Wind Turbine Composite Materials Market – By Fiber Type , By Resin Type , By Technology , By Application and By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030

Report Code: CMR 95704 Report Format: PDF + Excel

Wind Turbine Composite Materials Market Overview

Wind Turbine Composite Materials market size is forecast to reach US$28 billion by 2030, after growing at a CAGR of 10.3% during 2024-2030. Composite materials are used in the development of structural parts of wind turbines such as turbine blade and nacelles. Composites are preferred in the wind industry as they are lightweight, durable and have a high strength-to-weight ratio. Additionally, they are also resistant to corrosion and fatigue. The growing demand for renewable energy drives the market. Additionally, the growing investments in wind energy is further boosting market growth for composite materials. A significant trend in the Wind Turbine Composite Materials Market is the recycling of composite materials. Approximately 350 Ktons of end-of-life (EoL) wind turbine blades are expected to be decommissioned in Europe by 2030. This presents an opportunity for composite recycling. In July 2024, Regen Fiber hosted an opening ceremony and commenced production at the end-of-life (EOL) wind turbine blade recycling facility at its Fairfax headquarters. The facility has the potential to create an end market for wind turbine scrap. Another trend in the market is the growing offshore wind farms. Due to the growing interest in renewables, several countries are focusing on offshore wind farms which drives the demand for composites.

Market Snapshot: 


Wind Turbine Composite Materials Report Coverage

The report "Wind Turbine Composite Materials Market Report – Forecast (2024-2030)" by IndustryARC covers an in-depth analysis of the following segments of the Wind Turbine Composite Materials Market.

Attribute Segment

By Fiber Type
  •  Glass Fiber
  • Carbon Fiber
  • Aramid Fiber
  • Basalt Fiber
  • Others

By Resin Type
  • Thermoplastic
  • Thermoset

By Technology
  • Injection Molding
  • Compression Molding
  • Pultrusion
  • Filament Winding
  • Layup

By Application
  • Blades
  • Wind turbine Hub
  • Rotor
  • Tower
  • Nacelle
  • Blade Pitch Controller
  • Propellers
  • Others

By Geography

  • North America (U.S, Canada and Mexico)
  • Europe (Germany, France, UK, Italy, Spain, Netherlands, Belgium, Denmark and Rest of Europe),
  • Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia-Pacific),
  • South America (Brazil, Argentina, Chile, Colombia and Rest of South America)
  • Rest of the World (Middle East and Africa).

COVID-19 / Ukraine Crisis - Impact Analysis:  

  • The Wind Turbine Composite Materials industry witnessed a low demand for during the COVID 19 pandemic. Most manufacturing plants were closed down due to the pandemic as only essential services were permitted to run. Additionally, as governments focused on healthcare spending, renewable projects took a backseat which reduced the demand for composite materials.
  • The Russia-Ukraine war drastically affected the Wind Turbine Composite Materials market. The high energy prices due to inflation and sanctions on Russia led to very high manufacturing costs for composites especially in Europe which affected the market. 

Key Takeaways

Glass Fiber is the Largest Segment

The predominant material in most wind turbines is glass fiber reinforced polymer, usually employing polyester or epoxy resin. This composite combines high strength and durability with lightweight, making it ideal for wind turbines. The easy availability and cost-effectiveness of glass fiber reinforced plastics is also a key factor propelling the demand for glass fiber composites in wind turbine manufacturing. In March 2023, the European Commission issued the Net Zero Industrial Action Plan (NZIA) with the aim of achieving at least a 40% adoption rate of clean energy technologies within the European Union by 2030. This plan encompasses eight strategic technologies including wind power. This would result in a demand increase of 160,200 metric tons for glass fiber, which is required for the manufacturing of blades, nacelle covers and hub covers.

Blades are the Largest Segment

Blades occupy the largest market share in the wind turbine composite materials market.  Turbine blades serve as the most important composite based part of wind turbines. The growing demand for wind energy is driving manufacturers to develop large wind blades for the high production of wind energy. For the development of large blades, a huge quantity of composite materials is used. All utility-scale wind turbine blades are manufactured using one form or another of reinforced polymer composites. But the industry is moving to the usage of carbon fiber over glass composites. As per TCI Composites, carbon fiber provides almost five-times the axial stiffness per kilogram of weight compared with fiberglass and can enable longer blades without increased rotor loads on the drive train and generator.

