NEWARK, Del, Aug. 09, 2024 (GLOBE NEWSWIRE) -- The global wind turbine composite material market is poised for substantial growth, with Future Market Insights (FMI) projecting its value to reach USD 14,417.9 million by 2024 and escalate further to USD 28,713.6 million by 2034. This expansion, driven by a robust CAGR of 7.1% from 2024 to 2034, underscores the increasing adoption of composite materials in the wind energy sector. These materials are critical in enhancing the efficiency and durability of wind turbines, supporting the global shift towards renewable energy sources as nations strive to meet their sustainability goals.
Composite materials have emerged as pivotal in the wind energy sector, particularly due to lightweight properties and high efficiency, fueling the growth of the wind turbine composite material industry. The wind turbine composite market is expected to grow due to increasing demand for larger, more efficient wind turbines, making them essential for a sustainable, renewable energy future.
Composite materials offer advantages over traditional materials like steel and aluminum, such as lower maintenance, corrosion resistance, long operational lifespans, and a high strength-to-weight ratio. These benefits are expected to further fuel development in the foreseeable future.
Technological advancements in wind turbine composite materials are set to disrupt traditional markets, create new opportunities, and alter consumer behavior. Leading companies stay competitive by keeping up with technological advancements.
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Government regulations and policies significantly influence the market, impacting production, trade, safety standards, and environmental policies. Understanding consumer trends and lifestyle changes is crucial for businesses, as adapting products and services is set to drive growth.
Key Takeaways from the Wind Turbine Composite Material Industry Report:
- The wind turbine composite material market is expected to reach a value of USD 28713.6 million by 2034.
- The global market is projected to surge at a CAGR of 7.1% from 2024 to 2034.
- China's wind turbine composite material market is expected to grow at a CAGR of 8% through 2034.
- Based on resin type, the epoxy segment is expected to hold a market share of 34.2% in 2024.
- In terms of fiber type, the glass fiber segment is set to account for a 74.9% share in 2024.
- India is projected to rise at 10.6% CAGR through 2034.
What are the factors boosting the Wind Turbine Composite Materials Market?
The increasing demand for wind energy is resulting in the construction of larger wind blades that are more efficient and offer higher output, which is expected to increase the demand for composite materials for blades. Further, the benefits offered by the composites over traditional materials like steel and aluminum are likely to boost the market expansion during the forecast period. Moreover, benefits offered by composite materials such as; lower maintenance, corrosion resistance, long lifecycle, and high strength-to-weight ratio are predicted to bolster its demand in the forecast period.
The surging demand for composites that assist in increasing strength and stiffness to structural parts of wind turbines, like nacelles and blades, is predicted to fuel the demand for such materials, thereby benefitting the market. Further, the contribution of the glass fiber segment is notable. The segment is expanding due to chemical resistance and good stiffness offered by glass fibers and cost-effectiveness are expected to be the key factors propelling the demand for glass fiber composites.
"Increasing use of carbon fiber in wind turbine blades and growing demand for renewable energy sources are expected to fuel sales. Growing adoption of renewable energy sources, such as wind turbines, is driving organizations to adopt composite materials for power generation and grid stability." – Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competition Outlook
Solvay Group, TEIJIN Limited, Gurit, TPI Corporation, TORAY INDUSTRIES INC, and Reliance Industries are the key service providers in the sector. Leading companies are investing in research and development to expand product lines, boosting the wind turbine composite market.
Key companies are also implementing strategic initiatives to extend their global presence, such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaborations. To thrive in a competitive market, the industry provides cost-effective products.
Wind turbine composite material manufacturers are primarily manufacturing locally to reduce operational costs. The industry is competitive, with global and regional companies vying for market share based on product quality, design innovation, pricing strategies, and geographical presence. Strategies such as strategic partnerships, mergers and acquisitions, and product diversification are being employed to gain a competitive edge.
Industry Updates-
- In 2023, Suzlon Group announced its plan to develop a 31.5 MW wind power project in Karnataka and Maharashtra, starting in May 2024.
- In 2023, Avient Corporation partnered with DSM Protective Materials to integrate the Dyneema brand and innovative technologies into its product line, aiming to grow the composites business.
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Leading Wind Turbine Composite Material Players
- Solvay Group
- TEIJIN Limited
- Gurit
- TPI Corporation
- TORAY INDUSTRIES INC
- Reliance Industries
- LM Wind Power
- Vestas Wind Systems A/S
- Suzlon Energy Limited
- Enercon GmbH
Advancements in Epoxy Resins for Wind Energy Applications
The epoxy resin market is witnessing significant innovation, driven by the development of high-performance formulations that enhance mechanical properties such as strength, stiffness, and fatigue resistance. These advancements are crucial for extending the service life of wind turbine components and reducing maintenance costs. Manufacturers are continuously improving resin systems to meet the demanding performance criteria of modern wind energy applications. This focus on superior mechanical properties is a response to the growing need for durable and reliable materials in the renewable energy sector.
In addition to performance improvements, there is a strong emphasis on sustainability and environmental compliance within the wind turbine composite material sector. The industry is increasingly adopting bio-based raw materials and recycling initiatives to minimize environmental impact. These efforts reflect a broader commitment to both technological advancement and environmental stewardship, ensuring that epoxy resins contribute effectively to the sustainability goals of the wind energy sector.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global wind turbine composite material market presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the wind turbine composite material market based on fiber type (carbon fiber and glass fiber), resin type (epoxy, vinyl ester, polyester, and polyurethane), application (towers, rotor blade, nacelle, and rotor hub), and region.
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on 'green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – 'The Way Forward'.
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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