Wind Turbine Composites Market Growth and Scope, Industry Demand, Manufacturers, Segmentation, Development Opportunities by 2030 | Toray Industries, Cytec Industries Inc.

Market Overview:

Wind turbine composites are used in the production of wind turbine blades and nacelles. Composites provide high strength to weight ratio and corrosion resistance properties ideal for wind turbine applications.

Market Dynamics:

The wind turbine composites market is driven by increasing investments in renewable energy projects across the globe in order to reduce dependence on fossil fuels. Governments of many countries are providing subsidies and tax incentives for renewable energy projects. For instance, the Indian government has set a target of achieving 60 GW of wind energy installations by 2022. Additionally, ongoing research & development activities to develop lightweight and high performance composite materials for wind turbine components is expected to boost the market growth over the forecast period.

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Major market players included in this report are:

★ Toray Industries
★ Cytec Industries Inc.
★ Royal TenCate nv
★ Gurit Holding AG
★ Hexel Corporation
★ Teijin Limited
★ TPI Composites Inc.
★ Gamesa Corporation Technology
★ Vestas Wind Systems A/S
★ Suzlon Energy Limited

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

On the basis of fiber,
✦ Glass Fiber
✦ Carbon Fiber
✦ Others

On the basis of resin type,
✦ Epoxy resin
✦ Polyester resin
✦ Vinylester
✦ Polyurethane
✦ Polyamide
✦ Others

On the basis of manufacturing process,
✦ Pre-preg
✦Vacuum Assisted Resin Transfer Molding (VARTM)
✦ Hand Lay-up

On the basis of wind turbine component,
✦ Blades
✦Nacelles
✦Hub
✦ Tower
✦ Others

Regional Analysis:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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✦ Major Drivers Shifting Focus Towards Renewable Energy Sources

The increasing focus on renewable energy sources across the globe is one of the key drivers boosting the growth of the wind turbine composites market. With growing environmental concerns regarding greenhouse gas emissions and global warming, countries are aiming to reduce their dependence on conventional power sources like coal and oil. Wind energy has emerged as one of the most viable and commercially available renewable energy sources. According to estimates, more than 60 countries worldwide now derive a portion of their power from wind energy. Composite materials are increasingly being utilized in wind turbine components like rotor blades due to their high strength-to-weight ratio and resistance to environmental degradation. This is fueling the demand for composites in wind turbine manufacturing.

✦ Advancements in Wind Turbine Technology Driving Higher Adoption of Composites

The ongoing technological advancements in wind turbine design aimed at improving efficiency are another major growth driver. Composite materials allow for manufacturing of larger rotor blades that enable harnessing of wind energy more effectively. Larger blades result in increased annual energy production per turbine. Composite materials also facilitate manufacture of complex blade geometries through automated fiber placement which improves turbine aerodynamics. Additionally, composite nacelles help reduce noise levels and vibrations. These benefits are driving wind turbine OEMs to increasingly adopt composites over conventional materials like steel and concrete. The demand from the upgradation and replacement of older turbines with advanced composite based designs is also supporting market growth.

✦ Major Restrain High Manufacturing Cost of Composite Components

The high manufacturing cost of composite components used in wind turbines as compared to conventional materials acts as a key restraint on the market. The production of composites involves complex and expensive processes like resin injection, vacuum infusion, autoclave curing etc. It also requires significant capital investment in automated machinery. Significant R&D investments are also needed to develop optimized production techniques to reduce costs. Additionally, composite materials are difficult to inspect for defects and repair which increases maintenance costs over the operational life of a turbine. The relatively high costs pose affordability challenges especially in price-sensitive emerging markets. Ongoing efforts to lower manufacturing costs through automation, process optimization and recycling will help counter this restraint over the coming years.

✦ Major Opportunity Growth in Offshore Wind Power Installations

The expanding offshore wind power sector worldwide presents a lucrative opportunity for the wind turbine composites market. The use of wind turbines in offshore locations bring additional engineering challenges pertaining to stability, corrosion resistance and durability in harsh marine environments. Composites are increasingly becoming the material of choice for offshore wind applications due to their high strength-to-weight ratio, resistance to corrosion from saltwater exposure and easier installation & maintenance. According to estimates, the global offshore wind power capacity is projected to grow at approximately 14% annually till 2030. The demand for specialized, heavier and larger blades optimized for offshore conditions will drive the uptake of advanced composite materials in offshore wind turbines. This presents an opportunity for composites manufacturers to cater to the growing requirements of the offshore wind industry.

✦ Major Trend Development of Recyclable & Circular Composites

A major trend gaining traction in the wind turbine composites industry is the development of recyclable and circular composite materials. With a large number of aging onshore wind turbines expected to be decommissioned in the coming years, end-of-life management of composite components is emerging as an important consideration. Traditional thermoset composites are difficult to recycle after usage. Industry players are now focusing on the development of recyclable thermoplastic composites that can be remolded and reused. Another approach involves mechanical and chemical recycling of used composites back into material feedstock. Adoption of such circular economy approaches will help address sustainability issues and gain wider consumer acceptance of wind energy. Overall, the move towards recyclable composite solutions reflects the industry's focus on developing an environmentally-friendly value chain for composite materials.

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Key Questions

• How much revenue will the global Wind Turbine Composites Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall Wind Turbine Composites Market?

• What are the indicators expected to drive the global Wind Turbine Composites Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Wind Turbine Composites Market to expand their geographical presence?

• What are the major advancements witnessed in the global Wind Turbine Composites Market?

• This report answers these questions and more about the global Wind Turbine Composites Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Table Of Content

Chapter No. 1 Introduction

1.1. Report Description

1.1.1. Purpose of the Report

1.1.2. USP & Key Offerings

1.2. Key Benefits for Stakeholders

1.3. Target Audience

1.4. Report Scope

Chapter No. 2 Executive Summary

2.1. Key Findings

2.1.1. Top Investment Pockets

2.1.1.1. Market Attractiveness Analysis, By Type

2.1.1.2. Market Attractiveness Analysis, By End Use

2.1.1.3. Market Attractiveness Analysis, By Region

2.2. Market Snapshot

2.3. Global Wind Turbine Composites Market, 2018 - 2022 (US$ Million)

2.4. Insights from Primary Respondents

Chapter No. 3 COVID-19 Impact Analysis

3.1. Impact Assessment of COVID-19 Pandemic, By Region

3.1.1. North America

3.1.2. Europe

3.1.3. Asia Pacific

3.1.4. Latin America

3.1.5. The Middle East and Africa

Chapter No. 4: Company Profiles

4.1 Company Overview
4.2 Financial elements
4.3 Product Landscape
4.4 SWOT Analysis
4.5 Systematic Outlook

Chapter No. 5: Assumptions and Acronyms

Chapter No. 6: Research Methodology

Chapter No. 7: Contact (Continue . . .)

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