Global Wind Turbine Composites Material Market, By Fiber Type (Glass Fiber, Carbon Fiber, Others), Resin Type (Epoxy Resin, Polyester Resin, Vinylester Resin, Others), Manufacturing Process (Vacuum Injection Molding, Prepreg, Hand Lay-Up), Application (Blades, Nacelles, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Wind Turbine Composites Material Market Analysis and Insights
Wind turbine composites material market size is valued at USD 23.62 billion by 2028 and is expected to grow at a compound annual growth rate of 10.23% for the forecast period of 2021 to 2028. Data Bridge Market Research report on wind turbine composites material market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Wind turbine composites material is exclusively formulated composite material which is created to meet the harsh requirements of surviving the conditions such as intense humidity, erosion effects and other harsh environmental conditions. They are also made to be as lightweight as possible without having to recompense on strength of the components as the preservation and repair functions for these components are very costly.
The increasing usage and adoption of carbon-based composite materials in the manufacturing of components for wind turbines has highly influenced growth of the wind turbine composites material market. In line with this, the increasing demand for renewable energy sources is also acting as a key determinant favoring the growth of the wind turbine composites material market over the forecast period of 2021 to 2028. Also the rapid increases in application of epoxy composite in the wind energy industry and rising length of wind turbine blades are also positively impacting the growth of the wind turbine composites material market. The major factor accountable for the growth of the market is the rapid increase in the use of carbon fiber in wind blades.
However, the high price of carbon fiber and epoxy resin as well as the various issues related to recyclability and high dependence of wind energy industry on government subsidies may act as key restraint towards wind turbine composites material market growth rate in the forecast period of 2021 to 2028, whereas the reducing the cost of carbon fiber have the potential to challenge the growth of the wind turbine composites material market in the above mentioned forecast period.
Furthermore, the increasing demand from emerging markets as well as the increasing wind energy industry in developing economies and rising focus of governments on offshore wind energy installations will further offer a variety of growth opportunities for the wind turbine composites material market in the above mentioned forecast period.
This wind turbine composites material market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on wind turbine composites material market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Wind Turbine Composites Material Market Scope and Market Size
Wind turbine composites material market is segmented on the basis of fiber type, resin type, manufacturing process and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of fiber type, the wind turbine composites material market is segmented into glass fiber, carbon fiber and others.
- Based on resin type, the wind turbine composites material market is segmented into epoxy resin, polyester resin, vinylester resin and others. Others have further been segmented into polyurethane resin and polyamide resin.
- On the basis of manufacturing process, the wind turbine composites material market is segmented into vacuum injection molding, prepreg and hand lay-up.
- The application segment for wind turbine composites material market is segmented into blades, nacelles and others. Others have further been segmented into hub and tower.
Wind Turbine Composites Material Market Country Level Analysis
Wind turbine composites material market is analyzed and market size, volume information is provided by country, fiber type, resin type, manufacturing process and application as referenced above.
The countries covered in the wind turbine composites material market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific leads the wind turbine composites material market because of the growing demand for renewable energy sources, growing demand for lightweight as well as the high strength materials used to manufacture various parts of wind turbines and supportive government initiatives within this particular region. North America is expected to expand at a significant growth rate over the forecast period of 2021 to 2028 due to high power consumption and implementation of stringent environmental regulations by governments of Canada and US within the region.
The country section of the wind turbine composites material market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Wind Turbine Composites Material Market Share Analysis
Wind turbine composites material market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to wind turbine composites material market.
The major players covered in the wind turbine composites material market report are Solvay, TORAY INDUSTRIES, INC., Hexcel Corporation, Gurit, LM WIND POWER, TPI Composites, Siemens, ENERCON GmbH, Arkema, Owens Corning, Exel Composites, Huntsman International LLC., Teijin Carbon Europe GmbH, SpecialChem, Suzlon Energy Limited, Reliance Industries Ltd, NORDEX SE, Mitsubishi Chemical Corporation, SGL Carbon and Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd, among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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