Wind Turbine Composite Materials Market - Forecast(2024 - 2030)
Wind Turbine Composite Materials Market Overview
The Wind Turbine Composite
Materials Market size is forecast to reach US$18.9 billion
by 2026, after growing at a CAGR of 10.3% during
2021-2026. Composite materials help in the development of lightweight components
with superior properties and also improve product life. Composite materials are
used in the development of structural parts of wind turbines, such as turbine blade, rotors, nacelles, wind propeller, among others. The
increasing installation of wind turbines across the globe is driving the market
for composite materials. The government across the globe is also investing huge
amounts in alternative energy sources such as solar and wind which is further
supporting the market growth for composite materials. The increasing focus of
governments on offshore wind energy installations is driving the market growth
between 2021-2026. However, the high cost of carbon fiber and epoxy resin and recyclability
issue of composites will likely hamper the market growth during the forecast
period.
COVID-19 Impact
The COVID-19 pandemic has
impacted the composite materials industry which has further impacted the wind
turbine market. Due to the Covid-19, the manufacturing industry is impacted
very badly that further impacted the wind turbine composite materials market.
The slowdown in wind turbine installations and lack of raw material supplies,
and workforce are impacting the market negatively. The covid-19 impacted every
operation such as supply chain, production, sales, and others. However, the
companies resumed their operation in 2021, which may positively impact the
market.
Report Coverage
The report: “Wind Turbine Composite Materials Market – Forecast (2021-2026)”, by
IndustryARC, covers an in-depth analysis of the following segments of the Wind
Turbine Composite Materials industry.
By Fiber Type: Glass Fiber, Carbon Fiber, Aramid Fiber, and Basalt
fiber
By Resin Type: Thermoplastic [Polyethylene, Polystyrene,
Polyamides, Nylon, Polypropylene, Others], and Thermoset [Epoxy, Polyester,
Phenolic Polyamide, and Others]
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
By Geography: North America (USA, Canada, and Mexico), Europe
(UK, Germany, Italy, France, Netherlands, Belgium, Spain, Denmark, and Rest of
Europe), Asia-Pacific (China, Japan, South Korea, India, Australia &
New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of
the World (the Middle East and Africa)
Key Takeaways
- The Asia Pacific region is expected to dominate the market and register the highest CAGR of 12.8% during the forecast period (2021-2026). The presence of leading chemical companies along with rapid growth in the personal care industry is propelling regional growth.
- Epoxy resin is one of the widely used resins in wind turbine manufacturing. The segment is expected to register a high growth rate during the forecast period.
- The growing installation of wind turbines in developing countries such as Brazil, Mexico, India, and China is creating a positive impact on the usage of wind turbine composite materials.
Figure: Asia Wind Turbine Composite Materials Market Revenue, 2020-2026 (US$ Billion)
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Wind Turbine Composite Materials Market Segment Analysis: By Fiber Type
The glass fiber reinforced
plastics segment accounted for the largest share of more than 55% in the wind turbine composite materials market in
2020 and is estimated to grow at a significant rate during the forecast period.
Glass fiber offers various properties including high strength, high durability,
weather-resistant, and lightweight have boosted its demand in numerous end-use
industries. The easy availability and cost-effectiveness of glass fiber
reinforced plastics are the key factors propelling the demand for glass fiber
composites in wind turbine manufacturing. The carbon fiber segment will
register a significant growth rate during the forecast period. Carbon fibers
offer various properties such as low thermal expansion, high stiffness,
high-temperature tolerance, and high chemical resistance among others.
Wind Turbine Composite Materials Market Segment Analysis: By Resin Type
The thermoset segment accounted
for the largest share of more than 70% in the
Wind turbine composite materials market in 2020 and is estimated to grow at a
significant rate during the forecast period. Thermoset composite is usually
based on carbon, glass, and aramid fibers.
Epoxy resin is the widely used thermoset type in wind turbine composite
materials. Approximately 50% of European wind blades are manufactured from
epoxy resin. These resins offer lightweight, and good adhesion compared to
other resin types. Generally, they are combined with glass fibers and carbon
fibers to manufacture wind blades. The thermoplastic segment is expected to
register a significant growth rate during the forecast period. Thermoplastics
are less expensive compared to thermoset resin types. They are easily weld-able,
non-toxic in nature, and recyclable. These are some of the driving factors
supporting the market growth between 2021-2026.
