ukraine)
- Jilin Tongxin Basalt Technology Co. Ltd. (China)
- Armbasalt CJCS (Armenia)
- Technobasalt-Invest LLC (Ukraine)
- Kamenny Vek (Australia)
- Mafic (U.S.)
- Isomatex S.A. (Belgium)
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