Global Wind Turbine Composites Material Market By Fiber Type (Glass Fiber, Carbon Fiber, Others), Resins (Epoxy, Polyester, Vinylester, Polyurethane, Polyamide, Others), Technology (Prepreg, Vacuum Injection Molding, Hand Lay-Up, Others), Application (Blades, Nacelles, Tower, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Wind Turbine Composites Material Market
Global Wind Turbine Composites Material Market is expected to rise from its initial estimated value of USD 9.25 billion in 2018 to a projected value of USD 19.44 billion by 2026, registering a CAGR of 9.73% in the forecast period of 2019-2026. This rise in market value can be attributed to growth in the initiatives undertaken by governments for setting up off-shore wind farms and wind turbines.
Market Definition: Global Wind Turbine Composites Material Market
Wind turbine composites material is specifically formulated composite material that is created with the idea to meet the harsh requirements of surviving the conditions such as extreme humidity, erosion effects and other harsh environmental conditions. They are also formulated to be as lightweight as possible without having to compensate on strength of the components as the maintenance and repair functions for these components are very expensive.
- Increasing adoption of renewable and sustainable energy generation; this factor is expected to drive the market growth
- Increased usage and adoption of carbon-based composite materials in the manufacturing of components for wind turbines; this factor is expected to drive the market growth
- High cost associated with installation and setting up wind farms requiring heavy dependence on government subsidies and initiatives; this factor is expected to restrain the market growth
- Complications in recycling the obsolete composite materials is expected to restrain the market growth
Segmentation: Global Wind Turbine Composites Material Market
- By Fiber Type
- Glass Fiber
- Carbon Fiber
- By Resins
- By Technology
- Vacuum Injection Molding
- Hand Lay-Up
- By Application
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- North America
Key Developments in the Market:
- In October 2018, Gurit announced that they had acquired JSB Group a/S, enhancing their offerings associated with wind energy due to JSB’s expertise in offering material kits for wind turbine blades with manufacturing facilities in different regions of the world. JSB’s business operations will be formulated as another business unit under Gurit with no changes in the brand name.
- In March 2018, TORAY INDUSTRIES, INC. announced that they had agreed to acquire Koninklijke Ten Cate bv’s subsidiary “TenCate Advanced Composites Holding B.V.” with their expertise in the manufacturing of thermoplastics and thermoset prepreg. This acquisition will significantly expand the technological and product capabilities of TORAY in combination with TenCate.
- In March 2018, Sigma industries inc. announced that they are expanding their manufacturing capabilities by establishing a production center in Tennessee, United States. The new center will be focused on the production of specifically meeting the requirements and needs of their previous consumers from the neighbouring area.
Global wind turbine composites material market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of wind turbine composites material market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the wind turbine composites material market are LM Wind Power; Vestas; TPI Composites; Orano; Molded Fiber Glass Companies; Siemens; Suzlon Energy Limited; Nordex SE; Senvion S.A.; goldwind.com.cn; Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd; ENERCON GmbH; TORAY INDUSTRIES, INC.; Koninklijke Ten Cate bv; Solvay; TEIJIN LIMITED; Gurit; Sigma industries inc.; Exel Group World Wide; Hexcel Corporation and Reliance Industries Limited.
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved