The basalt fiber market was valued at US$ 216.00 million in 2020 and is projected to reach US$ 427.14 million by 2028; it is expected to register a CAGR of 9.0% from 2021 to 2028.

Basalt fiber possesses similar chemical properties to glass fibers but have better physicochemical properties than glass fibers. The basalt fiber market is anticipated to witness high growth due to its demand from end-use industries such as automotive, marine, building & construction, and electronics. Increasing construction activities in several regions due to growth in population, growing income, and government initiatives in various economies to develop better infrastructure is likely to boost the growth of the basalt fiber market. However, the inconsistent raw material properties are among the factors restraining the basalt fiber market growth.

Based on product, the global basalt fiber market is categorized into roving, chopped strand, twisted yarn, fabrics and tapes, and others. The roving segment held the largest share in the global basalt fiber market in 2020. Basalt roving is a bundle of continuous unidirectional complex basalt fibers. Roving has resistance to aggressive environments, high natural strength, long service life, and superior electrical insulation properties. Based on its technical characteristics, basalt roving surpasses E-glass and S-glass in numerous respects. Basalt roving is extremely heat-resistant and can resist temperatures up to 1,000 ?C for a short time. These characteristics are driving the roving segment growth.

Geographically, the basalt fiber market is segmented into North America, Europe, Asia Pacific, South and Central America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the largest share in the global basalt fiber market. Asia Pacific comprises several developing and developed economies such as India, China, Japan, South Korea, and Australia. Emerging countries are witnessing an upsurge in industrialization and urbanization activities. Growth in construction projects in countries such as India and China and growing investments in infrastructure activities, such as the new construction of highways, railways, underground metro lines, and pavement linings, are predicted to bolster the basalt fiber market in the region.

Kamenny Vek Company; Fiberbas Construction and Building Technologies; Hydro Design Management Co. Pvt. Ltd.; Hg Gbf Basalt Fiber Co., Ltd; Bastech; Mafic SA; Shanxi Basalt Fiber Technology Co. Ltd; Technobasalt-Invest LLC; Deutsche Basalt Faser Gmbh; and Basalt Engineering LLC are among the major key players operating in the global basalt fiber market.

The overall size of global basalt fiber market has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the basalt fiber market.