Basalt Fiber Market 2030: How Urbanization Is Fueling Market Demand

Basalt Fiber Market Size & Trends

The global basalt fiber market size was valued at USD 284.1 million in 2023 and is projected to grow at a CAGR of 11.2% from 2024 to 2030. The market is expected to grow at a significant rate, driven by increasing demand from automotive & transportation, building & construction, wind energy, and electrical & electronics industries. Basalt fibers have several properties that make them attractive to these industries, including exceptional thermal stability, heat and sound insulation, vibration resistance, and overall durability. It is also non-corrosive and recyclable. Growing demand for environmentally friendly and sustainable materials is another factor that is expected to drive the growth of the basalt fiber market.

Increasing emphasis on sustainability and environmental consciousness has led industries to seek alternative materials with lower carbon footprints. Basalt fiber, derived from natural volcanic rock, aligns well with these sustainability goals, making it an attractive choice for various applications such as construction, automotive, and aerospace. It is driving market growth in the U.S. However, despite these advantages, the market faces certain restraints. One challenge is the high initial investment required for setting up basalt fiber production facilities. In addition, a lack of awareness among end-users about the benefits of basalt fibers compared to traditional materials presents a barrier to market growth. As technological advancements continue to improve the production process and expand the range of applications, basalt fibers are poised to emerge as a preferred choice over competitors.

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Basalt Fiber Market Report Highlights

• The composite segment accounted for the largest revenue share of over 58.0% in 2023 and is anticipated to grow at a significant pace from 2024 to 2030.
• The building & construction segment accounted for the maximum revenue share of over 34.0% in 2023.
• A surge in electric vehicles (EVs) and the digitalization of industries has led to the utilization of basalt fiber in the electrical & electronics and automotive sectors.
• The basalt fiber market in North America will have significant growth. Rising infrastructure investments in North America are driving demand for next-generation, sustainable construction materials like basalt fiber.
• The basalt fiber market in Europe is anticipated to grow at a significant pace owing to eco-conscious construction and infrastructure projects demanding lightweight, non-corrosive materials, making basalt fiber a compelling choice.

Basalt Fiber Market Segmentation

Grand View Research has segmented the global basalt fiber market report based on usage, end-use, and region:

Usage Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

• Composite
• Non-composite

End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

• Building & Construction
• Automotive & Transportation
• Electrical & Electronics
• Marine
• Other End-uses

Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
• Central & South America
  • Brazil
• Middle East and Africa
  • Saudi Arabia
  • South Africa

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