Europe Leads the Market

Europe occupies the largest market share in the Wind Turbine Composite Materials Market owing to the growth of clean energy. In Europe, wind generation is one of the leading sources of clean energy. According to WindEurope, Europe installed 18.3 GW of new wind power capacity in 2023. Europe is expected to install 260 GW of new wind power capacity over 2024-2030. Europe leads the world in wind energy, especially offshore wind, with over 90% of today's offshore wind farms. Rising renewable energy targets are accelerating plans for an offshore wind grid across northern Europe. Germany, the Netherlands, Belgium and Denmark pledged to install at least 65 GW of offshore wind capacity in the North Sea by 2030 and 150 GW by 2050. As efficient and clean wind generation requires the high specific strength and high specific modulus of elasticity of carbon fiber, more carbon fiber is being used per windmill. Therefore, as wind energy continues to grow in the region, the use of composites is also forecasted to increase.

Rising Demand for Renewable Energy Drives the Market

Renewable energy is at the forefront of the energy policy of all major economies. The European Commission has proposed raising the renewable energy target to 40% by 2030. The past few years have seen high growth rates in the wind energy sector. According to U.S. Department of Energy, U.S. wind capacity increased steadily over the last several years, more than tripling from 47.0 GW in 2010 to 147.5 GW at the end of 2023. Composite materials, such as fiberglass and carbon fiber play a critical role in manufacturing lightweight yet durable turbine blades enabling higher efficiency and lower operational costs. These materials are crucial for designing larger blades which are essential for maximizing energy output in both onshore and offshore installations.

Use of Cheaper Alternatives to Hamper the Market

The availability of alternatives such as steel and aluminum poses a challenge to the wind turbine composite materials market. These traditional materials are widely used in turbine components like towers and nacelles due to their established manufacturing processes and cost advantages. While composites offer superior strength-to-weight ratios and corrosion resistance their higher production costs can deter adoption in price-sensitive markets. Additionally, the infrastructure and expertise required for composite material production are less developed compared to conventional materials further limiting their penetration.


Wind Turbine Composite Materials Market

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Wind Turbine Composite Materials Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Wind Turbine Composite Materials Market. Global Wind Turbine Composite Materials top 10 companies include:

  1. Vestas Wind Systems A/S
  2. Siemens Energy
  3. TPI Composites Inc.
  4. Hexcel Corporation Group
  5. Toray Industries
  6. Mitsubishi Chemical Carbon Fiber and Composites, Inc.
  7. Notus Composites 
  8. Axiom Materials, Inc
  9. Gurit Services AG
  10. Suzlon Energy

Scope of the Report:

Report Metric Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

10.3%

Market Size in 2030

$28 Billion

Segments Covered

By Fiber Type, By Resin Type, By Technology, By Application and By Geography

Geographies Covered

North America (U.S, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands, Belgium, Denmark and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand, Malaysia, Indonesia, Taiwan and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of the World (Middle East and Africa)

Key Market Players
  1. Vestas Wind Systems A/S
  2. Siemens Energy
  3. TPI Composites Inc.
  4. Hexcel Corporation
  5. Toray Industries
  6. Mitsubishi Chemical Carbon Fiber and Composites, Inc.
  7. Notus Composites
  8. Axiom Materials, Inc
  9. Gurit Services AG
  10. Suzlon Energy

