Basalt Fiber Market Size, Drivers Analysis, Trends, Insights, Forecast till 2034

 The global basalt fiber market is set to reach US$ 121.8 million in 2024 and is projected to grow at a 12.4% CAGR, reaching US$ 392.1 million by 2034, according to Fact.MR.

Increasing use in EVs and construction, along with its superior mechanical properties, is driving demand. Basalt fiber’s role as an alternative to steel and glass rebar, along with applications in pipe containers, reinforced nets, and electrical insulation, is fueling market expansion.

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Basalt Fiber Market Growth Projections

  • South Korea: Sales of basalt fiber are expected to grow at a CAGR of 13.8% from 2024 to 2034.
  • North America: The region is estimated to hold 17.5% of the basalt fiber market share by 2034.
  • Global Demand: The worldwide market for non-composite basalt fiber is projected to expand at a 12.4% CAGR, reaching US$ 271.3 million by 2034.

Country-wise Insights

Fac.MR, a provider of market research and competitive intelligence, states in its latest report that East Asia is expected to account for 24.6% of the global market share by 2034. The growing expansion of various end-use industries, including automotive and aerospace, is anticipated to drive increased demand for basalt fiber in the region.

Meanwhile, the United States is projected to hold 73.5% of the North American market share by 2034. The rising preference for environmentally friendly materials across multiple sectors is driven by stringent regulatory policies, boosting demand for basalt fiber. Additionally, key industries such as construction, shipbuilding, and automotive are fueling this growth due to basalt fiber’s lightweight properties and cost-effectiveness.

Category-wise Insights

According to a research report by Fact.MR, the global demand for non-composite basalt fiber is expected to grow at a CAGR of 12.4%, reaching a valuation of US$ 271.3 million by the end of 2034. This growth is primarily driven by the increasing adoption of non-composite basalt fibers, attributed to their lightweight properties and environmentally friendly nature.

Basalt fiber is available in various forms, including roving, chopped strands, mesh & grids, and fabric. Among these, the demand for roving basalt fiber is witnessing significant growth in countries such as the United States, Ukraine, Russia, and China. Additionally, continuous investments by market players in research and development (R&D) to enhance product efficiency and meet end-user requirements are expected to further drive market expansion.

Browse Full Report: https://www.factmr.com/report/1312/basalt-fibers-market 

Competitive Landscape

Leading companies in the basalt fiber market are focusing on supply chain management and quality assurance to strengthen their competitive position. A key strategy among market players is the development of innovative products to enhance their market presence. Additionally, companies are actively engaging in mergers, acquisitions, collaborations, and partnerships to expand their reach into untapped markets.

Notable Developments:

  • Kamenny Vek, on April 30, 2021, expanded its product portfolio with the introduction of new offerings, including basalt assembled roving 18 microns 4800 tex, basalt assembled roving 18 microns 3000 tex, and basalt direct roving 22 microns 2400 tex.
  • Mafic USA, in July 2020, commenced operations at its production facility in Shelby, North Carolina. This facility is expected to play a crucial role in meeting the specific demands of its customer base.

Key Players:

Prominent companies operating in the basalt fiber market include Zhejiang GBF Basalt Fiber Co., Ltd (GBF), TECHNOBASALT-INVEST LLC, Shanxi Basalt Fibre Technology Co., Ltd., BASALTEX NV, Sudaglass Fiber Technology, Isomatex SA, Mafic SA, Kamenny Vek, and Shanxi Basalt Fiber Technology Co., Ltd.

Segmentation of Basalt Fiber Market Research

  • By Product Type :
    • Roving
    • Chopped Strands
    • Fabric
    • Mesh & Grids
  • By Usage :
    • Composites
    • Non-composites
  • By End-use Industry :
    • Building & Construction
    • Automotive
    • Aerospace & Defense
    • Ship Building
    • Wind Energy
    • Sport Accessories & Others
  • By Region :
    • North America
    • Europe
    • East Asia
    • Latin America
    • Middle East & Africa
    • South Asia & Oceania

Check out More Related Studies Published by Fact.MR:

The global silicone sealant market is projected to reach US$ 3,699.3 million in 2024 and grow at a CAGR of 4.1% to US$ 5,528.7 million by 2034.

The global industrial hydrogen market is expected to reach US$ 19,800 million in 2024 and grow at a CAGR of 4.9%, reaching US$ 31,946.3 million by 2034.

The global building insulation material market is valued at US$ 37.56 billion in 2024 and is projected to grow at a 6.7% CAGR, reaching US$ 71.85 billion by 2034, according to Fact.MR.

According to Fact.MR's latest report, the global low foam surfactant market is expected to reach US$ 20.74 billion in 2024 and grow at a 6.4% CAGR, reaching US$ 38.58 billion by 2034.

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