NEW YORK, Nov. 22, 2017 (GLOBE NEWSWIRE) -- The market is expected to witness a CAGR of 9.4%, and is projected to reach USD 12,746.8 million by 2023. Factors propelling the growth of wind turbine composite material market are increasing wind power generation capacity, stringent environmental regulations pertaining to emissions from burning conventional fuel, increasing demand of larger blades and increased government support for wind power projects.
The report segments the wind turbine composite materials market by Type (Glass Fiber, Carbon Fiber, Others), by Application (Wind Blade, Nacelle, Tower, Base, Others), by Manufacturing Process (Resin Infusion Technology, Prepreg, Hand Lay-up, Others), by Region (North America, Europe, Asia-Pacific, Rest of the World (RoW). The report studies the global wind turbine composite material market over the forecast period (2017-2023).
Wind turbine composite material forms an essential component of wind turbine for the manufacture of wind turbine rotor blade. Composite material is made up of fiber and matrix. The fiber provides physical strength and distributes loads in composite. The matrix material act binder. The matrix binds and maintains the spacing of the fiber material protecting the fiber from abrasion and environmental damage. The composite material manufactured from reinforcement of fiber and matrix is far superior from conventional metals such as steel and aluminum.
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Key Findings of the Wind Turbine Composite Material Report
- In October 2017, Hexcel Corporation has expanded supply agreement of composite materials with Vestas system AS.
- By 2019, globally around 27,500 wind turbines and 82,500 blades will be produced out of these carbon fiber will consist of 6 percent of all composite in each blade.
- By type, Glass fiber is the leading segment in terms of volume and value in 2016. Carbon fiber with superior mechanical properties than other composite materials is the fastest growing segment of wind turbine composite material market.
- By application, blades hold the major share of the global wind turbine composite material market and are expected to continue its dominance during the forecast period.
- Geographically, Asia-Pacific dominates the global wind turbine composite materials market in 2016 and would be the leading region over the forecast period. China held the largest share in the Asia-Pacific region as well as global wind turbine composite materials market in 2016.
- The cumulative wind capacity in Asia-Pacific is expected to add around 223 GW of wind capacity by 2020.
- Middle East and Africa is expected to be the fastest growing market for wind turbine composite materials during 2017 – 2023, owing to the several anticipated wind power projects in the region.
- The key players dealing in wind turbine composite material market are Vestas wind system AS, LM wind power, Cytec solvaty group, Konninklijke ten cate NV, Hexcel corporation, Toray industries inc, Gurit holding AG, Teijin Limited, TPI corporation, Molded fiber glass companies.
Wind Turbine Composite Material Market Potential
Global warming due to emission of greenhouse gases has led to the increased investment in renewable energy sources. Many countries across the globe are heavily investing on wind farms with Europe leading the way. The wind farms of Europe overtook coal to become the second largest source for power generation capacity. Asian countries are diversifying their energy mix, nuclear being dangerous to harness, wind energy seems to be the only economical solutions. The wind energy being sustainable and economical has reached far flung offshore areas. The countries across the globe are investing heavily in wind farms opening up the opportunity for the sale of composite materials in manufacturing the wind turbines. Moreover, physical properties of composites as compared to the conventional materials such as steel and aluminum are far superior. These materials allow wind turbine to operate in facing adverse weather conditions as well as improve the efficiency of the wind turbine. The technological advancement and design modification in wind turbine blade have increased the demand of larger blades, capable of producing higher amount of energy. These factors foretell the potential of wind turbine composite material market to grow at a significant rate during the forecast period.
Wind Turbine Composite Material Market-Regional Insight
The wind turbine composite materials market in North America is expected to grow at a significant rate during the forecast period. The government of the US and Canada are sensitive to environment damage caused by fuel burnt to generate power that light up their cities. High power consumption in the region has led the government to incentivize alternate source of energy. Wind energy being sustainable and economical is being heavily betted on. This has given impetus to the wind turbine composite material industry in the region.
The growth of South American wind turbine composite materials market is driven by shifting interest from other renewable energy to wind energy and increasing demand for sustainable source of energy. Moreover, the unexplored wind energy market in the region and rapid depletion of fossil fuels will create abundant opportunities for the investors to invest in the nascent South American wind turbine composite materials market.
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