The global wind turbine composite materials market is expected to reach a valuation of US$ 25.4 Bn by 2032, with sales growing at a healthy CAGR of 7.14% from 2022 to 2032. Scaling up from a value of US$ 12 Bn in 2021, the target market is set to reach an estimated US$ 12.75 Bn in 2022. The increasing wind energy installations along with the rising application of carbon fiber is projected to serve as a major growth driver for the wind turbine composite materials market during the forecast period.
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.
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.
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“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 an 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
Gurit Holding AG, TPI Composites, Cytec Industries, Teijin Limited, and Rotal Tencate NV among others are some of the major players in the wind turbine composite materials market profiled in the full version of the report.
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.
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.