The global continuous basalt fiber market size was valued at $173.7 million in 2020, and is expected to reach $473.4 million by 2030, with a CAGR of 10.3% from 2021 to 2030. Continuous basalt fiber is manufactured from basalt rock, by melting at 14000C. Continuous basalt fiber is a substitute to fiberglass and steel for reinforcing concrete. Basalt fiber is produced by washing, crushing, and melting basalt rock that is then drawn into continuous stand. Continuous basalt fiber can be used to produce finished and semi-finished products such as geogrids, roving, yarns, rebar, and chopped roving. Continuous basalt fiber is used in industries such as automotive, aerospace, defense, wind, and nuclear sectors.
Rise in adoption of continuous basalt fiber in industries such as automotive, aerospace, defense, and construction fuels the continuous basalt fiber market growth. In addition, increase in residential construction and dwelling activities globally acts as a key driving force of the global continuous basalt fiber market. For instance, the residential construction industry in the UK grew by 2.9% from 2015 to 2019. Moreover, the construction industry in the U.S. is expected to grow at a rate of 5%, and reach $1,428.5 billion by 2024. In addition, increase in disposal income of individuals and improvement in standard of living of people in developing countries are expected to boost growth of the market.
Moreover, increase in spending on home remodeling and retrofitting activities, which is expected to rise in demand for non-woven fabrics, and continuous basalt fiber, owing to features such as lightweight, flexible, and corrosion resistant, which drives growth of the continuous basalt fiber market. Rise in standard of living and disposable income of population is expected to increase demand for continuous basalt fiber products in electric vehicles, automotive, and aerospace industries, which fuels growth of the continuous basalt fiber market. For instance, disposable income of population in Brazil grew by 5.3% from 2017 to 2019.
However, fluctuations in raw material prices and difficulty in promotion of basalt fibers are anticipated restrain growth of the global market. Furthermore, growth in the wind energy market and rise in adoption of environmentally friendly & recyclable materials are anticipated to provides lucrative opportunities for growth of the global continuous basalt fiber market.
In addition, the COVID-19 pandemic has shut-down production and sales of various products in the market, mainly owing to prolonged lockdown in major global countries including the U.S., Italy, and the UK. This has hampered growth of the continuous basalt fiber market significantly in last few months, and is expected to continue during the pandemic. Moreover, lockdowns have also led to a halt in construction activities, which hampered demand for the continuous basalt fiber market in 2020.
By Type
Advanced segment is projected to grow at a significant CAGR
The global continuous basalt fiber market is segmented on the basis of type, product type, processing technology, end user, and region. On the basis of type, the market is divided into basic and advanced. The basic segment generated the highest revenue in 2020. By product type, it is divided into roving, chopped strands, fabrics, and others. The roving segment dominated the market in 2020. On the basis of processing technology, the market is categorized into pultrusion, vacuum infusion, texturizing, stitching & weaving, and others. The others segment generated highest revenue in 2020. On the basis of end user, it is divided into construction, transportation, industrial, and others.
By Product Type
Roving segment generated the highest revenue.
Region wise, the global continuous basalt fiber market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global continuous basalt fiber market share, and is anticipated to secure a leading position during the forecast period.
By Processing Technology
Others segment holds dominant position in 2020
Competition Analysis
Key players profiled in this report include The Basaltex NV, Hengdian Group, Shanxi Yaxin Group, Fiberbas, Jilin Tongxin Basalt Technology Co Ltd, Armbasalt CJCS, Technobasalt-Invest LLC, Kamenny Vek, LAVAintel, and Isomatex S.A.
By Region
Asia-Pacific holds a dominant position in 2020.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging global continuous basalt fiber market trends and dynamics.
- In-depth analysis of the market is conducted by estimations for the key market segments between 2020 and 2030.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive global continuous basalt fiber market opportunity analysis of all the countries is also provided in the report.
