Wind Turbine Composite Materials Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wind Turbine Composite Materials Market Analysis
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
Wind Turbine Composite Materials Market Trends
This section covers the major market trends shaping the Wind Turbine Composite Materials Market according to our research experts:
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.
Wind Turbine Composite Materials Industry Overview
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.
Wind Turbine Composite Materials 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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Vestas
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Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd
*Disclaimer: Major Players sorted in no particular order
Wind Turbine Composite Materials 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 Increasing Application of Carbon Fiber in Wind Blades
- 4.1.2 Other Drivers
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4.2 Restraints
- 4.2.1 Recyclability Issue of Composites
- 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
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5.1 Fiber Type
- 5.1.1 Glass Fiber
- 5.1.2 Carbon Fiber
- 5.1.3 Others
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5.2 Technology
- 5.2.1 Vacuum Injection Molding
- 5.2.2 Prepreg
- 5.2.3 Hand Lay-Up
- 5.2.4 Others
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5.3 Application
- 5.3.1 Wind Blades
- 5.3.2 Nacelles
- 5.3.3 Others
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5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.1.1 China
- 5.4.1.2 India
- 5.4.1.3 Japan
- 5.4.1.4 South Korea
- 5.4.1.5 ASEAN Countries
- 5.4.1.6 Rest of Asia-Pacific
- 5.4.2 North America
- 5.4.2.1 United States
- 5.4.2.2 Canada
- 5.4.2.3 Mexico
- 5.4.3 Europe
- 5.4.3.1 Germany
- 5.4.3.2 United Kingdom
- 5.4.3.3 France
- 5.4.3.4 Italy
- 5.4.3.5 Rest of Europe
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Rest of South America
- 5.4.5 Middle-East & Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 South Africa
- 5.4.5.3 Rest of Middle-East & Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Exel Composites
- 6.4.2 Gurit Holding AG
- 6.4.3 Hexcel Corporation
- 6.4.4 Reliance Industries Limited
- 6.4.5 Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd
- 6.4.6 Molded Fiber Glass Companies
- 6.4.7 Siemens AG
- 6.4.8 Teijin Limited
- 6.4.9 Toray Industries, Inc.
- 6.4.10 TPI Corporation
- 6.4.11 Vestas
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Offshore Wind Energy Installations
Wind Turbine Composite Materials Industry Segmentation
The Wood Turbine Composites Materials market report include:
| Fiber Type | Glass Fiber | |
| Carbon Fiber | ||
| Others | ||
| Technology | Vacuum Injection Molding | |
| Prepreg | ||
| Hand Lay-Up | ||
| Others | ||
| Application | Wind Blades | |
| Nacelles | ||
| Others | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| ASEAN Countries | ||
| 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 |
Wind Turbine Composite Materials Market Research FAQs
What is the current Wind Turbine Composite Materials Market size?
The Wind Turbine Composite Materials Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Wind Turbine Composite Materials Market?
Hexcel Corporation, Teijin Limited , Toray Industries, Inc. , Vestas and Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd are the major companies operating in the Wind Turbine Composite Materials Market.
Which is the fastest growing region in Wind Turbine Composite Materials Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Wind Turbine Composite Materials Market?
In 2024, the Asia Pacific accounts for the largest market share in Wind Turbine Composite Materials Market.
What years does this Wind Turbine Composite Materials Market cover?
The report covers the Wind Turbine Composite Materials Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Wind Turbine Composite Materials Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wind Turbine Composite Materials Industry Report
Statistics for the 2024 Wind Turbine Composite Materials market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wind Turbine Composite Materials analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
