The global wind turbine composite materials market is expected to grow at with a CAGR greater than 7% during the forecast period. One of the major factors driving the market is the growing application of carbon fiber in wind blades. However, Recyclability Issue of Composites is likely to hinder the growth of the market studied.
- Growing Wind Energy Installations is expected to provide a major growth opportunity for the market studied.
- Asia-Pacific accounted for the highest share of the market and is likely to continue dominating the market during the forecast period.
- Among the application areas, wind turbine blades accounted for the highest market share and is expected to dominate the market studied during the forecast period
Key Market Trends
Wind Blades to Dominate the Market
- In wind turbines, composites are majorly used in the production of wind turbine blades. Wind turbine blades serve as the most important composite based part of the turbine.
- The rising demand for wind energy is leading to the construction of larger wind blades that offer higher power output, which is, in turn, resulting in the increased consumption of composite materials for blades
- With the development of floating wind turbines, the offshore opportunities for wind energy has increased due to comparatively lesser cost and easy installation.
- This is projected to lead to the increase in the production of wind turbines and its components made of composites, which is likely to positively influence the wind turbine composite materials market.
- Hence, owing to the above-mentioned factors, application in wind turbines is expected to dominate the market during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to lead the market for wind turbine composite materials owing to the increasing wind energy infrastructure in the region.
- China accounts for the largest share of the global wind installed capacity. Moreover, the country announced its plan to invest about USD 360 billion on renewable energy by 2020, turning down the plan to build 85 coal-fired power plants, which is expected to increase the wind energy installations in the country in the coming years, further leading to increase in the production of wind turbines.
- India has the fourth largest installed capacity in wind power currently and is expected to increase its wind power capacity in the coming years which is expected to drive the market studied.
- Hence, owing to the above-mentioned factors, Asia-Pacific is likely to dominate the market studied during the forecast period.
The wind turbine composite materials market is moderately fragmented as the market share is divided between many players. Key players in the market includeLianyungang Zhongfu Lianzhong Composites Group Co.,Ltd, Hexcel Corporation, Teijin Limited, Toray Industries Inc. and Vestas Wind Systems A/S, among others.
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