Wind Turbine Composite Material Market to Double by 2034, Reaching USD 28.7 Billion at a 7.1% CAGR, Driven by Renewable Energy Demand

The global wind turbine composite material market is poised for substantial growth, with Future Market Insights (FMI) projecting its value to reach USD 14,417.9 million by 2024 and escalate further to USD 28,713.6 million by 2034. This expansion, driven by a robust CAGR of 7.1% from 2024 to 2034, underscores the increasing adoption of composite materials in the wind energy sector. These materials are critical in enhancing the efficiency and durability of wind turbines, supporting the global shift towards renewable energy sources as nations strive to meet their sustainability goals.

Composite materials have emerged as pivotal in the wind energy sector, particularly due to lightweight properties and high efficiency, fueling the growth of the wind turbine composite material industry. The wind turbine composite market is expected to grow due to increasing demand for larger, more efficient wind turbines, making them essential for a sustainable, renewable energy future.

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Composite materials offer advantages over traditional materials like steel and aluminum, such as lower maintenance, corrosion resistance, long operational lifespans, and a high strength-to-weight ratio. These benefits are expected to further fuel development in the foreseeable future.

Technological advancements in wind turbine composite materials are set to disrupt traditional markets, create new opportunities, and alter consumer behavior. Leading companies stay competitive by keeping up with technological advancements.

Government regulations and policies significantly influence the market, impacting production, trade, safety standards, and environmental policies. Understanding consumer trends and lifestyle changes is crucial for businesses, as adapting products and services is set to drive growth.

Key Takeaways from the Wind Turbine Composite Material Industry Report:

• The wind turbine composite material market is expected to reach a value of USD 28713.6 million by 2034.
• The global market is projected to surge at a CAGR of 7.1% from 2024 to 2034.
• China's wind turbine composite material market is expected to grow at a CAGR of 8% through 2034.
• Based on resin type, the epoxy segment is expected to hold a market share of 34.2% in 2024.
• In terms of fiber type, the glass fiber segment is set to account for a 74.9% share in 2024.
• India is projected to rise at 10.6% CAGR through 2034.

"Increasing use of carbon fiber in wind turbine blades and growing demand for renewable energy sources are expected to fuel sales. Growing adoption of renewable energy sources, such as wind turbines, is driving organizations to adopt composite materials for power generation and grid stability." - Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Competition Outlook

Solvay Group, TEIJIN Limited, Gurit, TPI Corporation, TORAY INDUSTRIES INC, and Reliance Industries are the key service providers in the sector. Leading companies are investing in research and development to expand product lines, boosting the wind turbine composite market.

Key companies are also implementing strategic initiatives to extend their global presence, such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaborations. To thrive in a competitive market, the industry provides cost-effective products.

Wind turbine composite material manufacturers are primarily manufacturing locally to reduce operational costs. The industry is competitive, with global and regional companies vying for market share based on product quality, design innovation, pricing strategies, and geographical presence. Strategies such as strategic partnerships, mergers and acquisitions, and product diversification are being employed to gain a competitive edge.

Industry Updates-
• In 2023, Suzlon Group announced its plan to develop a 31.5 MW wind power project in Karnataka and Maharashtra, starting in May 2024.
• In 2023, Avient Corporation partnered with DSM Protective Materials to integrate the Dyneema brand and innovative technologies into its product line, aiming to grow the composites business.

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Leading Wind Turbine Composite Material Players
• Solvay Group
• TEIJIN Limited
• Gurit
• TPI Corporation
• TORAY INDUSTRIES INC
• Reliance Industries
• LM Wind Power
• Vestas Wind Systems A/S
• Suzlon Energy Limited
• Enercon GmbH

Get More Valuable Insights

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global wind turbine composite material market presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.

The study incorporates compelling insights on the wind turbine composite material market based on fiber type (carbon fiber and glass fiber), resin type (epoxy, vinyl ester, polyester, and polyurethane), application (towers, rotor blade, nacelle, and rotor hub), and region.

Have a Look at Related Research Reports of Chemicals & Materials

Wind Turbine Blade Repair Material Market: https://www.futuremarketinsights.com/reports/wind-turbine-blade-repair-material-market

Wind Power Coatings Market: https://www.futuremarketinsights.com/reports/wind-power-coatings-market

Composite Door and Window Market: https://www.futuremarketinsights.com/reports/composite-door-and-window-market

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This release was published on openPR.