Global Wind Turbine Composite Materials Market is estimated to reach $15.5 billion by 2024; growing at a CAGR of 8.7% from 2016 to 2024.Wind turbine composite material arises as a vital component of wind turbine for the production of wind turbine part such as rotor blade. Composite material is generally made up of fiber & matrix. The fiber provides physical strength and circulatesloads in composite, while the matrix binds and maintains the spacing of the fiber material protecting the fiber from environmental damageand abrasion. The composite material formedfrom strengthening of fiber and matrix is far high-classfrom conventional metals like steel and aluminum.Growing concerns for greenhouse emissions have directed to the rising demand for clean, and sustainable energy sources. Wind energy is ideal for environmentfriendly power generation.
Global Wind Turbine Composite Materials Market Size and Forecast, 2015 – 2024 (US$ Billion)
The growth of global wind turbine composite materials market is primarily driven by factors such as increased demand from wind energy sector, and high-class properties of composite materials such as corrosion resistance, high strength-to-weight ratio, lower maintenance, and long lifecycle. Besides, several government initiatives and environmental regulations have also supported the market growth. However, high cost of these materials is the major hindrance for the growth of the market. Moreover, extensive R&D activities, and supportive economic & environmental factors raising the demand for composite materials is expected to generate numerous growth opportunities for the market in the coming years.
The global wind turbine composite materials market is mainly segmented on the basis of type, application, and geography. On the basis of type, the segment is classified into fiber (glass fiber, carbon fiber, and others), resin (epoxy, polyester, polyurethane, and others), and other types. The application segment is sub-segmented into nacelle, blade, tower, base, and other applications.
Global Wind Turbine Composite Materials Market, by Type
Based on geography, global wind turbine composite materials market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consists of UK, Germany, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Global Wind Turbine Composite Materials Market Regional Revenue % (2016 Vs 2024)
The key players profiled in the report are Suzlon Energy Limited, TPI Composites, Inc., Vestas Wind Systems A/S, MFG Wind, Hexcel Corporation,Teijin Limited, Cytec Solvay Group, Toray Industries, Inc., Gurit Holding AG, and Royal Tencate NV,among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Wind Turbine Composite Materials Market with respect to major segments such as type, application, and geography
- The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Wind Turbine Composite Materials Market has been included in the report
- Profile of the key players in the Global Wind Turbine Composite Materials Market will be provided, which include key financials, product & services, new developments and business strategies
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
Global Wind Turbine Composite Materials Market Primary Interviews, by Geography