Global Wind Turbine Composite Materials Market Report, published by Variant Market Research, forecast that the global market is expected to reach $15.5 Billion by 2024 from $8 Billion in 2016; growing at a CAGR of 8.7% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 9% and 8.9%, respectively, during the forecast period. Wind turbine composite material arises as an essentialelement of wind turbine for the construction of wind turbine rotor blade.The market is progressively driven by the modest pricing, price stability, and energy security. Growing demand of light-weight materials with high efficiency has also supported the growth of composite materials in the wind energy market.
“Wind Turbine Composite Materials Market (By Type: Fiber, Resin, and Other Types; By Application: Nacelle, Blade, Tower, Base, and Other Applications; By Geography: North America, Europe, Asia-Pacific and Row)Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024”
Increased demand from wind energy sector fuels the global wind turbine composite materials market
The global wind turbine composite materials market is majorly driven by growing demand from wind energy sector due to the positive growth outlooks.As wind power is renewable, plentiful, clean, does not producegreenhouse gas emissions during operation, and uses less land. Additionally, various government initiatives& environmental regulations, and superior properties of these materials such as high strength-to-weight ratio,lower maintenance, corrosion resistance have also fueled the market growth. However, high cost of these materials may limit the growth of the market. Moreover, extensive R&D activities by the key players is expected to open up new growth opportunities for the market in the forecast timeframe.
Type, application, and geography are the major segments considered in the global wind turbine composite materials market. Type segment comprises fiber (glass fiber, carbon fiber, and others), resin (epoxy, polyester, polyurethane, and others), and other types. Application segment is further bifurcated into nacelle, blade, tower, base, and other applications. Furthermore, by geography, North America, Europe, Asia Pacific, and Rest of the World (RoW) are the major segments of the wind turbine composite materials market. North America is further bifurcated in U.S., Canada, and Mexico whereas Europe covers UK, Germany, and Rest of Europe. Asia-Pacificis categorized into India, China, Japan, and Rest of Asia-Pacific, while Rest of the World is bifurcated into South America, Middle East, and Africa.
Fiber dominated the type segment in 2016
Global Wind Turbine Composite Materials Market, by Type
Fiber accounted for the largest market share in 2016, in the type segment followed by resin. The high growth is credited due to its easy availability and cost effectiveness, and great properties such as tenacity, flexibility or pliability. While resin is expected to grow with fastest CAGR throughout the forecast period.
Nacelle held the major market share in application segment
Global Wind Turbine Composite Materials Market, by Application
Nacelle dominated the application segment in 2016, as it is a cover housing that lines all of the generating components in a wind turbine, including the generator, drive train, gearbox, and brake assembly, and its application such as lightweight, corrosion free, and weather protection.
Asia-Pacific occupied the major share in the global wind turbine composite materials market
GLOBAL WIND TURBINE COMPOSITE MATERIALS MARKET SHARE BY GEOGRAPHY, 2016 (%)
In 2016, Asia-Pacific generated the highest revenue accounting for 39.3% of the total market share, and is also expected to grow with fastest CAGR during the forecast period. Major factors driving the growth of the wind turbine composite materials market in Asia-Pacificregion involvegrowing demand for renewable energy sources, supportive government initiatives, 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 Vestas Wind Systems A/S, Suzlon Energy Limited,Teijin Limited, MFG Wind, Gurit Holding AG,Hexcel Corporation,TPI Composites, Inc., Toray Industries, Inc., Cytec Solvay Group, and Royal Tencate NV,among others