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  1.    Wind Turbine Composite Materials Market- Market Overview
      1.1.    Definitions and Scope
  2.    Wind Turbine Composite Materials Market - Executive Summary
      2.1.    Key Trends by Type
      2.2.    Key Trends by Application
      2.3.    Key Trends by Geography
  3.    Wind Turbine Composite Materials Market – Comparative analysis
      3.1.    Market Share Analysis- Major Companies
      3.2.    Product Benchmarking- Major Companies
      3.3.    Top 5 Financials Analysis
      3.4.    Patent Analysis- Major Companies
      3.5.    Pricing Analysis (ASPs will be provided)
  4.    Wind Turbine Composite Materials Market - Startup Companies Scenario 
      4.1.    Major startup company analysis:
            4.1.1.    Investment
            4.1.2.    Revenue
            4.1.3.    Product portfolio
            4.1.4.    Venture Capital and Funding Scenario
  5.    Wind Turbine Composite Materials Market – Industry Market Entry Scenario Premium 
      5.1.    Regulatory Framework Overview
      5.2.    New Business and Ease of Doing Business Index
      5.3.    Successful Venture Profiles
      5.4.    Customer Analysis – Major companies
  6.    Wind Turbine Composite Materials Market - Market Forces
      6.1.    Market Drivers
      6.2.    Market Constraints
      6.3.    Porters Five Force Model
            6.3.1.    Bargaining Power of Suppliers
            6.3.2.    Bargaining Powers of Buyers
            6.3.3.    Threat of New Entrants
            6.3.4.    Competitive Rivalry
            6.3.5.    Threat of Substitutes
  7.    Wind Turbine Composite Materials Market – Strategic Analysis
      7.1.    Value/Supply Chain Analysis
      7.2.    Opportunity Analysis
      7.3.    Product/Market Life Cycle
      7.4.    Distributor Analysis – Major Companies
  8.    Wind Turbine Composite Materials Market – By Fiber Type (Market Size -US$ Million/Billion)
       8.1 Glass Fiber
       8.2 Carbon Fiber
       8.3 Aramid Fiber
       8.4 Basalt Fiber
  9. Wind Turbine Composite Materials Market – By Resin Type (Market Size -US$ Million/Billion)
      9.1 Thermoplastic
                    9.1.1 Polyethylene
                    9.1.2 Polystyrene
                    9.1.3 Polyamides
                    9.1.4 Nylon
                    9.1.5 Polypropylene
                    9.1.6 Others
          9.2 Thermoset
                    9.2.1 Epoxy
                    9.2.2 Polyester
                    9.2.3 Phenolic Polyamide
            9.2.4    Others
  10.Wind Turbine Composite Materials Market - By Technology (Market Size -US$ Million/Billion)
      10.1     Injection Molding
      10.2        Compression Molding
      10.3        Pultrusion
      10.4        Filament Winding
      10.5        Layup
      10.6        Others
  11.    Wind Turbine Composite Materials Market - By Application (Market Size -US$ Million/Billion)
      11.1 Blades
      11.2 Wind turbine Hub 
      11.3 Rotor
      11.4 Tower
      11.5 Nacelle
      11.6 Blade Pitch Controller
      11.7 Propellers
      11.8 Others
  12.    Wind Turbine Composite Materials Market - By Geography (Market Size -US$ Million/Billion)
      12.1     North America
            12.1.1    USA
            12.1.2    Canada
            12.1.3    Mexico
      12.2     Europe
            12.2.1    UK
            12.2.2    Germany
            12.2.3    France
            12.2.4    Italy
            12.2.5    Netherlands
            12.2.6    Spain
            12.2.7    Belgium
            12.2.8    Denmark
            12.2.9    Rest of Europe
      12.3     Asia-Pacific
            12.3.1    China
            12.3.2    Japan
            12.3.3    India
            12.3.4    South Korea
            12.3.5    Australia & New Zealand
            12.3.6    Indonesia
            12.3.7    Taiwan
            12.3.8    Malaysia
            12.3.9    Rest of APAC
      12.4     South America
            12.4.1    Brazil
            12.4.2    Argentina
            12.4.3    Colombia
            12.4.4    Chile
            12.4.5    Rest of South America
      12.5     Rest of the World
            12.5.1    Middle East
            12.5.2    Africa
  13.    Wind Turbine Composite Materials Market – Entropy
      13.1    New Product Launches
      13.2    M&As, Collaborations, JVs and Partnerships
  14.    Wind Turbine Composite Materials Market – Industry/Segment Competition Landscape 
      14.1    Market Share Analysis
            14.1.1    Market Share by Country - Major Companies
            14.1.2    Market Share by Region - Major Companies
            14.1.3    Market Share by Type of Application - Major Companies
            14.1.4    Market Share by Type of Product/Product Category - Major Companies
      14.2    Competition Matrix
      14.3    Best Practices for Companies
  15.    Wind Turbine Composite Materials Market – Key Company List by Country Premium 
  16.    Wind Turbine Composite Materials Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
      16.1     Vestas Wind Systems A/S
      16.2     Siemens Energy
      16.3     TPI Composites Inc.
      16.4     Hexcel Corporation 
      16.5     Toray Industries
      16.6     Mitsubishi Chemical Carbon Fiber and Composites, Inc.
      16.7     Notus Composites 
      16.8     Axiom Materials, Inc
      16.9     Gurit Services AG
      16.10    Suzlon Energy
     
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LIST OF TABLES

1.Global Wind Turbine Composite Market By Fiber Type Market 2023-2030 ($M)
1.1 Glass Fiber Market 2023-2030 ($M) - Global Industry Research
1.2 Carbon Fiber Market 2023-2030 ($M) - Global Industry Research
2.Global Wind Turbine Composite Market By Resin Type Market 2023-2030 ($M)
2.1 Epoxy Resin Market 2023-2030 ($M) - Global Industry Research
2.2 Polyester Resin Market 2023-2030 ($M) - Global Industry Research
2.3 Vinylester Resin Market 2023-2030 ($M) - Global Industry Research
3.Global Wind Turbine Composite Market By Manufacturing Process Market 2023-2030 ($M)
3.1 Vacuum Injection Molding Market 2023-2030 ($M) - Global Industry Research
3.2 Prepreg Market 2023-2030 ($M) - Global Industry Research
3.3 Hand Lay-Up Market 2023-2030 ($M) - Global Industry Research
4.Global Wind Turbine Composite Market By Fiber Type Market 2023-2030 (Volume/Units)
4.1 Glass Fiber Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Carbon Fiber Market 2023-2030 (Volume/Units) - Global Industry Research
5.Global Wind Turbine Composite Market By Resin Type Market 2023-2030 (Volume/Units)
5.1 Epoxy Resin Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 Polyester Resin Market 2023-2030 (Volume/Units) - Global Industry Research
5.3 Vinylester Resin Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global Wind Turbine Composite Market By Manufacturing Process Market 2023-2030 (Volume/Units)
6.1 Vacuum Injection Molding Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 Prepreg Market 2023-2030 (Volume/Units) - Global Industry Research
6.3 Hand Lay-Up Market 2023-2030 (Volume/Units) - Global Industry Research
7.North America Wind Turbine Composite Market By Fiber Type Market 2023-2030 ($M)
7.1 Glass Fiber Market 2023-2030 ($M) - Regional Industry Research
7.2 Carbon Fiber Market 2023-2030 ($M) - Regional Industry Research
8.North America Wind Turbine Composite Market By Resin Type Market 2023-2030 ($M)
8.1 Epoxy Resin Market 2023-2030 ($M) - Regional Industry Research
8.2 Polyester Resin Market 2023-2030 ($M) - Regional Industry Research
8.3 Vinylester Resin Market 2023-2030 ($M) - Regional Industry Research
9.North America Wind Turbine Composite Market By Manufacturing Process Market 2023-2030 ($M)
9.1 Vacuum Injection Molding Market 2023-2030 ($M) - Regional Industry Research
9.2 Prepreg Market 2023-2030 ($M) - Regional Industry Research
9.3 Hand Lay-Up Market 2023-2030 ($M) - Regional Industry Research
10.South America Wind Turbine Composite Market By Fiber Type Market 2023-2030 ($M)
10.1 Glass Fiber Market 2023-2030 ($M) - Regional Industry Research
10.2 Carbon Fiber Market 2023-2030 ($M) - Regional Industry Research
11.South America Wind Turbine Composite Market By Resin Type Market 2023-2030 ($M)
11.1 Epoxy Resin Market 2023-2030 ($M) - Regional Industry Research
11.2 Polyester Resin Market 2023-2030 ($M) - Regional Industry Research
11.3 Vinylester Resin Market 2023-2030 ($M) - Regional Industry Research
12.South America Wind Turbine Composite Market By Manufacturing Process Market 2023-2030 ($M)
12.1 Vacuum Injection Molding Market 2023-2030 ($M) - Regional Industry Research
12.2 Prepreg Market 2023-2030 ($M) - Regional Industry Research
12.3 Hand Lay-Up Market 2023-2030 ($M) - Regional Industry Research
13.Europe Wind Turbine Composite Market By Fiber Type Market 2023-2030 ($M)
13.1 Glass Fiber Market 2023-2030 ($M) - Regional Industry Research
13.2 Carbon Fiber Market 2023-2030 ($M) - Regional Industry Research
14.Europe Wind Turbine Composite Market By Resin Type Market 2023-2030 ($M)
14.1 Epoxy Resin Market 2023-2030 ($M) - Regional Industry Research
14.2 Polyester Resin Market 2023-2030 ($M) - Regional Industry Research
14.3 Vinylester Resin Market 2023-2030 ($M) - Regional Industry Research
15.Europe Wind Turbine Composite Market By Manufacturing Process Market 2023-2030 ($M)
15.1 Vacuum Injection Molding Market 2023-2030 ($M) - Regional Industry Research
15.2 Prepreg Market 2023-2030 ($M) - Regional Industry Research
15.3 Hand Lay-Up Market 2023-2030 ($M) - Regional Industry Research
16.APAC Wind Turbine Composite Market By Fiber Type Market 2023-2030 ($M)
16.1 Glass Fiber Market 2023-2030 ($M) - Regional Industry Research
16.2 Carbon Fiber Market 2023-2030 ($M) - Regional Industry Research
