WASHINGTON, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Continuous Basalt Fiber Market has witnessed steady growth over the years, primarily driven by several factors. One of the key drivers is the surging demand for lightweight materials in the automotive industry. As automobile manufacturers strive to enhance fuel efficiency and reduce emissions, they are turning towards materials like Continuous Basalt Fiber, which offer a balance of strength and low weight. Another significant contributing factor to the market's growth is the increasing construction and infrastructure activities worldwide. Continuous Basalt Fiber finds applications in various construction elements, including reinforcing bars, mesh, and panels. Its properties, such as high tensile strength, resistance to corrosion, and thermal stability, make it an attractive choice for infrastructure projects.
As per the findings of Vantage Market Research, the global Continuous Basalt Fiber Market is projected to reach a substantial value of USD 465 Million by the year 2030. The estimated Compound Annual Growth Rate (CAGR) from 2023 to 2030 is expected to be approximately 10.1%.
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Continuous Basalt Fiber (CBF) indeed presents a compelling case as a versatile and sustainable material with applications across multiple industries. Derived from basalt rock, CBF is produced through a high-temperature melting process, followed by extrusion through fine nozzles, resulting in continuous fibers. These fibers undergo additional treatments, such as the application of sizing agents or resin coatings, to enhance their performance and adaptability to different uses.
Top Findings
- By Type, the high demand for the Basic Type segment will increase the Continuous Basalt Fiber Market from 2023 to 2030.
- By application, the construction segment dominated the largest market share globally from 2023 to 2030.
- By Processing Technology, the Pultrusion segment is accommodating a major global share from 2023 to 2030.
- In 2022, Asia Pacific dominated the market with the highest revenue share of 40%.
- North America will grow at a high CAGR from 2023-2030.
Top Companies in Global Continuous Basalt Fiber Market
- 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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Continuous Basalt Fiber is undeniably a remarkable material that boasts a combination of exceptional properties, making it an enticing option for a wide array of industries. Its manufacturing process, which involves melting basalt rock at high temperatures and extruding it into continuous fibers, sets it apart from conventional materials.
Top Trends in Global Continuous Basalt Fiber Market
The increasing global concerns surrounding the environmental impact of synthetic fibers have sparked a demand for sustainable and eco-friendly alternatives, making Continuous Basalt Fiber an attractive choice. Derived from natural basalt rock, this material offers a more environmentally friendly option compared to synthetic fibers, aligning with the growing emphasis on eco-conscious practices. The rise in infrastructure development and construction activities across the globe further drives the demand for Continuous Basalt Fiber. Its integration into concrete and asphalt enhances the performance and durability of these materials, making it a valuable asset in the construction industry. As the need for robust and long-lasting infrastructure grows, the adoption of Continuous Basalt Fiber is expected to increase significantly.
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Report Scope
| Report Attribute | Details | |
| Market Value (2022) | USD 236.82 Million | |
| Market Size (2030) | USD 465 Million | |
| CAGR (from 2023 to 2030) | 10.1% | |
| Asia Pacific Revenue Share | 40% | |
| Historic Period | 2018 to 2022 | |
| Base Year | 2022 | |
| Forecast Year | 2023 to 2030 | |
Market Drivers
The automotive industry plays a crucial role in driving the Continuous Basalt Fiber market, owing to the increasing demand for lightweight materials. As automobile manufacturers aim to improve fuel efficiency and reduce carbon emissions, the adoption of lightweight materials becomes essential. Continuous Basalt Fiber offers an attractive solution due to its combination of high strength and low weight, making it a favorable choice for components in the automotive sector.
The construction sector is another significant driver of the Continuous Basalt Fiber market. The growth in construction and infrastructure development activities worldwide, especially in emerging economies, creates a substantial demand for durable and reliable materials. Continuous Basalt Fiber finds application in various construction elements, such as concrete reinforcement, road construction, and building materials, due to its outstanding mechanical properties and resistance to environmental factors.
Market Restraints
Continuous Basalt Fiber production indeed involves a complex and energy-intensive process, which can lead to higher production costs for manufacturers. The need for high-temperature melting of basalt rock and the extrusion process through tiny nozzles require significant energy inputs, contributing to the overall expenses.
Market Opportunities
Continuous Basalt Fiber's high strength and low weight make it a highly attractive material for numerous industries, including automotive, aerospace, and marine. As these industries increasingly demand lightweight and high-strength materials to improve performance and efficiency, Continuous Basalt Fiber presents a valuable substitute for traditional materials like steel, aluminum, and fiberglass.
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Recent Development of the Global Continuous Basalt Fiber Market
- July 2021: Technobasalt-Invest LLC introduced revolutionary packaging for basalt fiber in the construction field. This innovative packaging is designed for convenient use and can hold 1 kg of basalt fiber. The ideal capacity makes it particularly suitable for use in villa construction, offering builders and construction professionals a more accessible and user-friendly solution for incorporating Continuous Basalt Fiber into their projects.
- April 2021: Kamenny Vek launched three new basalt fiber products. These products include basalt direct roving with a diameter of 22 microns and tex of 2400, as well as basalt assembled rovings with a diameter of 18 microns and tex of 4800 and 3000. These new product offerings provide customers with more options and flexibility in choosing basalt fiber products that meet their specific requirements in various applications.
- August 2020: Mafic USA and Materials Group collaborated to promote the usage of basalt fiber in the automotive sector. The partnership aims to provide sustainable products made from basalt fiber to original equipment manufacturers (OEMs) and their tier-one manufacturing suppliers in the automotive industry. By offering sustainable and high-performance materials, this collaboration seeks to address the automotive industry's growing demand for lightweight and eco-friendly solutions.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Continuous Basalt Fiber Market Forecast Report (2023-2030).
Market Segmentation
By Type
- Basic
- Advanced
By Product Type
- Roving
- Chopped Strands
- Fabrics
- Other Product Types
By Processing Technology
- Pultrusion
- Vacuum Infusion
- Texturizing
- Stitching & Weaving
- Other Processing Technologies
By End User
- Construction
- Automotive & Transportation
- Industrial
- Other End Users
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Regional Analysis
In the past year, Asia Pacific emerged as the dominant region in the global market share for Continuous Basalt Fiber, accounting for over 48.5% of the revenue share in 2022. The primary driving force behind this dominance is the increasing demand for lightweight materials across various industries, including construction, automotive, and aerospace.
Within Asia Pacific, the construction industry stands out as a major consumer of Continuous Basalt Fibers. This growing demand can be attributed to the surge in infrastructure development projects in countries like China, India, and ASEAN nations. As these countries experience rapid urbanization and development, there is a significant need for robust and durable construction materials. Continuous Basalt Fibers serve this purpose effectively, as they are used to reinforce concrete structures, providing higher durability and resistance to cracking.
The North American region's Continuous Basalt Fiber market is poised for significant growth during the forecast period, driven by several key factors. One of the primary drivers is the rising demand for this material from various industries. As industries seek sustainable and high-performance materials, Continuous Basalt Fiber presents an attractive solution due to its eco-friendly nature and impressive mechanical properties. The region's increasing focus on renewable energy sources, particularly wind and solar energy, also contributes to the growth of the Continuous Basalt Fiber market. The manufacture of wind turbine blades and solar panels requires materials that can withstand harsh environmental conditions while maintaining durability and performance. Basalt fiber emerges as an excellent choice for these applications due to its exceptional mechanical properties, making it an ideal material for constructing wind turbine blades and solar panels.
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