Market Overview:
The global wind turbine composite materials market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for renewable energy and the rising awareness about environmental benefits of using wind turbines. In terms of type, thermosetting resin is expected to hold a major share in the global wind turbine composite materials market during the forecast period. This can be attributed to its properties such as high strength, stiffness, and durability.
Product Definition:
Wind turbine composite materials are often used to make the blades for wind turbines. These materials are lightweight and strong, which makes them perfect for this application. The importance of using these materials is that they can help reduce the weight of the turbine, which makes it easier to transport and install. Additionally, these materials can also help improve the efficiency of the turbine by allowing it to spin more quickly.
Thermosetting Resin:
Thermosetting resin is a composite material, which has high strength and stiffness. It also has good fatigue resistance property. Thermosetting resins are used in the manufacturing of various components such as blades, hubs, rotors etc., in wind turbine composite materials market on account of their excellent properties including low weight saving and corrosion resistance. The major application areas for these composites include aerospace & defense industry and transportation industry (automotive).
Thermoplastic Resin:
Thermoplastic resin is a type of synthetic rubber that is resistant to heat and other chemical reactions. It can be re-molded or reshaped after being initially molded into the desired shape. Thermoplastics such as polyvinyl chloride (PVC), polyethylene (PE), and styrene-butadiene rubber (SBR) are used in various applications including wind turbine composite materials market.
Application Insights:
Onshore wind was the largest application segment in 2016, accounting for over 91% of total demand. Increasing onshore projects across the world, particularly in Europe and North America, is expected to remain a key driving factor for the global wind turbine composite materials market over the forecast period. Onshore projects require fewer turbines as compared to offshore as they do not need protection from extreme weather conditions such as high winds and heavy rains.
Offshore wind energy is projected to witness significant growth during the forecast period owing to its ability to generate power even under extreme weather conditions such as strong winds and heavy rains which are often found near a coast line. The sector has been growing significantly since past few years due various tax benefits offered by governments along with low cost loans from banks for developing offshore projects.
Regional Analysis:
North America accounted for the largest share of over 40% in 2017. The U.S., which is the major consumer, has a well-established offshore wind industry and is expected to continue its dominance over the forecast period. Europe accounted for a significant market share in 2017 owing to large scale investments made by countries such as Germany and Spain in constructing new wind farms off their coastlines.
Asia Pacific was estimated at USD X million in 2017 and is anticipated to witness lucrative growth over the projected period owing to increasing installation of turbines across China.
Latin America also holds considerable potential due to presence of untapped markets such as Brazil, Mexico, etc.
Growth Factors:
- Increasing demand for wind energy due to rising concerns over climate change and greenhouse gas emissions
- Government initiatives and subsidies for installation of wind turbines
- Technological advancements in wind turbine composite materials that improve performance and efficiency
- Growing demand from emerging markets such as China and India
- Rising prices of traditional fuels such as oil, coal, and natural gas
Scope Of The Report
Report Attributes
Report Details
Report Title
Wind Turbine Composite Materials Market Research Report
By Type
Thermosetting Resin, Thermoplastic Resin
By Application
Onshore Wind, Offshore Wind
By Companies
Cytec Solvay Group, Gurit, Teijin, Toray, TPI Composites, Axiom Materials, HC Composite, Hexcel, Molded Fiber Glass Companies, SGL Group, Cytec Solvay Group, Vestas
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
224
Number of Tables & Figures
157
Customization Available
Yes, the report can be customized as per your need.
Global Wind Turbine Composite Materials Market Report Segments:
The global Wind Turbine Composite Materials market is segmented on the basis of:
Types
Thermosetting Resin, Thermoplastic Resin
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Onshore Wind, Offshore Wind
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Cytec Solvay Group
- Gurit
- Teijin
- Toray
- TPI Composites
- Axiom Materials
- HC Composite
- Hexcel
- Molded Fiber Glass Companies
- SGL Group
- Cytec Solvay Group
- Vestas
Highlights of The Wind Turbine Composite Materials Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Thermosetting Resin
- Thermoplastic Resin
- By Application:
- Onshore Wind
- Offshore Wind
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Wind Turbine Composite Materials Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Wind turbine composite materials are a type of material that is used in wind turbines to make the blades and other parts. Wind turbine composite materials can be made from a variety of different types of materials, including plastics, composites, and metals.
Some of the key players operating in the wind turbine composite materials market are Cytec Solvay Group, Gurit, Teijin, Toray, TPI Composites, Axiom Materials, HC Composite, Hexcel, Molded Fiber Glass Companies, SGL Group, Cytec Solvay Group, Vestas.
The wind turbine composite materials market is expected to grow at a compound annual growth rate of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Wind Turbine Composite Materials Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Wind Turbine Composite Materials Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Wind Turbine Composite Materials Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Wind Turbine Composite Materials Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Wind Turbine Composite Materials Market Size & Forecast, 2020-2028
4.5.1 Wind Turbine Composite Materials Market Size and Y-o-Y Growth
4.5.2 Wind Turbine Composite Materials Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Thermosetting Resin
5.2.2 Thermoplastic Resin
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Onshore Wind
6.2.2 Offshore Wind
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Wind Turbine Composite Materials Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Wind Turbine Composite Materials Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Thermosetting Resin
9.6.2 Thermoplastic Resin
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Onshore Wind
9.10.2 Offshore Wind
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Thermosetting Resin
10.6.2 Thermoplastic Resin
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Onshore Wind
10.10.2 Offshore Wind
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Thermosetting Resin
11.6.2 Thermoplastic Resin
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Onshore Wind
11.10.2 Offshore Wind
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Thermosetting Resin
12.6.2 Thermoplastic Resin
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Onshore Wind
12.10.2 Offshore Wind
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Thermosetting Resin
13.6.2 Thermoplastic Resin
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Onshore Wind
13.10.2 Offshore Wind
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Wind Turbine Composite Materials Market: Competitive Dashboard
14.2 Global Wind Turbine Composite Materials Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Cytec Solvay Group
14.3.2 Gurit
14.3.3 Teijin
14.3.4 Toray
14.3.5 TPI Composites
14.3.6 Axiom Materials
14.3.7 HC Composite
14.3.8 Hexcel
14.3.9 Molded Fiber Glass Companies
14.3.10 SGL Group
14.3.11 Cytec Solvay Group
14.3.12 Vestas
