The global basalt fiber market revenue is set to reach $798.6 million by 2030, advancing at a CAGR of 12.2% during 2021–2030. This is because this material is an economical and eco-friendly alternative to carbon and glass fiber, with similar mechanical properties.
Furthermore, the market growth is driven by the surge in infrastructure investments and rapid development of smart cities. Basalt fiber can be used in incombustible and fireproof composites and filters for industrial and domestic gutter filtration, smoke, and dust. Hence, the market is expected to grow rapidly due to the strong demand for this material from industries such as automotive, marine, building & construction, and electronics. The increasing construction activities as a result of the population growth, rising income, and government initiatives in various economies to develop better infrastructure are expected to drive the market growth.
The continuous form of basalt fiber held an about 90% global basalt fiber market revenue share in 2021, and the category is set to witness the highest growth rate, of about 13%, in the coming years. The continuous form of the base material is used in petroleum casing and pipes. Pipes made from continuous basalt fibers have one-fourth lower density than regular metal pipes and do not require any thermal insulation and anti-corrosion treatments, which results in a low cost of maintenance and optimal utilization of resources during production, shipping, and installation.
Geographically, Europe held the third-largest share of the basalt fiber revenue in 2021. Russia is one of the largest producers of basalt fibers and home to the world’s leading manufacturer, Kamenny Vek. Major industries that require basalt fiber are automotive & transportation, construction & infrastructure, electrical & electronics, wind energy, and marine.
The automotive sector in Germany is one of the most-significant consumers of this material. Similarly, the growing electronics industry in Germany is aiding the market expansion in the country and the region.
Moreover, APAC accounts for the largest market share because of the surging demand for non-corrosive materials in the construction sector. Basalt fiber is an excellent choice for reinforcing concrete structures exposed to deicing salts and the marine environment, such as seawalls and other structures near a waterfront. Thus, the corrosion resistance of basalt fibers increases the demand for them and contributes to the growth of the APAC market.
Some of the major players operating in the basalt fiber market are Zhejiang GBF Basalt Fiber Co., Sudaglass Basalt Fiber Technology, Kamenny Vek, JFE RockFiber Corp., Technobasalt-Invest LLC, Mafic SA, Basalt Fiber & Composite Materials Technology Development Co. Ltd., INCOTELOGY GmbH, ISOMATEX SA, and Shanxi Basalt Fiber Technology Co. Ltd.