Wind Turbine Composite Materials Market

The Wind Turbine Composite Materials Market is projected to grow at a CAGR of 7.8% during the forecast period, 2022-2029.

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Key Drivers

High usage of carbon fiber in wind blades, growing length of the wind turbine blades, and the increasing demand for renewable energy sources are some of the major factors accelerating the growth of the global wind turbines material market. Currently, the population is increasing at a significant rate, which is raising the requirement for energy. Multiple factors such as stability, cost, cleanliness, efficiency, and environmental effects are accelerating the demand for renewable energy. In the present scenario, renewable energy is priority perhaps multiple engineers and scientists are working on R&D projects to obtain better output. Renewable energy reduces the emission of greenhouse gases when replaced with fossil fuels. Hence, unlike conventional sources, wind turbines save multiple gallons of water, reduces carbon emissions, and cuts pollution rates. Moreover, most of the organizations across the world are efficiently utilizing renewable energy. Organizations are also focusing on meeting government guidelines and standards related to environmental protection. All these benefits of technology and the rising concerns for the environment are increasing the demand for renewable resources, which further boosts the growth of the market. However, the rising cost of epoxy resin and carbon fiber might hamper the growth of the market.

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Fiber – Segment Analysis

Based on fiber type, the market is segmented into glass fiber, carbon fiber, and others. Among these, the glass fiber segment would witness a faster CAGR during the forecast period. Glass fiber is a natural material, which could be warped, twisted, and woven. It offers numerous features such as higher flexibility, strength, chemical, and water resistance. It has high durability, enhanced quality, and is widely used in wind turbine materials manufacturing, which further fuels the growth of the segment.

Resin – Segment Analysis

On the basis of resin, the market is segmented into epoxy resin, polyester resin, vinylester resin, and others. Among these, the epoxy resins would lead the market during the forecast period. Epoxy resins consist of mechanical properties and are resistant to thermal stress and cover multiple applications. The combination of these factors is surging the demand for the segment.

Application – Segment Analysis

Based on application, the market is segmented into blades, nacelle, and others. Among these, blades segment would experience a faster CAGR during the forecast period. The usage of composites in wind turbine blades provides less maintenance, high strength, long shelf life, and resistance to corrosion, which further increases the demand for blade segment in the wind turbine materials market.

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Regional – Segment Analysis     

On the basis of region, Asia-Pacific is projected to witness a higher CAGR during the forecast period. This is attributed to the high demand for renewable resources in populated countries such as China and India and the growing wind energy infrastructure in the region. Moreover, supportive government policies and regulations is driving the growth of the market in the region.

Top Market Players

The major players in the market include TPI Composites, Inc, MFG Companies, LM Wind Power A/S, Gamesa Technology Corporation, AVIC Huiteng Windpower Equipment Co., Ltd, Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd, Vestas Wind Systems A/S, Suzlon Energy Limited, Siemens AG, and AREVA SA, among others.

Segments covered in the Report:

The global wind turbine materials market has been segmented on the basis of fiber, resin, manufacturing process, application, and region. Based on fiber, the market is segmented into glass fiber, carbon fiber, and others. Based on resin, the market is segmented into epoxy resin, polyester resin, vinylester resin, and others. Based on, the market is segmented into manufacturing process vacuum injection molding, prepreg, and hand lay-up. Based on application, the market is segmented into blades, nacelle, and others.

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Key questions answered in this research report:

• • At what pace is global wind turbine materials market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in wind turbine materials market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global wind turbine materials market?
  • Which fiber generated maximum revenues in 2021 and identify the most promising fibre during the forecast period?
  • What are the various application areas of global wind turbine materials market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD Million
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Fiber, By Resin, By Manufacturing Process, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	TPI Composites, Inc, MFG Companies, LM Wind Power A/S, Gamesa Technology Corporation, AVIC Huiteng Windpower Equipment Co., Ltd, Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd, Vestas Wind Systems A/S, Suzlon Energy Limited, Siemens AG, and AREVA SA, among others; a total of 12 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Wind Turbine Composite Materials Market by Fiber

• • Glass Fiber
  • Carbon Fiber
  • Other Promising Fibers

Global Wind Turbine Composite Materials Market by Resin

• • Epoxy Resin
  • Polyester Resin
  • Vinylester Resin
  • Other Resins

Global Wind Turbine Composite Materials Market by Manufacturing Process

• • Vacuum Injection Molding
  • Prepreg
  • Hand Lay-Up

Global Wind Turbine Composite Materials Market by Application

• • Blades
  • Nacelles
  • Others

Global Wind Turbine Composite Materials Market by Region

• • North America Wind Turbine Composite Materials Market (Option 1: As a part of the free 25% customization)
    • By Fiber
    • By Resin
    • By Manufacturing Process
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Wind Turbine Composite Materials Market (Option 2: As a part of the free 25% customization)
    • By Fiber
    • By Resin
    • By Manufacturing Process
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Wind Turbine Composite Materials Market (Option 3: As a part of the free 25% customization)
    • By Fiber
    • By Resin
    • By Manufacturing Process
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Wind Turbine Composite Materials Market (Option 4: As a part of the free 25% customization)
    • By Fiber
    • By Resin
    • By Manufacturing Process
    • By Application
    • Brazil Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Wind Turbine Composite Materials Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • TPI Composites, Inc
  • MFG Companies
  • LM Wind Power A/S
  • Gamesa Technology Corporation
  • AVIC Huiteng Windpower Equipment Co., Ltd
  • Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd
  • Vestas Wind Systems A/S
  • Suzlon Energy Limited
  • Siemens AG
  • AREVA SA