Composite Materials in Renewable Energy Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Composite Materials in Renewable Energy Market Analysis
The composite materials in the renewable energy market are expected to grow at a CAGR greater than 6% during the forecast period.
COVID-19 highly impacted overall industry growth due to the raw material supply shortage. However, increased demand for renewable energy globally propelled the market growth post-pandemic.
- One of the major factors driving the market is the demand for longer wind turbine blade manufacturing.
- However, the need for high R&D investments is hindering the market's growth.
- Lower maintenance costs over the structure's lifespan are expected to provide a significant growth opportunity for the market studied.
- North America accounts for the highest market share and is expected to dominate the market during the forecast period.
Composite Materials in Renewable Energy Market Trends
This section covers the major market trends shaping the Composite Materials in Renewable Energy Market according to our research experts:
Wind Power Application to Dominate the Market
- The wind is the fastest-growing energy source globally. The prime factor for this increase is that the wind energy cost dropped and continues to drop dramatically, making it more competitive each year.
- The technology for manufacturing wind turbine blades significantly progressed over the past years. Using composites in turbine blade manufacturing, highly influences the decrease in cost.
- As the wind energy market grows globally and blade sizes continue to increase, wind farm developers will need more composite materials to help meet these demands.
- Many R&D efforts also focus on making wind blades more recyclable. In September 2021, Siemens Gamesa launched RecyclableBlade, the world's first recyclable wind turbine blade for commercial use offshore.
- The US President planned to deploy 30 GW of offshore wind energy in offshore wind by 2030. In May 2021, the Biden administration also approved the first major offshore wind project in US waters, the 800-MW Vineyard Wind energy project off the coast of Massachusetts.
- In 2021, CorPower Ocean built the first full-scale prototype of its filament-wound glass fiber-reinforced composite (GFRP) buoy-shaped wave energy converters, which the company aims to scale up into industrial-scale ocean energy farms by 2025.
- Due to the above reasons, wind power applications will likely dominate the market studied over the forecast period.
North America to Dominate the Market
- North America dominates the composite materials in renewable energy, with most of the demand coming from the United States.
- Wind power is the largest renewable energy source in the United States (excluding hydroelectricity), accounting for around 2.5% of energy consumption.
- Furthermore, the rising demand for long turbine blades will boost composite material consumption. In the next three to five years, 300-foot-long composite blades on 8 to 10 MW turbines are expected in the offshore wind energy sector.
- The US Department of Energy set an objective that by 2030, 20% of US electricity will be produced from wind energy. In 2021, the United States wind industry installed 13,413 MW of new wind capacity, bringing the cumulative total to 135,886 MW.
- Additionally, in September 2021, Vestas Wind Systems AS announced orders to deliver turbines for 290 MW of wind projects in the United States. Part of this project is supplying 16 units of the V162-6.2 MW turbines in a 6.0 MW operating mode and one V150-6.0 MW machine in a 5.6 MW operating mode for the Deerfield 2 wind farm in Michigan.
- Additionally, to boost the growth of this industry, the United States extended the federal Production Tax Credit (PTC) by five years, thereby creating exceptional market stability.
- These factors above are augmenting the composites' usage in the country, owing to which the North American region is likely to dominate the market studied during the forecast period.
Composite Materials in Renewable Energy Industry Overview
The composite materials in the renewable energy market are moderately fragmented as the market share is divided among many players. Key players in the market include Hexcel Corporation, Teijin Limited, Toray Industries, Inc., Plastic Reinforcement Fabrics Ltd., and Norco Composites & GRP, among others (not in any particular order).
Composite Materials in Renewable Energy Market Leaders
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Hexcel Corporation
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Teijin Limited
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Toray Industries, Inc.
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Plastic Reinforcement Fabrics Ltd.
