Wind Turbine Composites Market, By Resin Type (Epoxy, Polyester, Vinyl Ester, Polyurethane, and Polyamide), By Fiber Type (Glass Fiber and Carbon Fiber, and Others (Aramid Fiber, Basalt Fiber, and Hybrid Fiber), By Manufacturing Type (Vacuum Injection, Molding, Prepreg, and Hand Lay-Up), By Application (Blades Nacelles, and Others (Towers and Hub)), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029

Report Code: PMI76319 | Publish Date: December 2023 | No. of Pages: 168

Global Wind Turbine Composites Market Overview

Wind turbine composites are mainly used in the manufacturing of blades. Wind turbine composites are primarily manufactured by using fiber and matrix. Fiber offers physical strength and distributes loads in the wind turbine composites. Wind turbine composites are provides various advantages, such as low maintenance, corrosion resistance, and long product life. Wind turbine composites are important in manufacturing of wind turbine rotor blade or overall wind turbine structure. Wind turbine composites are generally made up of glass fibers, epoxy matrix, and glass fiber reinforced plastics (GRP). These materials provide high stiffness, low density, corrosion resistance, high temperature tolerance, favorable cost, and excellent performance to wind turbine composites. Decrease weight of wind turbine composites that resulting into blades can rotate faster than other material used in manufacturing wind turbine composites. Main purpose of wind turbine composites is to use in manufacturing blades and nacelles is to decrease material degradation to minimal level. The Global Wind Turbine Composites Market accounted for US$ 7.15 billion in 2020 and is estimated to be US$ 12.87 billion by 2030 and is anticipated to register a CAGR of 6.10%.

Global Wind Turbine Composites Market Dynamics

Increasing demand for wind turbine composites will drive the growth of the Market

Increasing demand for wind turbine composites across the globe is major factor driving growth of the global wind turbine composites market. In addition, Wind turbine composites offers leading advantages such as longer-size blades, light-weight blades and development of low wind and off shore sites are factors propelling growth of the global wind turbine composites market. Furthermore, decreasing conventional energy sources is a factor creating demand for renewable energy sources which is boosting growth of the global wind turbine composites market. Moreover, growing demand for renewable energy across the globe is also key factor supporting growth of the wind turbine composites market. For instance, according to the data published by National Centre for Biotechnology Information (NCBI), in 2017, the European Union seeks to cover 20% of its energy requirement from renewable by 2020. In order to accomplish this goal, wind energy capacity should be expanded by two orders of magnitude; the European Union offshore wind energy capacity is expected to grow 21% annually.

Wind turbine composites are design in such a way to provide significant advantages such as weight reduction, unconventional engineered material in order to improve performance and reliability of wind turbine composites. These are prominent factors supporting growth of the global wind turbine composites market. However, high cost associated with materials that used in manufacturing wind turbine composites is a restraining factor expected to hamper growth of the wind turbine composites market.

Increasing demand for composites since it helps to improve strength as well as stiffness of structural components of wind turbines such as nacelles and blades is driving growth of the global wind turbine composites market. In addition, these composites offer longer and lighter blades, improved blade performance are expected to propel growth of the target market. Moreover, growing demand for renewable energy, because of reducing conventional energy sources is a factor boosting demand for global wind turbines composites market. Furthermore, growing demand for wind turbine composites from industrialists and operators also fuelling growth of the target market.

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Global Wind Turbine Composites Market Segmentation

 

Source: Prophecy Market Insights |Disclaimer: Data is only a representation. Actual data may vary in the final report.

Global wind turbine composites market has been segmented on the basis of resin type, fiber type, manufacturing type, application and region.

On the basis of resin type, the target market classified into epoxy, polyester, vinyl ester, polyurethane, and polyamide. Based on fiber type, the global market bifurcated into glass fiber and carbon fiber, and others. Others segment include aramid fiber, basalt fiber, and hybrid fiber. On the basis of manufacturing type, the target market categorized into vacuum injection, molding, prepreg, and hand lay-up. Based on application, the global market classified into blades nacelles, and others. Others include towers and hub. Among applications, blade dominates in the global wind turbine composites market and is expected to continue its dominance over the forecast period.

 

Regional Insights:

 

Source: Prophecy Market Insights

 

On the basis of region, the global wind turbine composites market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific dominates the global wind turbine composites market and is expected to continue its dominance over the forecast period. This is attributed to favourable government policies and rising demand for renewable energy is expected to boost demand for global market in this region. Middle East and Africa is also expected to witness significant growth in the target market over the forecast period in this region.

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Attribute

Details

Base year for estimation

2020

Forecast period

2020 – 2030

Market representation

Revenue in USD Million & CAGR from 2020 – 2029

Market Segmentation

By Resin Type- Epoxy, Polyester, Vinyl Ester, Polyurethane, and Polyamide

By Fiber Type– Glass Fiber and Carbon Fiber, and Others (Aramid Fiber, Basalt Fiber, and Hybrid Fiber)

By Manufacturing Type– Vacuum Injection, Molding, Prepreg, and Hand Lay-Up

By Application– Blades, Nacelles and Others

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report segments the global wind turbine composites market on the basis of resin type, fiber type, manufacturing type, application, and region. On the basis of resin type, the target market is classified into epoxy, polyester, vinyl ester, polyurethane, and polyamide. Based on fiber type, the global market is bifurcated into glass fiber and carbon fiber, and others. Other fiber type segment includes aramid fiber, basalt fiber, and hybrid fiber. On the basis of manufacturing type, the target market is categorized into vacuum injection molding, prepreg, and hand lay-up. Based on application, the global market is classified into blades, nacelles, and others. Other sub-segment includes towers and hub. Among applications, the blade sub-segment is expected to dominate in the global wind turbine composites market over the forecast period.

