Composite Materials in Renewable Energy Market Size (2024 - 2029)

The composite materials in the renewable energy sector are anticipated to experience significant growth, driven by the increasing demand for longer wind turbine blades. Despite the challenges posed by the COVID-19 pandemic, which disrupted raw material supply chains, the market has rebounded due to the global surge in renewable energy demand. While substantial R&D investments pose a challenge, the potential for reduced maintenance costs over time presents a promising opportunity for market expansion. North America currently holds the largest market share and is projected to maintain its leading position throughout the forecast period.

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Market Size of Composite Materials in Renewable Energy Industry

Composite Materials in Renewable Energy Market Summary
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

Composite Materials in Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East & Africa
Saudi Arabia
South Africa
Rest of Middle-East & Africa
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Composite Materials in Renewable Energy Market Size Summary

The composite materials in the renewable energy market are poised for significant growth, driven by the increasing demand for longer wind turbine blades and the expanding wind energy sector. Despite the challenges posed by the COVID-19 pandemic, which affected raw material supply chains, the market has rebounded due to the global surge in renewable energy demand. North America, particularly the United States, holds the largest market share, benefiting from substantial investments in wind energy projects and supportive government policies. The region's dominance is further bolstered by advancements in wind turbine blade manufacturing technologies, which have made the use of composites more cost-effective and efficient. This trend is expected to continue as wind farm developers seek to meet the growing energy demands with larger and more durable turbine blades.

The market landscape is moderately fragmented, with key players like Hexcel Corporation, Teijin Limited, and Toray Industries, Inc. actively contributing to the industry's development. These companies are investing in new production capabilities to cater to the rising demand for high-performance composite materials. For instance, Toray Carbon Fibers Europe is expanding its production line in France to meet the increasing needs in Europe. Additionally, strategic business restructuring and investments in solar PV manufacturing facilities highlight the dynamic nature of the market. As the renewable energy sector continues to expand, particularly in wind power applications, the demand for composite materials is expected to grow, offering substantial opportunities for market participants.

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Composite Materials in Renewable Energy Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Reduced Weight Compared to Metallic Structures

      2. 1.1.2 Augmenting Demand for Longer Wind Turbine Blades

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Need for High Investments in R&D

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Fiber Type

      1. 2.1.1 Fiber-Reinforced Polymers (FRP)

      2. 2.1.2 Carbon-Fiber-Reinforced Polymers (CFRP)

      3. 2.1.3 Glass-Reinforced Plastic (GRP)

      4. 2.1.4 Other Fiber Types

    2. 2.2 Application

      1. 2.2.1 Solar Power

      2. 2.2.2 Wind Power

      3. 2.2.3 Hydroelectricity

      4. 2.2.4 Other Applications

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East & Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East & Africa

Composite Materials in Renewable Energy Market Size FAQs

The Composite Materials in Renewable Energy Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

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.

Composite Materials in Renewable Energy Market Report Snapshots

Composite Materials in Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)