Wind Turbine Composite Materials Market to reach $28 Billion by 2030; Growing demand for renewable energy and the growing investments in wind energy are driving the demand for Wind Turbine Composite Materials.

The Wind Turbine Composite Materials Market size is estimated to reach $28 Billion by 2030, growing at a CAGR of 10.3% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Wind Turbine Composite Materials Market – By Fiber Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Basalt fiber), By Resin Type (Thermoplastic and Thermoset), By Technology (Injection Molding, Compression Molding, Pultrusion, Filament Winding and Layup), By Application (Blades, Wind turbine Hub, Rotor, Tower, Nacelle, Cables, Blade Pitch Controller, Propellers and Others) and By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030”

Growing demand for renewable energy due to the depletion of fossil fuels and poulltion drives the demand for Wind Turbine Composite Materials. Additionally, the rising government investments in wind energy boosts the Wind Turbine Composite Materials market. 

Europe held the largest market share in 2023 due to its established wind energy infrastructure and early adoption of renewable energy technologies. The region's commitment to achieving net-zero emissions, supported by initiatives like the European Green Deal, has spurred investments in wind energy projects. European countries such as Germany, the UK and Denmark have extensive onshore and offshore wind installations. The new UK Government is committed to double onshore wind and quadruple offshore wind by 2030, as a cornerstone of its goal to fully decarbonise electricity by 2030, as per the UK Parliament. Composite materials are in high demand to manufacture advanced turbine blades that can withstand Europe's varied climatic conditions while ensuring optimal performance. 

The rising global demand for renewable energy sources particularly wind energy is driving the growth of the wind turbine composite materials market. As countries strive to reduce their reliance on fossil fuels and mitigate climate change wind energy emerged as a clean and sustainable alternative. As per data from the Australian Government, in 2022–23 total electricity generation in Australia increased 1%, to around 274 terawatt hours (988 petajoules). Fossil fuel sources contributed 65 per cent of total electricity generation in 2023 while renewables contributed 35% of total electricity generation in 2023, with 12% coming from wind energy. As the demand for wind energy continues to rise, so too does the need for composite materials

The increasing focus on offshore wind energy installations is driving significant demand for wind turbine composite materials. Offshore wind farms located in deeper waters face harsher environmental conditions such as strong winds, salt spray and wave impacts. To withstand these demanding conditions wind turbine blades require robust and durable composite materials. These materials must possess exceptional strength, stiffness and fatigue resistance to ensure the long term lifespan and performance of offshore wind turbines. In November 2024, Synera Renewable Energy Group (SRE Group), an offshore wind developer based in Taiwan, announced a joint venture (JV) with Moondo Wind Energy (MWE) to advance offshore wind development in South Korea. The JV, Moondo Offshore Wind Energy, will develop an 840MW wind farm near Geomundo Island, Yeosu City. As the offshore wind industry continues to expand, the demand for high-performance composite materials is expected to grow,

Key companies profiled in the Wind Turbine Composite Materials Market are Vestas Wind Systems A/S, Siemens Energy, TPI Composites Inc., Hexcel Corporation, Toray Industries, Mitsubishi Chemical Carbon Fiber and Composites, Inc., Notus Composites, Axiom Materials, Inc, Gurit Services AG, Suzlon Energy

Aramid Prepreg Market- Aramid Prepeg market is projected to reach $5.2 billion by 2026 at a CAGR of 8.9% during the forecast period. he rapid growth of the electronics industry has increased the demand for printed circuit boards (PCB), thereby, fueling the market growth. Furthermore, the flourishing automotive and aerospace industry is also expected to drive the industry.

Carbon Fiber Prepreg Market- Carbon Fiber Prepreg market is projected to reach $13.9 billion by 2027 growing at a CAGR of 9.8% during the forecast period. The shift toward clean energy is a major driving factor for the Market.

Epoxy Composites Market- Epoxy Composites Market Size is forecast to reach $38.7 billion by 2030, after growing at a CAGR of 5.7% during the forecast period 2024-2030. The rise in the growth of the automotive & aerospace sectors boosts the demand for epoxy composite