The Basalt Fiber Market size was valued at USD 279 Mn in 2023 and market revenue is growing at a 12.5 % CAGR from 2024 to 2030, reaching nearly USD 636.31 Mn by 2030.
Basalt Fiber Market Overview:
The Basalt Fiber Market is set to witness significant growth over the forecast period, driven by technological advancements, strategic mergers, and acquisitions. As industries like construction, automotive, aerospace, and defense increasingly turn to basalt fiber for its superior strength, lightweight properties, and eco-friendliness, the market is seeing a surge in demand worldwide. With key players strengthening their positions through regional partnerships and acquisitions, the basalt fiber industry is poised for transformational changes from 2024 to 2030.
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Mergers and Acquisitions in the Basalt Fiber Market:
Mergers and acquisitions are playing a pivotal role in the expansion of the basalt fiber market. Companies are leveraging strategic partnerships to broaden their product portfolios, enhance production capabilities, and gain access to new geographic regions.
Recent Mergers and Acquisitions:
- United States: BASF has entered into a strategic partnership with Basalt Fiber Tech, a leader in basalt fiber production. This collaboration is expected to increase BASF’s capacity to supply sustainable and high-performance basalt fiber products to various industries including automotive, construction, and infrastructure.
- South Korea: Hyundai Motor Group has partnered with Korean Basalt Fiber Company to explore new applications for basalt fiber in lightweight automotive manufacturing. This partnership will drive innovations in electric vehicle (EV) body parts and lightweight materials for improved fuel efficiency and safety.
- Japan: Toray Industries has expanded its footprint in the basalt fiber market by acquiring Basalt Composites Ltd. This acquisition allows Toray to diversify its composites portfolio, especially in automotive and aerospace applications where high-performance materials are increasingly in demand.
- Vietnam & Thailand: Viettel Group in Vietnam and Thai Airways have entered into joint ventures with basalt fiber manufacturers to enhance materials for aerospace components. The collaborations focus on improving the sustainability of aircraft parts while reducing overall weight.
- European Union (Germany, France, and Italy): In Europe, Saint-Gobain has acquired Basalt Fiber Technologies to enhance its product offerings for construction and infrastructure. This acquisition strengthens Saint-Gobain’s position in the growing sustainable materials sector, particularly in the construction of durable and eco-friendly buildings.
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Basalt Fiber Market Segmentation:
by Form
Continuous
Discrete
The Continuous segment led the Form section of the Basalt Fiber Market in 2023. Continuous basalt fibers have better mechanical qualities than chopped fibers, making them ideal for applications demanding strength and durability, such as construction, automotive, and aerospace. Furthermore, continuous fibers give greater uniformity and consistency in terms of quality and performance, resulting in enhanced end-product reliability. This stability makes them ideal for manufacturing procedures that require precise parameters.
by Usage
Composite
Non-Composites
by End User Industry
Construction & Infrastructure
Automotive & Transportation
Electrical & Electronics
Wind Energy
Marine
Others
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Basalt Fiber Market Key Players:
Europe
1. Basaltex NV (Belgium)
2. Technobasalt-Invest LLC (Ukraine)
3. Mafic SA (Luxembourg)
4. INCOTELOGY GmbH (Germany)
5. Fiberbas Construction and Building Technologies (Turkey)
North America
1. Sudaglass Fiber Technology (USA)
Asia Pacific
1. Zhejiang GBF Basalt Fiber Co., Ltd. (China)
2. Zhejiang Jiuyun Fiber Technology Co., Ltd. (China)
3. Shanxi Basalt Fiber Technology Co., Ltd. (China)
4. GBF Basalt Fiber Co., Ltd. (China)
5. Mudanjiang Basalt Fiber Co., Ltd. (China)
6. Jiangsu Tianlong Continuous Basalt Fiber High-tech Co., Ltd. (China)
7. Zhongjie Composite Materials Co., Ltd. (China)
8. Hengdian Group Shanghai Russia & Gold Basalt Fiber Co., Ltd. (China)
9. Jiangsu Green Materials Vally New Material T&D Co., Ltd. (China)
10. Sichuan Aerospace Tuoxin Basalt Industrial Co., Ltd. (China)
11. NMG Corporation (Russia)
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Key Developments by Region:
Vietnam: Vietnam is rapidly becoming a manufacturing hub for basalt fiber, with Viettel Group leading the charge. The country’s growing construction and infrastructure sectors are embracing basalt fiber for its high tensile strength and fire-resistant properties. Government initiatives to promote sustainable materials are also accelerating the adoption of basalt fiber.
Thailand: Thailand’s focus on sustainable construction materials has led to increased adoption of basalt fiber, especially in the development of eco-friendly buildings and road infrastructure. Thai Airways is exploring basalt fiber for use in lightweight aircraft components, marking a significant step toward greener aviation.
Singapore: Singapore, a leader in innovation and sustainability, is seeing an increase in demand for basalt fiber, particularly in the construction and automotive industries. Local companies are partnering with global manufacturers to develop lightweight, durable materials for smart city infrastructure projects.
Japan: Japan, a frontrunner in advanced manufacturing technologies, is expanding its use of basalt fiber in aerospace and automotive sectors. Toray Industries has significantly increased its investments in basalt fiber technology to diversify its product offerings and cater to the growing demand for lightweight and durable materials in transportation.
South Korea: South Korea’s Hyundai Motor Group is making significant strides in integrating basalt fiber into the automotive industry, particularly for EVs and lightweight vehicles. The collaboration with local basalt fiber producers will help enhance material performance while reducing weight for more energy-efficient vehicles.
European Union: Germany and France are embracing basalt fiber as a key material for both sustainable building and automotive applications. Companies like Saint-Gobain are at the forefront of adopting basalt-based materials for green construction and eco-friendly infrastructure projects, particularly in large urban areas.
United States: The U.S. continues to lead the market in terms of technological innovation in the use of basalt fiber. BASF’s partnership with Basalt Fiber Tech will allow the company to meet the growing demand for high-performance, sustainable materials in industries such as aerospace, construction, and automotive.
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Key Players in the Basalt Fiber Market:
Several key players in the basalt fiber market are making significant investments in technology and product innovation to meet growing demand across a range of industries.
- BASF :BASF’s recent partnership with Basalt Fiber Tech is aimed at expanding its capabilities in the production of sustainable basalt fiber. This collaboration will increase BASF’s ability to cater to growing demand in construction, automotive, and infrastructure sectors.
- Hyundai Motor Group: Hyundai is integrating basalt fiber into lightweight automotive manufacturing to increase fuel efficiency and reduce vehicle weight. The company’s joint venture with Korean Basalt Fiber Company is expected to create innovative, high-strength materials for the automotive industry.
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