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. 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 Drivers & Restraints
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 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 wind turbine composites market. Furthermore, decreasing conventional energy sources is a factor creating demand for renewable energy sources which is boosting growth of the 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 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 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.
Global Wind Turbine Composites Market Segmentations & Regional Insights
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 wind turbine composites market and is expected to continue its dominance over the forecast period.
Regional Insights:
On the basis of region, the 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 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.
|
Attribute |
Details |
|
Base year for estimation |
2020 |
|
Forecast period |
2020 – 2030 |
|
Market representation |
Revenue in USD Billion & CAGR from 2020 – 2030 |
|
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 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 wind turbine composites market over the forecast period.
Wind Turbine Composites Market, By Region:
- North America
- Middle East & Africa
-
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
-
- Europe
-
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
-
-
- U.S.
- Canada
- Middle East & Africa
Global Wind Turbine Composites Market Competitive Landscape & Key Players
Some of the prominent players operating in the 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 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 Highlights
FAQs
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 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.