Wind Turbine Composites Market is projected to be worth expected to rise registering a CAGR of 7% during the forecast period (2022 - 2030)
Wind Turbine Composites Market size is estimated to grow by 7% in the forecast period.
Wind Turbine Composites are crucial to make various structural parts of wind turbines. The composite can make equipment parts and blades. Also, these parts come with a product with high tensile strength and resilience. There are plenty of benefits of using this composite. Other benefits are low maintenance, long product life, and corrosion resistance. These major trends and elements are positively impacting the market. Due to their features, the wide turbine composites are used in industries, blades, nacelles, hubs, towers, and more.
The global wind turbine composite materials market has various segments. It is diversified into fiber type, resin, method, and application market. There are two major fiber types in this market such as glass and carbon. The rising use of composites in home furnishing materials, apparel, and garments is boosting demand. The glass segment of the market holds the highest amount of shares. Chemical resistance and durability is the main strength of these composites.
There is also an epoxy resin segment that has expanding demand in the paints and coatings market. Construction industries are crucial end-user of this market. The polyurethane resin segment is expected to have the highest growth due to the demand from the transportation industry. In this sector, the composites are a unique combination with low cycle time. All these trends will contribute to the highest wind turbine composites market share.
The COVID-19 pandemic had a massive influence on industries across the globe. The 19 pandemics have had a substantial effect on the energy sector. There is a decrease in electricity demand. Especially, particularly industrial and commercial sectors have a declining trend. Also, the global economy deals crisis in this period. The renewable energy sources in the power sector are affected by impacted by this outbreak. Many countries are focusing on electricity generated from renewable energy. Renewable energies such as solar, wind, energy storage, and hydropower have high demand. Many countries are trying to set up new wind turbines in their region. Countries such as China, India, and Japan are having a high demand for composites. However, supply chain disruptions are affecting demand from leading countries. Also, the newer wave of covid 19 will bring much more difficulties for the market.
The rising use of carbon fiber in wind blades is a crucial market driver. Today, carbon fibers have high demand among the end-users. The carbon fibers are strong and durable leading to more need. Further, the growing need for renewable energy sources is driving market demand. Another important factor driving the growth of the wind turbine composite material market is rising government funding. They are wind power projects are gaining high demand. Wind Composites are widely used in the manufacturing process of wind turbine blades. The most crucial composite-based part of a wind turbine is its blades.
The need for wind energy is surging. This leads to the need for larger wind blades with better power output. These wind turbine constructions lead to growth in the use of composite materials and blade manufacturing. Lower cost is the driving factor of this market. Ease of installation and offshore wind energy expansions are creating a positive effect on this market. All these factors are projected to lead to the increased production of wind turbines. These crucial drivers will create an exceptional impact wind turbine composites market growth.
Wind turbine Market Opportunities are massive due to technological improvements. Wind turbine Market equipment is updated regularly. As a result of these advancements, the product's benefits have increased. Wind turbines in many industries leading plenty of improvements. There are newly developed wind turbines that come with high energy efficiency. Ultra-low energy usage and ultra-high performance are two advantages of development.
China is a significant manufacturer of these composites. The demand from this region is increasing due to technological advancements. The growing demand from the emerging economies will contribute to the growth of this market. Growing economies have a high demand for renewable energy. This will create a great impact on the growth of this market.
Another reason driving this growth is the low cost of wind turbine composite materials. These low costs will positively affect demand from emerging economies in the next years. Furthermore, higher investments will result in increased market research. The hybrid composite is the outcome of thorough market research. Government financing for high-level market research will result in positive changes. In the coming years, the market's growth potential is massive. All of these growth factors will contribute to the market's high profitability.
A significant part of the wind turbine composite is the raw materials. The functions of this composite are less efficient without proper raw materials. The market's constraining element is the demand for highly specified raw materials. A disadvantage is a specialized requirement for raw materials. The availability of raw materials in the region is inconsistent.
