Wind Turbine Composite Materials Market Analysis With top countries data Key Vendors, Current Trends, Challenges, Drivers, Opportunities & Forecast To 2022

The global wind turbine composite materials market was valued around $4.0 billion and is likely to grow at a CAGR of 7.8% during 2016 - 2022. Increased government support for wind power projects, and stringent environmental regulations, and several benefits of composite materials over conventional materials have been driving the growth of the global wind turbine composite materials market. The market is further expected to gain revenue due to technological advancements.

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Geographically, Asia-Pacific was the largest market for wind turbine composite materials in terms of volume. The cumulative wind power capacity in Asia-Pacific was 100.8 GW in 2012, which increased to 146.4 GW in 2014. The increase in wind power capacity illustrates increase in demand for wind turbine composite materials in the region. China held the largest share in the Asia-Pacific as well as global wind turbine composite materials market in 2015, in terms of volume as well as value. The total wind power capacity installed in China was 75.3 GW in 2012, which increased to 114.6 GW in 2014.

The wind turbine composite materials market witnessed the highest growth in Middle East and Africa during 2012 – 2015, owing to the significant increase in the wind power capacity in the region. The Middle East and African wind power capacity was 1.1 GW in 2012, which increased to 2.5 GW in 2014.

Energy independence is a long-term vision of several countries, such as the U.S., Canada, Brazil, Mexico, and different economies of European Union (EU) and Asia. The different countries across the world are trying to free themselves from dependence on foreign oil. Several initiatives are being taken to reduce the foreign oil import. The EU has set target in Renewable Energy Directive (RED) to fulfil at least 20% of its total energy needs with renewables, by 2020. The RED establishes an overall policy for the production and promotion of energy from renewable sources in the EU.

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Similarly, different governments across the globe are looking for alternative source of energy to reduce their dependency on conventional energy sources. Wind energy is one of the most efficient alternatives for conventional fossil fuel based energy, as it is produced locally in the country. The different governments across the globe are taking initiatives to replace at least part of their conventional energy with wind energy.

Key companies in the wind turbine composite materials market are collaborating to offer better services in the global market. In April 2016, Gurit and Barracuda Advanced Composites teamed up to serve the Brazilian market with wind blade mould technology and services.

Some of the other players operating in the global market are Cytec Solvay Group, Toray Industries Inc., Koninklijke Ten Cate NV., Hexcel Corporation, Teijin Limited, TPI Composites Inc., and Molded Fiber Glass Companies.

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