Pultruded Spar Cap Market is Forecasted to Reach USD 2.1 Billion in 2030, Says Stratview Research

The global Pultruded Spar Cap Market is projected to witness a growth rate of 16.7% annually from 2024 to 2030, with an anticipated size of USD 2.1 billion in 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Pultruded Spar Cap Market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report: https://www.stratviewresearch.com/Request-Sample/3589/pultruded-spar-cap-market.html#form

Report Highlights: `
Market Size in 2030: USD 2.1 billion
Growth (CAGR): 16.7% during 2024-2030
Forecast Period: 2024-2030
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Pultruded Spar Cap Market:
The global Pultruded Spar Cap Market is segmented by resin type, fiber type, shore type, and region

Based on the resin type: The pultruded spar cap market is segmented into epoxy resin, vinyl ester resin, and other resin. Vinyl ester resin is expected to remain the largest and fastest-growing resin of the market during the forecast period. Vinyl ester performs better than epoxy composites under tension and offers greater resistance. This ensures the structural integrity of pultruded components, making them more suitable for demanding wind turbine applications.
However, polyurethane composite is also gaining traction in the market, especially in Europe, as it offers improved bending strength and higher interlaminar shear strength than vinyl ester and epoxy. However polyurethane one of the other resins also improves productivity, mainly due to its low viscosity and high reactivity, which, in turn, reduces the production cost of pultruded spar caps when compared with vinyl ester and epoxy composites.

Based on the fiber type: The market is segmented into CFRP and GFRP & Hybrid. CFRP is expected to maintain its supremacy in the market as the fastest-growing fiber type during the forecast period. With the ongoing trend of increasing wind blade lengths to enhance wind power, incorporating carbon fiber for making plates for spar caps has emerged as an effective strategy to improve the strength-to-weight ratio and enhance blade rigidity.

Based on the shore type: The market is segmented into onshore pultruded spar caps and offshore pultruded spar caps. Offshore is expected to be the faster-growing shore of the market during the forecast period.
Due to the challenging environment and harsh conditions faced by offshore installations, the incorporation of pultruded spar caps offers notable advantages, such as corrosion resistance, durability, lightweight design, and structural integrity.
Offshore wind turbine blades are now increasingly being developed with carbon fiber pultruded spar caps, as carbon fiber's high strength allows spar caps to distribute loads effectively, reducing material stress and extending the overall fatigue life of the blade.
Offshore wind turbines typically experience higher and more consistent wind speeds compared to onshore locations. The lightweight yet strong nature of carbon fiber pultruded spar caps contributes to maximizing energy yield from offshore installations.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that Asia-Pacific is the biggest market for Pultruded spar cap during the forecast period. This growth outlook is majorly attributed to the following-
• Driven by an expected increase in offshore turbine installations and emerging opportunities for carbon fiber pultruded spar caps. Vestas has formed cooperation with a few local players, Weihai Guangwei Composites Co., Ltd. and Jiangsu Aosheng Composite Material Technology Co., Ltd., for the supply and development of pultruded spar caps in the region.
• China is likely to remain the key growth engine of the market, as the country is the largest wind turbine installer in the world and has the presence of many leading wind turbine manufacturers.

Europe is the second-largest offshore wind turbine installer in the world. This region has a presence of major OEMs, such as Vestas, Siemens Gamesa, Nordex SE, Enercon GmbH, and General Electric Company. Exclusive supplier agreements by these OEMs with leading pultruded spar cap manufacturers like Zoltek Corporation, Fiberline Composites, and DowAksa, will bolster healthy growth in the market over the years.

Pultruded Spar Cap Market Drivers:
The growth of the Pultruded Spar Cap Market is driven by several factors.
• After the successful implementation of CFRP pultruded spar caps in wind turbines, there has been a constant rise in demand for carbon fiber in wind energy.
• Today, several major raw material and intermediate material suppliers have entered the market, and there are expected to be more local suppliers, especially from China.
• Increasing offshore wind turbine installation coupled with the continuous rise in the development of longer wind turbine blades is the key factor generating excellent growth opportunities for pultruded spar caps in the years to come.

Top 10 Companies in the Pultruded Spar Cap Market:
Stratview Research has identified the following companies as the top market players:
• Zoltek Corporation (Toray Industries, Inc.)
• Fiberline Composites A/S (Gurit Holding AG)
• Weihai Guangwei Composites Co., Ltd.
• DowAksa Advanced Composites Holdings B.V.
• Jiangsu Aosheng Composite Material Technology Co., Ltd.
• Exel Composites Oyj
• Saertex GmbH & Co., KG
• Epsilon Composite
• Röchling SE & Co., KG
• Hexcel Corporation

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Pultruded Spar Cap Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Vinyl Ester Resin Market: https://www.stratviewresearch.com/1505/vinyl-ester-resin-market-in-composites-industry.html
• Pultruded Panels Market: https://www.stratviewresearch.com/1022/pultruded-panels-market.html

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This release was published on openPR.