- The global continuous basalt fiber market forecast analysis from 2021 to 2030 is included in the report.
- The key players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the continuous basalt fiber industry.
Global Continuous Basalt Fiber Market Segments
By Type
- Basic
- Construction
- Transportation
- Industrial
- Others
- Advanced
- Construction
- Transportation
- Industrial
- Others
By Product Type
- Roving
- Chopped Strands
- Fabrics
- Others
By Processing Technology
- Pultrusion
- Vacuum Infusion
- Texturizing
- Stitching & Weaving
- Others
By End User
- Construction
- Transportation
- Industrial
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- South Korea
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- Basaltex NV
- Hengdian Group
- Shanxi Yaxin Group
- Fiberbas
- Jilin Tongxin Basalt Technology Co Ltd
- Armbasalt CJCS
- Technobasalt-Invest LLC
- Kamenny Vek
- LAVAintel
- Isomatex S.A.
Continuous Basalt Fiber Market Report Highlights
| Aspects | Details |
 By TYPE |
|
 By PRODUCT TYPE |
|
 By PROCESSING TECHNOLOGY |
|
 By END USER |
|
 By Region |
|
 Key Market Players | JILIN TONGXIN BASALT TECHNOLOGY CO. LTD, LAVAINTEL, SHANXI YAXIN GROUP (SHANXI BASALT FIBER TECHNOLOGY CO., LTD), ARMBASALT CJSC, TECHNOBASALT-INVEST LLC, BASALTEX NV, KAMENNY VEK, HENGDIAN GROUP (HG GBF BASALT FIBER CO. LTD), ISOMATEX S.A., FIBERBAS |
Analyst Review
The global continuous basalt fiber market has witnessed huge demand in Asia-Pacific followed by Europe & North America. The highest share of the Asia-Pacific market is attributed to increase in demand for continuous basalt fiber products in automotive, aerospace, and defense industries.
In the aerospace industry, continuous basalt fibers are used for lightweight and high-temperature resistant aircraft parts. In addition, the aerospace sector is undergoing innovations, such as air taxis and large drones, which makes use of continuous basalt fiber. The global automotive sector is undergoing a huge transformation in the form of electric mobility. Use of FRC parts as a replacement for metal and plastic parts reduces weight of electric drive trains, while at the same time, improving the electrical and mechanical properties of the drive systems. The size of wind turbine blades as well as their quantity is expected to increase during the forecast period. The length of wind turbine blades is increased to spike power generation capacity in onshore and offshore wind power plants. In addition, newer composites are expected in the coming years to reduce weight of blades.
However, the COVID-19 pandemic has negatively affected key sectors such as automotive, aerospace, construction, and wind energy. This is expected to hamper growth of the global continuous basalt fiber market.
However, fluctuation in raw material prices and difficulty in promotion of continuous basalt fiber is anticipated to restraint growth of the global continuous basalt fiber market. Moreover, growth in the wind energy market and increase in adoption of environmentally friendly and recyclable material, is anticipated to provide lucrative opportunities for growth of the global continuous basalt fiber market.
The global continuous basalt fiber market size was $173.6 million in 2020 and is projected to reach $473.4 million in 2030, growing at a CAGR of 10.3% from 2021 to 2030.
The forecast period considered for the global continuous basalt fiber market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.
The base year considered in the global continuous basalt fiber market is 2020.
No, the report does not provide Value Chain Analysis for the global continuous basalt fiber market. However, it provides market share analysis for the top players in the continuous basalt fiber market.
On the basis of end user, the others segment is expected to be the most influencing segment growing in the global continuous basalt fiber market report.
Based on the type, in 2020, the basic segment generated the highest revenue, accounting for 58.9% of the market and is projected to grow at a CAGR of 9.9% from 2021 to 2030.
The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically covers company overview, geographical presence, and market dominance (in terms of revenue and volume sales).
The market value of global continuous basalt fiber market is $196.4 million in 2021.
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