The global basalt fiber market size was valued at USD 435.00 million in 2023. The market is projected to grow from USD 505.91 million in 2024 to USD 1,280.70 million by 2032 at a CAGR of 12.3% during the forecast period of 2024-2032. Asia Pacific dominated the basalt fiber market with a market share of 37.6% in 2023.

Basalt fiber, derived from basalt rocks, is a naturally occurring material and is a cost-efficient and environmentally friendly alternative to glass and carbon fibers in various applications. It is formed through the rapid cooling of basaltic lava. The growing demand from the construction and automotive sectors due to its properties, such as its non-corrosive nature, durability, and ability to withstand high temperatures, is expected to drive the market growth.

Fortune Business Insights™ displays this information in a report titled, “Basalt Fiber Market, 2024-2032."

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LIST OF KEY COMPANIES PROFILED IN THE REPORT:

• Kamenny Vek (Russia)
• Zhejiang Shijin Basalt Fiber Co., Ltd. (China)
• Arab Basalt Fiber Company (UAE)
• Technobasalt Invest LLC (Ukraine)
• JSC “Polotsk-Steklovolokno” (Belarus)
• ISOMATEX S.A. (Belgium)
• INCOTELOGY GmbH (Germany)
• Sudaglass Fiber Technology, Inc. (U.S.)
• Basalt Fiber Tech (Australia)
• Deutsche Basalt Faser GmbH (Germany)

Segmentation:

Composites Segment Held Highest Share Due to Growing Adoption of Composites in Construction Industry

Based on type, the market is classified into composites and non-composites. The composites segment accounted for the largest basalt fiber market share in 2023 and is projected to witness a significant growth rate in the coming years. BFR composites are used in concrete reinforcement, rebar, and structural components with a focus on improving strength and durability in the construction industry.

Building & Construction Industry Leads with Widespread Adoption of Components