With sales increasing at a robust CAGR of 7.14% from 2022 to 2032, the worldwide wind turbine composite materials industry is anticipated to reach a valuation of US$ 25.4 Billion by that year. The target market is expected to grow from US$ 12 Billion in 2021 to an estimated US$ 12.75 Billion in 2022. The market for wind turbine composite materials is anticipated to have significant expansion during the forecast period as a result of increased carbon fiber applications and expanding wind energy installations.
Composites are of tremendous importance in the manufacturing of wind turbine rotor blades, one of the key components of the general wind turbine structure. Owing to the persistent increment in the length of rotor blades so as to raise the wind turbine output, the market for wind turbine composite materials is offered numerous growth opportunities during the projected period.
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Again, the soaring demand for wind energy leads to the construction of larger wind blades that are more effective and deliver higher output. This is anticipated to spearhead the demand for composite materials for blades. Additionally, the advantages of using composites over traditional materials like steel and aluminum are predicted to foster the expansion of the wind turbine composite materials market size during the assessment period. Composite materials offer several advantages including lower maintenance, corrosion resistance, extended lifecycle, and high strength-to-weight ratio. These benefits will likely underpin the market demand over the forecast period.
The rising demand for composites that further help in improving the strength and providing greater stiffness to structural parts of wind turbines, like nacelles and blades, is expected to drive the demand for such composite materials. This will positively influence the wind turbine composite materials market during the projection period.
“Heightened demand for lightweight materials with greater efficiency is expected to spur the global demand of the wind turbine composite materials market over the forecast period,” – says FMI analyst.
Key Takeaways:
- High costs associated with the target product may restrain the growth of the market.
- Increasing demand for sustainable and clean energy will strengthen the market prospects.
- The wind turbine composite materials market in North America will grow at a substantial CAGR during the forecast period.
- Asia Pacific will emerge as one of the most lucrative markets for wind turbine composite materials.
- By fiber type, the glass fiber segment will contribute significantly to the overall market growth.
Competitive Landscape
Key market participants are keen on entering markets in emerging economies to develop their manufacturing facilities. These businesses are focusing on product innovation and development to gain a competitive edge.
Key Players in the Market
- TPI Composites
- Cytec Industries
- Gurit Holding AG
- Teijin Limited
- Rotal Tencate NV
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More Insights into Wind Turbine Composite Materials Market Report
In its latest report, FMI offers an unbiased analysis of the global wind turbine composite materials market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of fiber type (carbon fiber, glass fiber), resin (epoxy, vinyl ester, polyester, polyurethane), application (towers, rotor blade, nacelle, hub), and region.
According to the latest FMI reports, based on segmentation, the glass fiber segment is predicted to contribute substantially to the overall market growth. The chemical resistance, good stiffness, and affordability of glass fibers make them a popular choice among end-users.
Based on region, the wind turbine composite materials market in North America will present considerable growth. The target market in this region is anticipated to grow at a steady rate during 2022-2032. Escalating power consumption, implementation of stringent environmental regulations by the U.S. and Canadian governments, and the strong presence of key market participants will drive the growth of the wind turbine composite materials market in North America during the projection period. Apart from, North America, the Asia Pacific region will also present notable growth in the wind turbine composite materials market during 2022-2032.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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