Wind Turbine Composite Materials Market Size, Industry Share & Forecast 2029

 

Wind Turbine Composite Materials Market

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

The factors driving growth of the Wind Turbine Composite Materials Market includes rising focus on utilizing wind power sources for energy generation, growing demand for lightweight materials with high efficiency, increasing application of wind turbine composites for manufacturing blades and nacelles and improvements in the living standards. Moreover, Government regulations regarding the use of clean sources of energy, growing adoption of advanced technologies by manufacturers, wind turbine composite materials are corrosion resistance, posses longer lifecycles and requires less maintenance along with rapid urbanization, are some of the additional factors supplementing the Wind Turbine Composite Materials Market size. In addition, the increasing investments by leading players on research and development, rise in the launch of new products, strategic collaborations between enterprises and growing disposable incomes, are further contributing towards the market growth.

However, growth of the Wind Turbine Composite Materials Market is hindered due to high cost of composite materials.

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

Based on Fiber, the Glass Fiber segment is predicted to grow at a significant CAGR during the forecast period

Glass fiber provides enhanced flexibility, water resistance, higher durability and is increasingly used in the manufacturing of wind turbines, are some of the features pushing segment’s growth.

Based on Application, the Blades segment is projected to grow at a faster CAGR over the forecast period

Composite used in wind turbine blades require less maintenance, possess longer shelf life and are corrosion resistant, are propelling growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period

Rising demand for renewable energy across India, China and Indonesia, Government policies promoting the use of clean sources of energy, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region. 

 

Market Segmentation

Segmentation by Fiber

  • Glass Fiber
  • Carbon Fiber
  • Other Promising Fibers

Segmentation by Resin

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

Segmentation by Manufacturing Process

  • Vacuum Injection Molding
  • Prepreg
  • Hand Lay-Up

Segmentation by Application

  • Blades
  • Nacelles
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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