Continuous Basalt Fiber Market is Expected to Reach $473.6 Million by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “continuous basalt fiber market by type, product type, processing technology, and end user: global opportunity analysis and industry forecast, 2021–2030,” the global continuous basalt fiber market size was valued at $173.6 million in 2020, and is expected to reach $473.6 million by 2030, with a CAGR of 10.3% from 2021 to 2030. In 2020, Asia-Pacific dominated the global continuous basalt fiber market share, accounting for around half the share of the market.

Continuous basalt fiber is manufactured from basalt rock, by melting at 14000 C. Continuous basalt fiber is used in automotive, construction, aerospace, defense, and many others industries, owing to features such as having high tensile strength, high structural integrity, and mechanical properties. Continuous basalt fiber has gained importance, owing to a constant demand for lightweight materials with strength in industries such as defense, automotive, aerospace, and other manufacturing industries. Continuous basalt fiber offers high strength and is used as a replacement for materials such as aluminum and steel. In addition, they offer resistance to corrosion, wear, impact, and fire.

Basalt fiber reinforced polymer (BFRP) reinforcing bars have recently been introduced as an alternative to steel reinforcement for concrete structures, as well as external support for retrofitting on concrete structures and building structures, which fuels growth of the global continuous basalt fiber market.  Benefits associated with continuous basalt fiber such as high tensile strength, environmentally friendly, and recyclable material, which is expected to rise adoption of continuous basalt fiber in automotive, defense, and other end users, which fuels the global continuous basalt fiber market growth.

Major players such as Fiberbas Construction and Building Technologies, Kamenny Vek, Russian Basalt, and others launched new continuous basalt fiber products to the market. For instance, Fiberbas Construction and Building Technologies offered new chopped basalt fiber. It is used as a substitute for fiberglass. It has features such as high cohesion, corrosive, and high tensile strength. It is used for industries such as concrete, automotive parts, sporting goods, and the production of containers.

Various manufacturers in the global continuous basalt fiber market had to shut down their business activities, owing to lockdowns initiated in countries such as the UAE, India, and Brazil. This break has directly impacted sales of continuous basalt fiber manufacturing companies globally. In addition, lack of raw materials, disruption in supply chain and lack of manpower halted the supply chain of continuous basalt fiber. However, re-initiation of the global continuous basalt fiber industry and availability of vaccines for coronavirus disease are projected to lead to the opening of the global continuous basalt fiber market at their full-scale capacities.

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.

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.

Key Findings Of The Study

• Depending on type, basic segment was the largest revenue generator in 2020.
• By end user, the construction segment generated the highest revenue in 2020.
• On the basis of product type, roving segment accounted for the highest revenue in 2020.
• Based on processing technology, the others segment generated the highest revenue in 2020.
• Region wise, Asia-Pacific is anticipated to dominate the global continuous basalt fiber market throughout the study period.
• The report provides an extensive analysis of the global continuous basalt fiber market trends and emerging opportunities of the market. 
• The global continuous basalt fiber market forecast analysis from 2021 to 2030 is included in the report.