Luton, Bedfordshire, United Kingdom, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Global Wind Turbine Composites Material.
The Wind Turbine Composites Material Market was valued at USD 14.89 Billion in 2023, and is projected to reach USD 23.11 Billion by 2033, at a CAGR of 4.49% between 2023 and 2033.
The composite wind turbine industry is growing due to the increasing complexity of wind turbine components such as blades and nacelles. The market is divided by resin types, fibre types, production processes, applications, and regions. Fibres, such as fibreglass, account for the biggest market share in terms of value and volume, whereas glass-glass alloys are important due to their high strength, chemical resistance, hardness, availability, and low cost. Asia-Pacific is predicted to be the fastest-growing region in the global wind turbine industry.
This growth is driven by increased demand for renewable energy, the need for lighter turbine components, and the imposed high-efficiency Besides, supportive government policies—with a moved system together with effective, wind energy development plans and good regulations—keep the market growing.
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Aims and objectives of the course
• Market Size and Outlook: To define, characterize and forecast the Wind Turbine Composites market, including value and volume metrics.
• Strategic Market Analysis: To define key market players and assess their key strengths and strategic positions.
• Industry Development Overview: To analyze the recent developments in the industry, such as strategic partnerships, mergers and acquisitions, new product launches, and market expansion in the Wind Turbine Composite industry.
Raw Material Suppliers:
Wind turbine composites are critical to the efficiency and durability of blades, with major suppliers and industry participants playing important roles. Hexcel Corporation, Huntsman Corporation, Toray Industries, Teijin Limited, and Owens Corning are all significant participants in the wind turbine composite industry. Hexcel Corporation manufactures high-performance fibres and resins, whereas Huntsman Corporation provides breakthrough resin technology. Toray Industries produces lightweight and robust materials, whereas Teijin Limited supplies high-strength fibres and resins. Owens Corning specialises in fibreglass and related composites, which enhance the efficiency and dependability of wind turbine components. TPI Composites, Inc. is a significant wind turbine blade manufacturer with a reputation for constructing huge, high-quality constructions.
Suzlon Energy Limited, a significant operator in the renewable energy market, manufactures blades with composite materials that improve performance. Vestas Wind Systems A/S incorporates innovative materials into blades to enhance efficiency and longevity. Nordex SE specialises in wind turbine manufacturing, utilising composite materials to increase blade performance and sustainability. Siemens Gamesa Renewable Energy employs composite materials to improve blade aerodynamics and strength, hence enhancing wind energy systems.
Drivers, Challenges and Potential Growth Contributing to the Growth of Wind Turbine Composite Materials
Several key factors are essentially driving the growth of the Wind Turbine Composite Materials market. The main application of renewable energy is the decomposition of fuel, institutions increase in global warming, especially energy to reduce intermediate carbons. Wind power forces expanding perspective Many opportunities are provided for manufacturers of composite wind turbines. Offshore wind farms, which are being increasingly developed to meet growing energy demands, require advanced composite materials that can withstand harsh marine environmental conditions, and it further fuels market growth with significant growth in global wind power capacity. Onshore wind capacity increased from 178 GW in 2010 to 699 GW in 2020, while offshore wind capacity increased from 3.1 GW to 34.4 GW over the same period, indicating that wind demand for composite turbines is increasing However, several challenges and restraints also exist in the hybrid wind turbines market. The durability of these products is the main concern, as wind turbine blades are exposed to harsh environmental conditions for long periods, causing potential wear and tear problems It is important to monitor the wind performance of the turbine to ensure that these will operate longer and more reliably composite materials. In addition, the complexity of manufacturing air conditioning components poses a significant challenge. Complex manufacturing, including essentials.
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Key Players:
- TPI Composites, Inc. (U.S.)
- MFG Wind (U.S.)
- LM Wind Power (Denmark)
- Vestas Wind Systems A/S (Denmark)
- Gamesa Corporation Technology (Spain)
- AVIC Huiteng Windpower Equipment Co., Ltd. (China)
- Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd. (China)
- Suzlon Energy Limited (India)
- Siemens AG (Germany)
Recent Developments:
| Company | Development | Impact |
| TPI Composites Innovations | TPI Composites announced the launch of their new advanced composite material for wind turbine blades, designed to enhance performance and durability. This material is set to improve blade efficiency and reduce maintenance costs. The company will start supplying these materials to wind turbine manufacturers in North America and Europe by mid-2024. | High |
| Toray Industries Expansion | Toray Industries opened a new production facility in the United States dedicated to manufacturing carbon fiber composites for wind turbine blades. This expansion aims to increase production capacity by 30% and support the growing demand for high-performance, lightweight materials in the wind energy sector. | Moderate |
| Siemens Gamesa | Siemens Gamesa unveiled a new technology for producing larger, more efficient wind turbine blades using advanced composite materials. The new design allows for blades exceeding 80 meters in length, expected to significantly boost energy output and reduce the cost per megawatt-hour for wind power projects. | Low |
| Mitsubishi Heavy Industries | Mitsubishi Heavy Industries entered into a strategic partnership with a leading composite materials supplier to develop next-generation wind turbine nacelles. The collaboration aims to integrate advanced composites to enhance the structural integrity and aerodynamic efficiency of nacelles for offshore wind turbines. | Moderate |
| Solvay | Solvay introduced a new range of epoxy resins specifically engineered for wind turbine blades. These resins offer improved thermal stability and resistance to environmental factors, enhancing the longevity and performance of blades in harsh conditions. The new products will be available for global wind turbine manufacturers starting in the third quarter of 2024. | Low |
To know an additional revised 2024 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/17707/wind-turbine-composites-material-market/#request-a-sample
Market Segments:
By Resin Type
- Epoxy
- Polyester
- Vinyl Ester
By Fiber Type
- Glass fiber
- Carbon fiber
By Manufacturing Process
- Vacuum Injection Molding
- Prepreg
- Hand Lay-up
By Application
- Blades
- Nacelles
- Others (Towers and Hub)
By Region
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
Quantitative Analysis -
- Market size, estimates, and forecasts from 2024 - 2032
- Market size and revenue estimates for products up to 2032
- Market revenue estimates for application up to 2032
- Market revenue estimates for type up to 2032
- Regional market size and forecast up to 2032
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