According to the latest report published by Variant Market Research, the global wind turbine composite materials market size was valued at $8 Billion in 2016 and is estimated to reach $15.5 Billion by 2024. In this report, the global wind turbine composite materials market forecast says that the global market is growing at a CAGR of 8.7% from 2016 to 2024.
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Superior properties of wind turbine composite materials fuel the global market
Growing demand from wind energy sector due to the positive growth, superior properties of these materials such as high strength-to-weight ratio, corrosion resistance, lower maintenance, and various government initiatives & environmental regulations are the major wind turbine composite materials market trend. However, high cost of these materials is the major hindrance for the market growth. Furthermore, extensive R&D activities by the key players is likely to open up growth opportunities for the market in the coming future.
The global wind turbine composite materials market has been classified on the basis of type, application, and geography. The type segment is bifurcated into resin (polyester, polyurethane, epoxy, and others), fiber (carbon fiber, glass fiber, and others), and other types. The application segment is further categorized into tower, blade, base, nacelle, and other applications. Furthermore, by geography, North America, Europe, Asia Pacific, and Rest of the World (RoW) are the major segments considered in the global wind turbine composite materials market. North America is further bifurcated in U.S., Canada, and Mexico whereas Europe covers Germany, UK, and Rest of Europe. Asia-Pacific is categorized into Japan, India, China, and Rest of Asia-Pacific, while Rest of the World is bifurcated into Middle East, South America, and Africa.
Fiber, by type contributed for the largest market share in 2016
Fiber dominated the type segment with major market share in the year 2016 and is expected to continue its trend during the forecast period 2016 – 2024. The high growth is attributed to its cost effectiveness and easy availability, and superior properties such as flexibility and tenacity. In terms of growth, resins are likely to achieve the fastest CAGR during the forecast period.
Nacelle accounted for the major share in the application segment in 2016
Nacelle held for the maximum market share in 2016, in the application segment, owing to its ability such as it is a cover housing that lines all of the generating components in a wind turbine, including gear box, drive train, and brake assembly, also composite materials used for wind turbine blades and nacelle are corrosion free, lightweight, and weather protected.
Asia-Pacific occupied the major share in the global wind turbine composite materials market
In the year 2016, Asia-Pacific was the highest revenue generating region accounting for 39.3% of the global wind turbine composite materials market share. Also, Asia-Pacific is expected to achieve the fastest CAGR throughout the forecast period. The growth can be seen due to supportive government initiatives, growing demand for renewable energy sources, and mounting demand for lightweight & high strength materials used in the manufacturing of various parts of wind turbines.
The key players in the market include Suzlon Energy Limited, Vestas Wind Systems A/S, Cytec Solvay Group, Teijin Limited, Gurit Holding AG, Royal Tencate NV, Hexcel Corporation, TPI Composites, Inc., Toray Industries, Inc., and MFG Wind among others.
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Scope of the Global Wind Turbine Composite Materials Market
- Glass Fiber
- Carbon Fiber
- Other Types
- Other Applications
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South America
- Middle East
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