Press release
Advanced Wind Turbine Blade Materials Market to Reach USD 9.8 Billion by 2034 with 6.3% CAGR
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Analyst Viewpoint
The reduction in fossil fuel dependency is a major factor driving the development of the advanced wind turbine blade materials market. Governments worldwide are investing in wind energy to limit carbon emissions and enhance energy security. Additionally, research and development (R&D) in materials, particularly natural and hybrid composites, is fueling market revenue by reducing reliance on non-renewable resources.
Key players are incorporating natural fibers in hybrid composites to mitigate carbon emissions and provide better end-of-life options through recyclability.
Market Introduction
Advanced wind turbine blade materials commonly used include fiberglass-reinforced polyester, epoxy resins, carbon fiber, and aramid (Kevlar). Wood compounds like wood-epoxy and wood-fiber epoxy are also gaining traction.
Key Materials
Glass Fiber Reinforced Polymer (GFRP): Predominantly used for its high strength-to-weight ratio and ease of molding, contributing to efficient energy conversion.
Epoxy Resins: Preferred for their light weight, fatigue resistance, good adhesion, and minimal shrinkage after cooling. Epoxy resin composite blades account for about two-thirds of all epoxy resins used in wind turbines.
Manufacturing Processes
Vacuum Infusion: Frequently used for producing longer blades, creating lighter and stronger composite structures.
Prepreg Process: Involves pre-impregnating fibers with epoxy resins before further processing.
Market Drivers
Reduction in Fossil Fuel Dependency
The decline in fossil fuel-based power generation has led to increased adoption of renewable energy sources. For instance, the U.S. produced 52,687 MW of offshore wind energy in 2023, a 15% increase from 2022.
R&D in Materials
Emerging technologies in hybrid composites and natural fibers are propelling the market. Hybrid composites, like carbon aramid-reinforced epoxy and glass-reinforced epoxy, are commonly used. Natural fibers such as aloe vera, bamboo, banana, and sisal complement synthetic fibers by reducing costs and enhancing environmental sustainability.
Regional Outlook
Leading Region: Asia Pacific
Asia Pacific held the largest market share in 2023, driven by the growth in wind farms. For example, GE Vernova's Onshore Wind business began operations at the Ishikari Hachinosawa Wind Farm in Japan in June 2024, and Ørsted inaugurated the Greater Changhua 1 and 2a offshore wind farms in Taiwan in April 2024.
North America
Increased funding for wind turbine blade innovations is augmenting market share in North America. In 2023, the U.S. DOE's Office of Energy Efficiency and Renewable Energy renewed funding for the Institute for Advanced Composites Manufacturing Innovation (IACMI).
Analysis of Key Players
Key players are focusing on R&D of 3D-printed wind turbine blades and integrated additive manufacturing processes.
Major companies include:
Siemens Gamesa Renewable Energy, S.A.U.
LM Wind Power
TPI Composites
Vestas
NORDEX SE
Taishan Fiberglass Inc.
Gurit Services AG
The National Renewable Energy Laboratory
Notable Developments
June 2024: TPI Composites Inc. agreed to sell its automotive business to Clear Creek Investments LLC to focus on the wind market.
March 2024: Swancor signed a letter of intent with Siemens Gamesa to strengthen Siemens' RecyclableBlade production capacity, aiming for fully recyclable wind turbines by 2040.
Market Segmentation
By Fiber Type
Glass Fibers
Carbon Fibers
Others
By Resin Type
Epoxy Resins
Polyurethane Resins
Others
By Blade Size
Up to 50 Meters
Over 50 Meters
By Application
Onshore Wind Turbines
Offshore Wind Turbines
Regions Covered
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Countries Covered
U.S.
Canada
Germany
U.K.
France
Italy
Russia & CIS
Japan
China
India
ASEAN
Brazil
Mexico
South Africa
GCC
Market Snapshot
Market Size in 2023: US$ 5.0 Bn
Market Forecast (Value) in 2034: US$ 9.8 Bn
Growth Rate (CAGR): 6.3%
Forecast Period: 2024-2034
Historical Data Available for: 2020-2022
Quantitative Units: US$ Bn for Value and Tons for Volume
Market Analysis: Segment analysis, regional level analysis, qualitative analysis including drivers, restraints, opportunities, key trends, Porter's Five Forces Analysis, value chain analysis, and key trend analysis.
Competition Landscape: Market share analysis by company (2023), company profiles, product portfolio, sales footprint, key subsidiaries or distributors, strategy and recent developments, and key financials.
Format: Electronic (PDF) + Excel
The advanced wind turbine blade materials market (Marché des matériaux avancés pour pales d'éoliennes) is set for substantial growth, driven by technological advancements and increased adoption of renewable energy sources, promising a sustainable future for wind energy.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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