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Wind Turbine Composite Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2023

Report Description

Global Wind Turbine Composite Materials Market

Growing concerns about greenhouse emissions have led to the increasing demand for clean and sustainable power sources. Wind energy is ideal for environment-friendly power generation. Lightweight composite materials help to harness wind energy with high efficiency. As a result, the demand for wind turbine composite materials is rising. The global wind industry is shifting toward larger turbines with longer blades, as larger blades are capable of producing higher amount of energy at low costs. Composite materials offer higher reliability and stability. Hence, these are of great importance in the manufacturing of parts of wind turbine, especially rotor blades.

Fibers such as carbon fiber and glass fiber are majorly used in the global wind turbine composite materials market. Glass fibers are high in demand in turbine manufacturing. The most commonly used resins available in the market are polyester, epoxy, vinyl ester, polyurethane, and others. Wind turbine composite materials are used to manufacture hub, nacelle, rotor blade, and towers. Rotor blades are the most important component of a wind turbine. Properties of rotor blades determine the lifetime and performance of a turbine. In fact, rotor blades are the most expensive part of a wind turbine. Rotor blades constitutes the largest application segment of the global wind turbine composite materials market. The technology to manufacture rotor blades has evolved significantly in the last 20 years. Focus has been shifted to reduce cycle time, thereby lowering cost and probability of defects. New wind turbine composite materials are being studied to generate cost-effective wind energy.                                                                  

Global Wind Turbine Composite Materials Market: Overview                          

Increased demand from the wind energy sector has propelled the growth of the global wind turbine composite materials market. Various environmental regulations and government initiatives to boost the usage of wind energy are expected to further augment the growth of the market. Composite materials perform better than conventional materials such as steel and aluminum, as they possess properties such as high strength-to-weight ratio, corrosion resistance, long lifecycle, and lower maintenance. All these factors are likely to propel the demand for wind turbine composite materials.

High cost of these materials is estimated to negatively affect the market’s growth. The rising cost of carbon fiber is also likely to challenge the growth of the market during the forecast period. The overall market has high scope to expand, led by the extensive research and development activities being carried out by market players to introduce various composite materials with advanced properties.

Global Wind Turbine Composite Materials Market: Region-wise Outlook                               

The global wind turbine composite materials market has been segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. The rising awareness about alternative sources of energy, new product launches, and growth of installed wind power size in India and China have augmented the wind turbine composite materials market in Asia Pacific. In fact, the region is anticipated to drive the demand for wind turbine composite materials during the period between 2016 and 2024. North America and Europe are projected to follow the Asia Pacific market. The wind turbine composite materials market in Rest of the World is small; however, it is expected to generate significant demand in the near future.

Key players in the global wind turbine composite materials market include Toray Industries, Teijin Limited, Cytec Industries, Gurit Holding AG, Royal Tencate NV, and TPI Composites. The key players are focusing on emerging economies, where rapid industrialization has led to increased demand for alternative sources of energy. 

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market

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