Glass, fiber, carbon components, and other basic materials are all difficult to work with. Growth might be hampered by a shortage of appropriate raw materials. The covid 19 situation has resulted in a scarcity of raw resources and low market production. Future difficulties may result in a lack of such resources. As a result, demand and revenue are impacted in the market.
The high cost of wind turbine composite production is a huge market challenge. Due to the covid 19 and shipment challenges, the price of wind turbines has been dropping in recent years. And the profit margin has been unpredictable for the market.
It is causing significant players to postpone their investments. Many significant players are currently unable to invest in the sector due to a lack of finances. This market is challenged by the high investment costs associated with wafer production. As a result, the rate of production and demand may decrease. The market's overall expansion rate is slowing.
The wind turbine composites market trends is stable in the forecast period. There are factors such as demand for carbon fibers and government support boosting demand. The demand drivers will intensify which will lead to a high supply of composites in the forecast period. Blades segment will witness high demand in terms of size and volume.
Wind turbines with larger size blades generate efficient energy. Due to these factors, wind turbine composite adoption is rising. However, raw materials scarcity is a challenge in this market. Also, the high cost of production affects revenue. Still, growth opportunities are plenty with technological advancements.
During the forecast period, Asia-Pacific is expected to be the largest shareholder. It is the fastest-growing region in the wind turbine composite market. Increased demand for renewable energy sources is a rising demand in this region. The high demand for lightweight and high-strength materials used to manufacture various parts of wind turbines is raising growth.
Supportive government initiatives such as favorable policies are contributing to high revenue. Wind power development programs and initiatives will rise in this region. Also, government regulations concerning renewable energy will create much impact on the market growth. Power installations are expected to grow in upcoming years. The surge in power installation increases the need for wind turbines in Asia pacific market.
Wind turbine composites market Insights by Resin Type
Wind turbine composites market Insights by Fiber Type
Wind turbine composites market Insights by Manufacturing Process
Wind turbine composites market Insights by Application
Wind turbine composites market Insights by Region
The regional win turbine fragmented into Asia Pacific, Europe, and North America. Asia Pacific market is held the highest wind turbine composite market shares. The demand from the energy market is contributing to high demand. The need for energy efficiency is high in this market. Especially, Low-cost energy solutions are gaining more traction.
Due to this, the investment for new power installations is surging. North America is the early adopter of wind turbine composite materials. The investments for the market are urging in this region. All these factors contribute to the high revenue rates of the market. Europe is another fastest growing market with expansion opportunities.
|Market Size||2030 : Significant value|
|CAGR||2022–2030: 7% CAGR|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Fiber Type, Resin, Process and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||LM Wind Power (Denmark), AVIC Huiteng Windpower Equipment Co Ltd ( China), Vestas (Denmark), Gamesa Corporation Technology (U.S.), TPI Composites (U.S.), Suzlon Energy Limited (India), AREVA (France), Siemens AG (Germany), Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd (China), and Molded Fiber Glass Companies (U.S.) among others.|
|Key Market Opportunities||Its growing use in home furnishing fabrics, clothing, garments, and others|
|Key Market Drivers||The epoxy resin segment holds a majority of the market on account of its growing use in paints & coatings, construction sectors.|
The most commonly used types of composite material in the wind turbine industry are glass fibre-reinforced plastics (GRP).
Vacuum injection molding is set to grow at the highest growth rate over the forecast period.
Asia Pacific holds the largest share in the global wind turbine composites market due to the growing popularity of wind power in the region.
Leading players in the wind turbine composites market include LM Wind Power, Gamesa Corporation Technology, Vestas, AREVA, Siemens AG, TPI Composites, and Molded Fiber Glass Companies.
Epoxy resin is the largest segment of the global wind turbine composites market, while polyurethane is expected to grow at the highest growth rate over the forecast period.
Glass fiber is the leading type of fiber in the global wind turbine composites market.