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Wind Turbine Composite Materials Market

Wind Turbine Composite Materials Market By Fiber Type (Glass Fiber, Carbon Fiber), Resin Type (Epoxy, Polyester, Polyurethane, Vinyl Ester), Application (Rotor Blade, Nacelle, Hub, Towers) & Region - Forecast 2022-2032

Market Insights on Wind Turbine Composite Materials covering sales outlook, demand forecast & up-to-date key trends

Wind Turbine Composite Materials Market Overview

The global wind turbine composite materials market is expected to be valued at USD 12 Billion in 2022 and secure USD 25.4 Billion by 2032. The projected market growth is 7.14% during the forecast period from 2022 to 2032. The growing application of carbon fiber is expected to act as a significant market driver during the forecast period. Further, the increasing wind energy installations is another important cause boosting the growth of the industry.

Report Attribute

Details

Estimated Base Year Value (2021)

US$ 12 Bn

Expected Market Value (2022)

US$ 12.75 Bn

Anticipated Forecast Value (2032)

US$ 25.4 Bn

Projected Growth Rate (2022-2032)

7.14% CAGR

The need for clean, sustainable power sources to fuel economic growth globally is increasingly being met with energy generation with wind power. The trend is expected to also be continuing in the future. The market is increasingly driven by competitive pricing, energy security, and price stability. Increasing demand for lightweight materials with high efficiency has driven the growth of composite materials in the wind energy market.

Growing new installations of wind turbines, increased size of blades, and increasing use of composites in other turbine components such as nacelle and hub are expected to increase the demand for composite materials resulting in the growth of the wind turbine composite materials market. Composite materials endure their control on various global markets including the wind energy market. The material delivers higher stability, reliability, and increased life of the objects due to which it holds a very high impact on different global markets.

Composites are of great importance in the manufacturing of wind turbine rotor blades which are one of the critical components of the overall wind turbine structure. The continuous increment in the length of rotor blades for raising the wind turbine output is providing growth prospects to the global wind turbine composite materials market.

What are the factors boosting the Wind Turbine Composite Materials Market?

The increasing demand for wind energy is resulting in the construction of larger wind blades that are more efficient and offer higher output, which is expected to increase the demand for composite materials for blades. Further, the benefits offered by the composites over traditional materials like steel and aluminum are likely to boost the market expansion during the forecast period. Moreover, benefits offered by composite materials such as; lower maintenance, corrosion resistance, long lifecycle, and high strength-to-weight ratio are predicted to bolster its demand in the forecast period.

The surging demand for composites that assist in increasing strength and stiffness to structural parts of wind turbines, like nacelles and blades, is predicted to fuel the demand for such materials, thereby benefitting the market. Further, the contribution of the glass fiber segment is notable. The segment is expanding due to chemical resistance and good stiffness offered by glass fibers and cost-effectiveness are expected to be the key factors propelling the demand for glass fiber composites.

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What are the factors Hampering the Wind Turbine Composite Materials Market?

The high cost associated with these materials is likely to hinder the market growth during the forecast period. Further, the cost of carbon fiber is also expected to pose a challenge for the expansion of the market. In addition, the recyclability issue of composites is projected to impede the growth of the market. Moreover, the cross-linked nature of thermoset resins is another important factor hindering the market rise in the forecast period.

Among other affected sectors, the power sector is also severely affected owing to the outbreak of COVID-19. The globally imposed lockdown brought problems in the supply chain, delays in projects, lack of manpower, and various challenges in project financing.

Why is APAC Projected to be a Lucrative Market?

APAC market is anticipated to lead the global wind turbine composite materials market during the forecast period. The growth of the regional market can be attributed to the increasing demand for composite materials owing to the growing awareness of alternative sources. Moreover, there has been a growth of installed wind power size in China and India, which is significantly benefitting the regional market.

As per the estimations, China is projected to account for the largest market share during the forecast period. Moreover, the country also announced its plan to invest about USD 360 billion in renewable energy by 2020. It also turned down its plan to construct 85 coal-fired power plants, which is likely to enhance the wind energy installations in the country, boosting the regional market. Besides, India has the fourth-largest installed capacity in wind power and is likely to surge its wind power capacity in the future, which is expected to benefit the APAC market significantly.

Nikhil Kaitwade
Principal Consultant
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What is the Contribution of North America in Boosting the Market?

As per the analysis, North America is likely to witness a significant CAGR during the forecast period. The expansion of the market can be attributed to the increasing power consumption and implementation of strict environmental regulations by the government of Canada and the U.S. Besides, the presence of established key players in the region is likely to offer significant market opportunities in the coming time.

Furthermore, the rise of the market can be attributed to the increasing demand for lightweight and high-strength materials. In addition, various wind development programs and the launch of favorable policies are projected to augment the market in the region.

Market Competition

The key players of the global wind turbine composite materials market are Gurit Holding AG, TPI Composites, Cytec Industries, Teijin Limited, Rotal Tencate NV, among others.

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Scope Of Report

Report Attribute

Details

Growth Rate

CAGR of 7.14% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Type of Fiber
  • Type of Application
  • Type of Resin
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • TPI Composites
  • Cytec Industries
  • Gurit Holding AG
  • Teijin Limited
  • Rotal Tencate NV

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Key Segments Profiled in the Global Wind Turbine Composite Materials Market

Type of Fiber:

  • Carbon Fiber
  • Glass Fiber

Type of Resin:

  • Epoxy
  • Vinyl Ester
  • Polyester
  • Polyurethane

Type of Application:

  • Towers
  • Rotor Blade
  • Nacelle
  • Hub
  • Region
  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa

Frequently Asked Questions

The growth of the global wind turbine composite materials market is estimated to secure a market value of USD 25.4 Bn by 2032.

Gurit Holding AG, TPI Composites, Cytec Industries, Teijin Limited, and Rotal Tencate NV are some of the players in the market.

APAC is anticipated to lead the market during the forecast period. The expansion of the region can be attributed to the favorable initiatives taken by the government of developing countries.

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Wind Turbine Composite Materials Market