As per the latest report published by Variant Market Research, Global Wind Turbine Composite Materials Market is estimated to reach $15.5 billion by 2024; growing at a CAGR of 8.7% from 2016 to 2024. Wind turbine composite material results as a vital component of wind turbine for the production of wind turbine parts. Rising affects from greenhouse emissions have led to the growing demand for clean and sustainable power sources. Lightweight composite materials benefit to harness wind energy with great efficiency. Wind energy is the ideal energy generating source for environment friendly power generation. Composite materials offer higher stability and reliability. Henceforth, these materials are of major importance in the manufacturing of components of wind turbine, particularly rotor blades.
Increased demand from wind energy sector, and growing demand of light-weight materials with high efficiency are the primary factors driving the growth of the global wind turbines composite materials market. Besides, various environmental guidelines and government initiatives has fueled the market growth. However, high cost of these materials may restrict the market growth. Moreover, extensive R&D activities is expected to generate various growth opportunities for the market in the coming years.
The global wind turbine composite material market is mainly classified into type, application, and geography. By type, the segment is divided into resin (epoxy, polyester, polyurethane, and others), fiber (glass fiber, carbon fiber, and others), and other types. On the basis of application, the segment is bifurcated into nacelle, base, tower, blade, and other applications.
Based on geography, global wind turbine composite materials market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consists of UK, Germany, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The key players profiled in the report are Suzlon Energy Limited, Gurit Holding AG, Hexcel Corporation, MFG Wind, Teijin Limited, Cytec Solvay Group, Vestas Wind Systems A/S, Toray Industries, Inc., Royal Tencate NV TPI, and Composites, Inc., among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Wind Turbine Composite Materials Market with respect to major segments such as type, application, and geography
- The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Wind Turbine Composite Materials Market has been included in the report
- Profile of the key players in the Global Wind Turbine Composite Materials Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Wind Turbine Composite Materials Market
- ·Glass Fiber
- ·Carbon Fiber
- Other Types
- Other Applications
- North America
- ·Rest of Europe
- ·Rest of Asia-Pacific
- ·South America
- ·Middle East