Wind Turbine Composite Materials Market Segment Analysis: By Technology
The Layup segment accounted for
the largest share of more than 33% in the wind
turbine composite materials market in 2020 and is estimated to grow at a
significant rate during the forecast period. Layup is the most common method used
for the production of composites. The method is involved in placing layers of
composite fiber in a structured order by using a matrix of resin and hardener.
This method is widely used for the production of wind blades.
Wind Turbine Composite Materials Market Segment Analysis: By Application
The blades segment accounted for
the largest market share of more than 55% of the
market in 2020 and is estimated to grow significantly during the forecast
period. 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. Glass fibers
and carbon fibers are used for the manufacturing of wind blades.
Wind Turbine Composite Materials Market Segment Analysis - By Geography
The Asia Pacific region held the
largest share of more than 45% in the Wind Turbine
Composite Materials market in 2020, owing to the
rapid growth in the installation of wind turbines. The presence of developing
nations such as China and India is driving the market growth. The presence of
leading wind turbine manufacturers including Suzlon Energy Limited, and AVIC
Huiteng Windpower Equipment Co., Ltd are supporting the region's growth during
the forecast period. The increasing investments by key developers for
manufacturing efficient wind turbines are also boosting the market growth during
the forecast period. According to the data published by Global Wind Energy
Council (GWEC), China installed about 52 gigawatts of new wind power capacity
in 2020.
Wind Turbine Composite Materials Market Drivers
Rising Demand for Renewable Energy Sources
Wind energy is one
of the fastest-growing renewable energies globally. Wind power is a clean
energy source, and its usage is on the rise worldwide. The U.S. wind energy
occupies approximately 38% of total renewable energy produced in 2019. According
to the IRENA's data, wind energy generation is increased from 7.5GW in 1997 to
564GW by 2018. Some ongoing and under-construction wind projects in the U.S.
include Traverse Wind Energy Center, Aviator Wind Project, Goodnight Wind
Energy Project, Alle-Catt Wind Farm, and Vineyard Wind I among others. According
to the Ministry of New and Renewable Energy (MNRE), India has the fourth-highest
wind installed capacity in the world with a total installed capacity of 39.25
GW (as of 31st March 2021) and has generated around 60.149 billion Units during
2020-2021. According to the European Commission, the total installed wind energy
capacity in Europe reached 210GW and is estimated to reach 350GW, supplying up
to 24% of electricity demand
Wind Turbine Composite Materials Market Challenges
Recyclability Issue of Composites
Composite
materials are preferred for wind applications because of their durability and
superior strength. Proper waste disposal and recycling at the end of the useful
life of composite materials are necessary. Many current and future waste
management and environmental legislation are making strict regulations on
engineering materials to be properly recovered and recycled. The complex
material compositions and the cross-linked nature of thermoset resins are
making it difficult for recyclability. However, the use of polymers that can be
recycled when used with carbon and other niche fibers reduces the composite
non-recyclable. This has become a major issue as the landfills are filling up
at a faster pace along with the need for going green due to global warming. Biological
attack on composite materials may consist of fungal growth or marine fouling
Wind Turbine Composite Materials Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Wind Turbine Composite Materials market. Major players include:
- TPI Composites, Inc.
- MFG Wind
- LM Wind Power
- Gamesa Corporation Technology
- Vestas Wind Systems A/S
- Suzlon Energy Limited
- Siemens AG
- AVIC Huiteng Windpower Equipment Co., Ltd.
- AREVA and others.
Acquisitions/Technology Launches
In May 2021, Hexcel launched a range of HexPly® surface finishing prepregs and semi- prepregs for wind turbine blades and automotive and marine applications.
Relevant Reports
Composite Materials Market - Forecast(2021 - 2026)
Report Code:
CMR 0010
High-Temperature Composite Materials Market -
Forecast(2021 – 2026)
Report Code: CMR 10087
For more Chemicals and Materials Market reports, please click here
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)