Wind Turbine Materials Market is forecast to witness a significant growth of around 7% CAGR during the forecast period 2019 to 2029

Global wind turbine materials market is forecast to surpass US$ 8 Bn by 2029 end reveals Fact.MR in a recently published report on global wind turbines materials market.

As per the report, global wind turbine market is anticipated to grow at a flourishing CAGR of ~7% till 2029 end, backed by the escalating number of wind power installations worldwide. The rising consumption of fossil fuels worldwide has led to severe climatic conditions such as global warming.

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Thus, to tackle this situation, governments of several countries have initiated several key projects and executed schemes to promote and encourage the uptake of conventional sources of energy generation. Wind energy being a clean and renewable energy source, is backed by favorable governments policies.

This situation has led to an increased number of investments in wind power generation plants. Furthermore, strict standards and guidelines aimed at reducing greenhouse gas emissions are also propelling demand growth in wind power generation.

Key Takeaways of Global Wind Turbine Materials Market

Global wind turbine materials market is forecast to add 1.8X more value in 2029 in comparison with 2019, registering an absolute opportunity of around US$ 3.5 Bn during forecast period
Fiber type wind turbine materials have accounted for over 3/4th of the market share as these materials are mainly used in producing wind turbines

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Glass fiber accounted for largest market share in fiber type segment with the capability to offer high efficiency in wind power operations
Based on application, wind blades have maintained their supremacy in the wind turbine materials market in 2019, as wind turbine materials in wind blades have been replacing conventional materials such as aluminum and steel.

East Asia is poised to remain a prominent hub for wind power systems worldwide, which has resulted in high demand for wind turbines materials. East Asia accounts for around 1/3rd of market share in 2019

Global market for wind turbine materials is fairly fragmented in nature, with Siemens AG, Teijin Limited, Toray Industries, Inc., Reliance Industries limited as some of the notable players.

“With a high growth trend observed in wind power generation, wind turbine materials manufacturers are focusing on the expanded portfolio in developed as well as unexplored regions.” says the Fact.MR analyst

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Players Opting For Acquisitions as a Target Strategy

Several key players in global wind turbine materials market are working toward expanding their wind manufacturing capacity and geographical reach to serve the increased demand for such materials across the globe.

Key stakeholders are targeting acquisitions and mergers to remain on top. Besides, capacity expansion in foreign territories seems to be chief marketing strategy. For instance, in June 2016, the inauguration of a wind blade mold production plant in Szczecin, Poland, was announced by Gurit Holding AG.

More Valuable Insights on Wind Turbine Materials Market:

Fact.MR, in its new offering, presents an unbiased analysis of the global wind turbine materials market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029.

The study divulges essential insights on the wind turbine materials market on the basis of type (fiber {glass fiber, carbon fiber and other} and resin {epoxy, polyester, polyurethane, vinyl ester and others}) and applications (wind blades, nacelles and others) across six major regions.

About the Chemicals & Materials Division at Fact.MR

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Expert analysis, actionable insights, and strategic recommendations – the Chemicals & Materials team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the chemicals & materials industry lucidly in 50+ countries for over a decade.

The chemicals & materials team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.

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This release was published on openPR.