Allied Market Research

2024

Wind Turbine Composite Material Market

Wind Turbine Composite Material Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Resins and by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Composites

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Author's: | Eswara Prasad
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Wind Turbine Composite Material Market Analysis

Wind turbine composite material is a lightweight materials that helps to harness wind energy with high efficiency. Fibers such as carbon fiber and glass fiber are majorly used in the wind turbine composites. These composites play a key role in the manufacturing of essential parts of a wind turbine such as rotor blades. The wind turbine composite materials offer higher stability, reliability, and increased shelf life of the objects. Glass fiber is the largest consumed composite material in the wind turbine manufacturing.  The most commonly used resins in the market are polyester, epoxy, vinyl ester, and polyurethane.

COVID-19 scenario analysis

Among the different industries, the power sector is severely affected due to the outbreak of the COVID-19 pandemic across the globe.

  • The effects are severe due to the nationwide lockdownthat caused delays in the projects,owing to disruptions insupply chain, unavailability of manpower, and issues in project financing.
  • The global wind industry is highly dependent on the imports of equipment and raw materials from different countries, with the level of dependency varying depending onthe components. China holds a major share in the exports of these components, and thus complete shutdown of China has led to severe damage in the global wind turbine composite material market.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The wind turbine composite material market is expected to grow at a significant rate, due to increase in demand from the wind energy sector. Various other government initiatives and environmental regulationstoward usage of clean energy are expected to boost the usage of wind energy and eventually work in favor of the global wind turbine composite material market.

Moreover, these composite materials perform better as compared to conventional materials such as aluminum or steel,as they possess high better corrosion resistance, have long lifecycle, require lower maintenance, and exhibit superior strength-to-weight ratio. Thus, all these factors collectively are expected to propel the demand for wind turbine composite materials in the global market.

However, high cost of these materials is expected to negatively impact the market growth. On the contrary, implementation of stringent regulations to reduce the dependency on petroleum-based fuels and raise the production of renewable energyis anticipated to offerlucrative opportunities for the expansion of the global wind turbine composite material market during the forecast period.

Countries such asIndia and China in the Asia-Pacific region are anticipated to drive the growth of the wind turbine composite material market, due to rise in awareness about the alternative sources of energy. In Latin America and the Middle East, the market is still at its nascent stage; however, many nations of these regions are implementing regulations to reduce their dependency on conventional fuels and increase the production of renewable energy.

Key benefits of the report

  • This study presents the analytical depiction of the wind turbine composite material industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global wind turbine composite material market share.
  • The current market is quantitatively analyzed to highlight the global wind turbine composite material market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed material market analysis depending on competitive intensity and how the competition will take shape in coming years.

Questions answered in the globalwind turbine composite material market research report:

  • Which are the leading market players active in the wind turbine composite material market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?

Wind Turbine Composite Material Market Report Highlights

Aspects Details
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By Type
  • Glass Fiber
  • Carbon Fiber
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By Resins
  • Epoxy
  • Polyester
  • Vinyl Ester
  • Polyurethane
  • Others
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By Application
  • Rotor Blade
  • Nacelle
  • Hub
  • Towers
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
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Key Market Players

Composites One LLC, Unifrax, Teijin, Owens Corning, 3B-the fibreglass company, SGL Group, Grisley, Mitsubishi Rayon, DowDuPont Inc., STR Industries

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Wind Turbine Composite Material Market

Global Opportunity Analysis and Industry Forecast, 2023-2032