Wind Turbine Composites Material Market

Wind Turbine Composites Material Market Size-(2023-2028)

The wind turbine composites market was valued at USD 8.21 billion in 2022 and is predicted to reach USD 13.01 billion by 2028, with a CAGR of 10.12% between 2023-2028

Wind turbine composites are employed in the manufacture of wind turbine parts such as blades and nacelles, among others. The use of composites helps in the development of lightweight components with superior properties, in addition to other advantages such as low maintenance and long product life. The composites that are employed to make wind turbines are simply called wind turbine composites. They are made of two or more types of materials, which have different physical and chemical properties. The properties of these materials are completely different from those of individual materials. Several fibers, including those derived from glass and carbon, are employed in the manufacture of composites for wind turbines.

Wind Turbine Composites Market Trends:

Escalated call from the wind power industry has fuelled the expansion of the worldwide market for wind turbine composites. Various environmental regulations and government initiatives to boost the use of wind power are predicted to further boost market expansion. Composite materials perform better than conventional materials such as steel and aluminum because they possess properties such as a high strength-to-weight ratio, corrosion resistance, long service life, and low maintenance. All of these factors are likely to drive the call for composites of wind turbines.

Wind Turbine Composites Material Market Drivers:

Strict environmental regulations and growing government support for wind power generation are the main factors contributing to the expansion of the global wind turbine composites market. The escalated use of fossil fuels has not only caused global warming but also the rapid depletion of resources, leading to a worldwide shift from conventional energy sources to green alternatives. The governments of various countries have initiated numerous projects and implemented programs to encourage and promote the production of wind energy. Also, strict environmental regulations around the world increase the need for efficient use of renewable energy sources. Many organizations around the world are developing strict standards and guidelines aimed at reducing greenhouse gas emissions, putting further pressure on governments to move towards clean and safe energy, including wind power. The lightweight nature of the composite material is helpful in harnessing wind energy more efficiently. The call for composites in wind turbines is escalating due to their escalated reliability and stability. Thus, this factor contributes to the expansion of the markets for composite materials for wind turbines. The escalating use of carbon fiber in wind turbine blades and the escalating call for renewable energy sources have driven the worldwide market for wind turbine composites.

Opportunities in the Wind Turbine Composites Material Market:

The market for wind turbine composite materials in Latin America (LATAM) and the Middle East and Africa (MEA) is still in its early stages, as these regions have fewer large-scale wind farms than other regions of the world. But many LATAM and MEA countries are developing regulations to reduce their dependence on petroleum-derived fuels and increase the production of renewable energy. This offers lucrative opportunities for composites manufacturers to expand their production capacity and geographic reach. Several countries in the MEA and LATAM regions, such as Egypt, South Africa, and Morocco, as well as Mexico and Brazil, respectively, have started producing wind power. Therefore, the largely unexplored market for wind turbine composites in these two regions is predicted to attract new players and investors, as well as manufacturers and retailers.

Challenges in the Wind Turbine Composites Material Market

The high cost of these materials is believed to have a negative impact on the market expansion. The increase in the cost of carbon fiber is also likely to challenge market expansion during the outlook period.

WIND TURBINE COMPOSITES MATERIAL MARKET REPORT COVERAGE:

Wind Turbine Composites Material Market Segmentation as per the research report until 2028.

Wind Turbine Composites Material Market - By Fiber Type:

• Glass fiber

• Carbon fiber

Based on fiber type, the glass segment is estimated to represent a significant revenue share in the worldwide market. Fiberglass segment sales are also predicted to post the highest CAGR compared to the foreseen.

Wind Turbine Composites Material Market - By Resin:

• Epoxy

• Polyester

• Vinyl ester

Depending on the type of resin, the epoxy segment is predicted to dominate the market for wind turbine composites. Epoxy segment revenue is predicted to post the highest CAGR compared to foreseen.

Wind Turbine Composites Material Market - By Application:

• Nacelle

• Wind blade

Based on the application, the blades segment is likely to represent a significant revenue share in the worldwide market. The compounds employed in wind turbine blades offer less maintenance, a long service life, a high strength-to-weight ratio, and resistance to corrosion. Nacelle segment sales are also predicted to post the highest CAGR compared to the foreseen.

Wind Turbine Composites Material Market - By Region:

The Wind Turbine Composites Material Report includes the segmentation of Regions with their respective Countries.

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

Asia-Pacific is supposed to be the largest and fastest-growing region of the wind turbine composites market during the outlook period. The main factors driving the expansion of the wind turbine composites market in this region are the rising call for renewable energy sources, the high call for lightweight and high-strength materials employed to manufacture various wind turbine parts, and supporting government initiatives such as favorable policies, wind power development programs, government regulations on renewable energy and feed rates adapted for onshore wind installations. The Asia Pacific wind turbine composites market is predicted to represent a significant revenue share in the worldwide market. The regional market is also predicted to register the fastest expansion in terms of revenue over the next few years, due to the escalating call for renewable energy sources, supporting government initiatives, especially favorable policies, government regulations on renewable energy, wind energy development programs, and the growing call for lightweight and high-strength materials employed in the production of various parts of wind turbines in countries in the region. North America and Europe are predicted to follow the Asia Pacific market. The market for wind turbine composite materials in the rest of the world is small; however, it is predicted to generate a significant call in the near future.

Recent Developments 

• UK launches initiatives for recyclable wind turbine blade technologies, known as Sus WIND initiative is likely to take place in three phases.

• DSM Composite Resins recently introduced a new resin material that is created for wind turbine blades. The new resin has been developed and tested in cooperation with industry players.

Wind Turbine Composites Material Market Key Players:

1. Suzlon Energy Limited (India)

2. and AVIC Huiteng Windpower Equipment Co., Ltd

3. TPI Composites, Inc. (U.S.)

4. MFG Wind (U.S.)

5. LM Wind Power (Denmark)

6. Gamesa Corporation Technology (Spain)

7. Vestas Wind Systems A/S (Denmark)