 

 

Global Wind Turbine Composites Market, By Region:

      • North America
          • U.S.
          • Canada
      • Europe
          • Germany
          • UK
          • France
          • Russia
          • Italy
          • Rest of Europe
      • Asia Pacific
          • China
          • India
          • Japan
          • South Korea
          • Rest of Asia Pacific
      • Latin America
          • Brazil
          • Mexico
          • Rest of Latin America
      • Middle East & Africa
          • GCC
          • Israel
          • South Africa
          • Rest of Middle East & Africa

Global Wind Turbine Composites Market Key Players

Some of the prominent players operating in the global wind turbine composites market include Toray Industries Inc., Cytec Industries Inc., Royal TenCate Inc., Gurit Holding AG, Hexel Corporation, Teijin Limited, TPI Composites, Inc., Gamesa Corporation Technology Inc., Vestas Wind Systems A/S, and Suzlon Energy Limited. Technological advancements in the product as well as in manufacturing process, product launches, and strategic partnerships are some trends witnessed in the global wind turbine composites market. For instance, in 2017, Hexcel Corporation had expanded supply agreement of wind turbine composite materials with Vestas system AS.

Global Wind Turbine Composites Market Company Profile

  • Toray Industries Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Cytec Industries Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Royal TenCate Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Gurit Holding AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Hexel Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Teijin Limited
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • TPI Composites, Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Gamesa Corporation Technology Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Vestas Wind Systems A/S
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Royal TenCate Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies

Global Wind Turbine Composites Market Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
  3. Market Purview
    • Executive Summary
    • Key Findings—Global Outlook for medical carts Strategies
      • Key Questions this Study will Answer
      • Market Snippet, By Resin Type
      • Market Snippet, By Fiber Type
      • Market Snippet, By Manufacturing Type
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Opportunity Map Analysis
    • Executive Summary—3 Big Predictions
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restrains
      • Market Opportunities
      • Market Trends
    • DR Impact Analysis
    • PEST Analysis
    • Porter’s Five Forces Analysis
    • Opportunity Orbit
    • Market Investment Feasibility Index
    • Macroeconomic Factor Analysis
  5. Wind Turbine Composites Market, By Resin Type, Forecast Period up to 10 Years, (US$ Bn)

 

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Epoxy
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Polyester
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Vinyl Ester
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Polyurethane
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Polyamide
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    •  

 

  1. Wind Turbine Composites Market, By Fiber Type, Forecast Period up to 10 Years, (US$ Bn)

 

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Glass Fiber and Carbon Fiber
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Others (Aramid Fiber, Basalt Fiber, and Hybrid Fiber)
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

 

  1. Wind Turbine Composites Market, By Manufacturing Type, Forecast Period up to 10 Years, (US$ Bn)

 

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Vacuum Injection
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Molding
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Flowmeters
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Prepreg
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Hand Lay-Up
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  1. Wind Turbine Composites Market, By Application, Forecast Period up to 10 Years, (US$ Bn)
  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Blades Nacelles
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Others (Towers and Hub)
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  1. Wind Turbine Composites Market, By Region, Forecast Period up to 10 Years, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
      • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Bn), By Resin Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Fiber Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Manufacturing Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Bn), By Resin Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Fiber Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Manufacturing Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • UK
        • France
        • Germany
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast (US$ Bn), By Resin Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Fiber Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Manufacturing Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • India
        • Japan
        • South Korea
        • China
        • Rest of Asia Pacific
  • Latin America
    • Market Size and Forecast (US$ Bn), By Resin Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Fiber Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Manufacturing Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
    • Market Size and Forecast (US$ Bn), By Resin Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Fiber Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Manufacturing Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Application, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East
  1. Competitive Landscape
    • Heat Map Analysis
    • Market Presence and Specificity Analysis
  2. Company Profiles
  • Cytec Industries Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Royal TenCate Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Gurit Holding AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Hexel Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Teijin Limited
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • TPI Composites, Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Gamesa Corporation Technology Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  1. The Last Word
    • Future Impact
    • About Us
    • Contact

FAQs

Global Wind Turbine Composites Market is segmented based on resin type, fiber type, manufacturing type, application and region.

Increasing demand for wind turbine composites is major factor driving the market.

During the forecast period, Asia-Pacific is expected to dominate the market.

Some of the prominent players operating in the global wind turbine composites market include Toray Industries Inc., Cytec Industries Inc., Royal TenCate Inc., Gurit Holding AG, Hexel Corporation, Teijin Limited, TPI Composites, Inc., Gamesa Corporation Technology Inc., Vestas Wind Systems A/S, and Suzlon Energy Limited.