Wind Turbine Composites Market Worth $17.74 Billion by 2030 - Exclusive Report by The Insight Partners
Global wind turbine composites Market is growing at a CAGR of 10.9% from 2022 to 2030.
Pune, India, Oct. 04, 2023 (GLOBE NEWSWIRE) -- According to our new research study, “Wind Turbine Composites Market Size, Share, Growth Factors, Opportunity and Forecast to 2030 – COVID-19 Impact and Global Analysis – by Fiber Type, Resin Type, Technology, Application, and Geography,” the wind turbine composites market was valued at US$ 7.78 Billion in 2022 and is projected to reach US$ 17.74 Billion by 2030; it is expected to record a CAGR of 10.9% from 2022 to 2030. The projected growth of the market is attributed to increasing demand for wind energy.
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Global Wind Turbine Composites Market: Competitive Landscape and Key Developments
Avient Corp, Toray Industries Inc, SGL Carbon SE, Owens Corning, Gurit Holding AG, Hexion Inc, Hexcel Corp, Exel Composites Oyj, EPSILON Composite SA, and Covestro AG are a few of the major players working in the global wind turbine composites market. Furthermore, players operating in the global wind turbine composites market are focusing on strategies such as investments in research & development activities.
Wind Turbine Composites Market Report Scope, Segmentations, Regional & Country Scope:
Report Coverage | Details |
Market Size Value in | US$ 7.78 Billion in 2022 |
Market Size Value by | US$ 17.74 Billion by 2030 |
Growth rate | CAGR of 10.9% from 2022 to 2030 |
Forecast Period | 2022-2030 |
Base Year | 2022 |
No. of Pages | 215 |
No. of Tables | 141 |
No. of Charts & Figures | 111 |
Historical data available | Yes |
Segments covered | By Fiber Type, Resin Type, Technology, Application and Geography |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Companies Covered | Avient Corp, Toray Industries Inc, SGL Carbon SE, Owens Corning, Gurit Holding AG, Hexion Inc, Hexcel Corp, Exel Composites Oyj, EPSILON Composite SA, and Covestro AG |
In 2022, Asia Pacific held the largest share of the global wind turbine composites market and is expected to record the highest CAGR in the global wind turbine composites market during the forecast period. The demand for wind turbine composites is directly proportional to the region's development of renewable energy.
Increasing Length of Wind Turbine Blades Fuels Wind Turbine Composites Market
Wind turbine blades generate lift with the help of their curved shape. The rotor blades are designed in such a way that it generates the right amount of rotor blade lift and thrust, which creates optimum deceleration of the air and increases blade efficiency. Wind turbine blades are shaped to extract the maximum power from wind at a low construction cost. Therefore, wind turbine blade manufacturers are seeking ways to manufacture a more efficient blade design. Continuous improvements have been initiated in the design of wind blades to generate new wind turbine designs that are comparatively more compact, silent, and capable of producing more power from less wind. This includes increasing the length of blades to improve the efficiency.
The efficiency of the wind turbine is mainly dependent upon the aerodynamic shape and length of the blades, along with the materials used to produce the blades. Wind turbine blades are the most significant yet high-cost component in wind turbines. The use of composite material in blade applications depends upon the strength and stiffness offered by the material, along with low density. By improving the length of wind turbine blades, 7.5% more electricity can be produced in comparison to those smaller blades. For instance, Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd. (LZ Blades), a China-based manufacturer, has created a 123-meter blade, which the company claims is the world’s longest wind turbine blade. Also, many other companies are continuously aiming towards the development of lightweight, cost-effective, and eco-friendly materials for the production of wind turbine blades. This factor is boosting the demand for advanced composite material in wind turbines, which is fueling the market growth.Increasing Length of Wind Turbine Blades Fuels Wind Turbine Composites Market
Wind turbine blades generate lift with the help of their curved shape. The rotor blades are designed in such a way that it generates the right amount of rotor blade lift and thrust, which creates optimum deceleration of the air and increases blade efficiency. Wind turbine blades are shaped to extract the maximum power from wind at a low construction cost. Therefore, wind turbine blade manufacturers are seeking ways to manufacture a more efficient blade design. Continuous improvements have been initiated in the design of wind blades to generate new wind turbine designs that are comparatively more compact, silent, and capable of producing more power from less wind. This includes increasing the length of blades to improve the efficiency.
The efficiency of the wind turbine is mainly dependent upon the aerodynamic shape and length of the blades, along with the materials used to produce the blades. Wind turbine blades are the most significant yet high-cost component in wind turbines. The use of composite material in blade applications depends upon the strength and stiffness offered by the material, along with low density. By improving the length of wind turbine blades, 7.5% more electricity can be produced in comparison to those smaller blades. For instance, Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd. (LZ Blades), a China-based manufacturer, has created a 123-meter blade, which the company claims is the world’s longest wind turbine blade. Also, many other companies are continuously aiming towards the development of lightweight, cost-effective, and eco-friendly materials for the production of wind turbine blades. This factor is boosting the demand for advanced composite material in wind turbines, which is fueling the market growth.
Wind Turbine Composites Market: Segmental Overview
Based on fiber type, the wind turbine composites market is segmented into carbon fiber composites, glass fiber composites, and others. The glass fiber composites segment held the largest market share in the global wind turbine composites market in 2022. Glass fiber has distinct properties and is used for various applications in the form of polymer composites. The performance of glass fiber composites can be optimized by designing and engineering filler-to-matrix interphase regions. Glass fibers are increasingly used to manufacture wind turbine composites.
Based on resin type, the wind turbine composites market is categorized into polyester, epoxy, polyurethane, vinyl ester, and others. The epoxy segment registered the largest market share in the global wind turbine composites market in 2022. The function of the epoxy resin is to provide strong binding characteristics to the epoxy wind turbine composites. Epoxy resin offers a robust binding property, high tensile strength, wettability, strong adhesion, high chemical and environmental resistance, and better electrical properties.
Based on technology, the wind turbine composites market is segmented into resin infusion, prepreg, lay up, and others. The resin infusion segment held the largest market share in the global wind turbine composites market in 2022. The resin infusion process is extensively deployed in producing large thermoset composite wind rotor blades owing to their complex airfoil geometry, large sizes, and cost-effectiveness. The adoption of resin infusion technologies has helped improve the quality of wind turbine composites.
Based on application, the wind turbine composites market is bifurcated into blades and nacelles. The blades segment held a larger market share in the global wind turbine composites market in 2022. Blades are considered complex structures composed of different parts, materials, and structures depending on the manufacturer. They are built in different designs and lengths. At present, new materials are required to keep the blades lightweight as well as maximize their strength, stiffness, and durability.
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Impact of COVID-19 Pandemic on Wind Turbine Composites Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in chemicals & materials industry and hampered the growth of the wind turbine composites market. The adverse effect of the pandemic on the manufacturing industry negatively impacted the demand for wind turbine composites from this industry.
However, as various economies revived their operations, the demand for wind turbine composites started to increase. The increasing use of wind turbine composites in blade manufacturing is expected to offer more growth opportunities for the global wind turbine composites market during the forecast period.
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