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Norco Composites & GRP
*Disclaimer: Major Players sorted in no particular order
Composite Materials in Renewable Energy Market News
- November 2022: Toray Carbon Fibers Europe planned to invest about EUR 100 million (USD 117 million) to build a new production line at its plant in South West France. This investment will enable the company to meet the growing demand for high-performance carbon fiber in France and other European countries. Construction work will commence in the second half of 2023, with production expected to start at the end of 2025.
- September 2022: Hanwha Solutions Corporation announced major business restructuring with plans including divestment of some stake in the advanced materials business to use proceeds for solar PV manufacturing facilities and to build an EVA film factory in the United States.
Composite Materials in Renewable Energy Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Reduced Weight Compared to Metallic Structures
- 4.1.2 Augmenting Demand for Longer Wind Turbine Blades
- 4.1.3 Other Drivers
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4.2 Restraints
- 4.2.1 Need for High Investments in R&D
- 4.2.2 Other Restraints
- 4.3 Industry Value-chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Fiber Type
- 5.1.1 Fiber-Reinforced Polymers (FRP)
- 5.1.2 Carbon-Fiber-Reinforced Polymers (CFRP)
- 5.1.3 Glass-Reinforced Plastic (GRP)
- 5.1.4 Other Fiber Types
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5.2 Application
- 5.2.1 Solar Power
- 5.2.2 Wind Power
- 5.2.3 Hydroelectricity
- 5.2.4 Other Applications
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 France
- 5.3.3.4 Italy
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East & Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East & Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis ** / Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Changzhou Tiansheng New Materials Co. Ltd
- 6.4.2 EPSILON Composite Tous droits reserves
- 6.4.3 EURO-COMPOSITES
- 6.4.4 Evonik Industries AG
- 6.4.5 Gurit
- 6.4.6 Hexcel Corporation
- 6.4.7 JEC GROUP
- 6.4.8 Norco Composites & GRP
- 6.4.9 Plastic Reinforcement Fabrics Ltd
- 6.4.10 Solvay
- 6.4.11 Teijin Limited
- 6.4.12 Toray Industries, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Lower Maintenance Costs over the Lifespan of the Structure
Composite Materials in Renewable Energy Industry Segmentation
Composite materials are the composition of two or more constituent materials combined to create a material that is chemically and physically different from its components. The composite materials in the renewable energy market are segmented into fiber type, application, and geography. By fiber type, the market is segmented into fiber-reinforced polymers, carbon-fiber-reinforced polymers, glass-reinforced plastic, and other fiber types. By application, the market is segmented into solar power, wind power, hydroelectricity, and other applications. The report also covers the market size and forecasts for the composite materials in the renewable energy market in 15 countries across major regions. The market sizing and forecasts for each segment have been done based on value (USD Million).
| Fiber Type | Fiber-Reinforced Polymers (FRP) | |
| Carbon-Fiber-Reinforced Polymers (CFRP) | ||
| Glass-Reinforced Plastic (GRP) | ||
| Other Fiber Types | ||
| Application | Solar Power | |
| Wind Power | ||
| Hydroelectricity | ||
| Other Applications | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East & Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East & Africa |
Composite Materials in Renewable Energy Market Research FAQs
What is the current Composite Materials in Renewable Energy Market size?
The Composite Materials in Renewable Energy Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Composite Materials in Renewable Energy Market?
Hexcel Corporation, Teijin Limited , Toray Industries, Inc. , Plastic Reinforcement Fabrics Ltd. and Norco Composites & GRP are the major companies operating in the Composite Materials in Renewable Energy Market.
Which is the fastest growing region in Composite Materials in Renewable Energy Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Composite Materials in Renewable Energy Market?
In 2024, the North America accounts for the largest market share in Composite Materials in Renewable Energy Market.
What years does this Composite Materials in Renewable Energy Market cover?
The report covers the Composite Materials in Renewable Energy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Composite Materials in Renewable Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Composite Materials in Renewable Energy Industry Report
Statistics for the 2024 Composite Materials in Renewable Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Composite Materials in Renewable Energy analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