17.APAC Wind Turbine Composite Market By Resin Type Market 2023-2030 ($M)
17.1 Epoxy Resin Market 2023-2030 ($M) - Regional Industry Research
17.2 Polyester Resin Market 2023-2030 ($M) - Regional Industry Research
17.3 Vinylester Resin Market 2023-2030 ($M) - Regional Industry Research
18.APAC Wind Turbine Composite Market By Manufacturing Process Market 2023-2030 ($M)
18.1 Vacuum Injection Molding Market 2023-2030 ($M) - Regional Industry Research
18.2 Prepreg Market 2023-2030 ($M) - Regional Industry Research
18.3 Hand Lay-Up Market 2023-2030 ($M) - Regional Industry Research
19.MENA Wind Turbine Composite Market By Fiber Type Market 2023-2030 ($M)
19.1 Glass Fiber Market 2023-2030 ($M) - Regional Industry Research
19.2 Carbon Fiber Market 2023-2030 ($M) - Regional Industry Research
20.MENA Wind Turbine Composite Market By Resin Type Market 2023-2030 ($M)
20.1 Epoxy Resin Market 2023-2030 ($M) - Regional Industry Research
20.2 Polyester Resin Market 2023-2030 ($M) - Regional Industry Research
20.3 Vinylester Resin Market 2023-2030 ($M) - Regional Industry Research
21.MENA Wind Turbine Composite Market By Manufacturing Process Market 2023-2030 ($M)
21.1 Vacuum Injection Molding Market 2023-2030 ($M) - Regional Industry Research
21.2 Prepreg Market 2023-2030 ($M) - Regional Industry Research
21.3 Hand Lay-Up Market 2023-2030 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
2.Canada Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
3.Mexico Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
4.Brazil Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
5.Argentina Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
6.Peru Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
7.Colombia Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
8.Chile Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
9.Rest of South America Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
10.UK Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
11.Germany Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
12.France Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
13.Italy Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
14.Spain Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
15.Rest of Europe Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
16.China Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
17.India Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
18.Japan Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
19.South Korea Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
20.South Africa Wind Turbine Composites Material Market Revenue, 2023-2030 ($M)
21.North America Wind Turbine Composites Material By Application
22.South America Wind Turbine Composites Material By Application
23.Europe Wind Turbine Composites Material By Application
24.APAC Wind Turbine Composites Material By Application
25.MENA Wind Turbine Composites Material By Application
26.LM Wind Power, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Avic Huiteng Wind Power Equipment Company Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Vestas Wind Systems A/S, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Gamesa Corporation Technology, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Suzlon Energy Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.AREVA, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Siemens AG, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Mfg Wind, Sales /Revenue, 2015-2018 ($Mn/$Bn)

The Wind Turbine Composite Materials Market is projected to grow at 10.3% CAGR during the forecast period 2024-2030.

The Wind Turbine Composite Materials Market size is estimated to be $14.1 billion in 2023 and is projected to reach $28 billion by 2030

The leading players in the Wind Turbine Composite Materials Market are Vestas Wind Systems A/S, Siemens Energy, TPI Composites Inc., Hexcel Corporation, Toray Industries and Others

Recycling composite wind turbines and growing number of offshore wind farms are some of the major Wind Turbine Composite Materials Market trends in the industry which will create growth opportunities for the market during the forecast period.

Growing demand for renewable energy and the growing investments in wind energy are the key driving factors of the market.