Detroit, Oct. 21, 2024 (GLOBE NEWSWIRE) -- The Pultruded Spar Cap Market is projected to witness a growth rate of 16.7% annually from 2024 to 2030, with an anticipated size of US$ 2.1 billion by 2030, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the pultruded spar cap market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Report Highlights
| Market Size in 2030 (billion US$) | 2.1 |
| 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 pultruded spar cap market is segmented based on resin type, fiber type, shore type, and region.
Based on 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 in 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.
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 fastest-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.
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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 –
-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.
Likewise, 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:
Some of the key drivers listed in the report are given below.
- Increasing offshore wind turbine installation coupled with the continuous rise in the development of longer wind turbine blades.
- Using CFRP spar caps reduces the turbine weight by ~20%. Thus, providing stiffer but lighter turbines.
- Increasing investments in renewable energy.
Top 10 Companies in the Pultruded Spar Cap Market:
The market is moderately populated, with the presence of a handful of regional and global players. Most of the major wind turbine blade manufacturers are cooperating with the leading players to develop and supply pultruded spar caps in the market. Stratview Research has identified the following companies as the top market players (arranged alphabetically).
- DowAksa Advanced Composites Holdings B.V.
- Exel Composites Oyj
- Epsilon Composite
- Fiberline Composites A/S (Gurit Holding AG)
- Hexcel Corporation
- Jiangsu Aosheng Composite Material Technology Co., Ltd.
- Röchling SE & Co., KG
- Saertex GmbH & Co., KG
- Weihai Guangwei Composites Co., Ltd.
- Zoltek Corporation (Toray Industries, Inc.)
What Deliverables Will You Get in this Report?
| Key questions this report answers | Relevant contents in the report |
| How big is the sales opportunity? | In-depth analysis of the Pultruded Spar Cap Market |
| How lucrative is the future? | Market forecast and trend data and emerging trends |
| Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
| Which are the most attractive market segments? | Market segment analysis and forecast |
| Who are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
| How complex is the business environment? | Porter’s five forces analysis, PEST analysis, Life cycle analysis |
| What are the factors affecting the market? | Drivers & challenges |
| Will I get the information on my specific requirements? | 10% free customization |
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