The need for clean, sustainable power sources to fuel the economic growth globally is increasingly being met with energy generation with wind power. The trend is expected to also be continuing in the future. The market is increasingly driven by the competitive pricing, energy security, and price stability. Increasing demand of lightweight materials with high efficiency has driven the growth of composite materials in the wind energy market. Growing new installations of wind turbines, increased size of blades and increasing use of composites in other turbine components such as nacelle and hub are expected to increase the demand for composite materials resulting in the growth of wind turbine composite materials market.
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Composite materials endure its control on various global markets including the wind energy market. The material delivers higher stability, reliability and increased life of the objects due to which it holds a very high impact on different global markets. Composites are of great importance in the manufacturing of wind turbine rotor blade which is the one of the critical component of overall wind turbine structure. With the continuous increment in the length of rotor blades for raising the wind turbine output is providing growth prospects to the global wind turbine composite materials market.
Glass fiber is the largest consumed composite material in the wind turbine manufacturing. The wind turbine blade is witnessing the largest demand for the composite materials. The continued growth in the wind energy demand and its succeeding production is significantly responsible for the growth of global wind turbine composite materials market.
Wind Turbine Composite Materials Market: Drivers & Restraints
The global wind turbine composite materials market is expected to grow due increasing demand from wind energy sector owing to the positive growth prospects in the concerned market. The market augmentation is further supported by the supportive economic and environmental factors raising the demand for the composite materials in the wind energy market. Additionally the competitive advantage of composites over traditional materials such as steel and aluminium due to its properties such as corrosion resistance, lower maintenance, long lifecycle and high strength-to-weight ratio are rising its demand from the wind energy market.
Conversely the high cost of these materials are inhibiting the market from growing. It is also anticipated that substantial cost for carbon fiber can also pose a challenge for the growing market of wind turbine composite materials market.
Wind Turbine Composite Materials Market: Segmentation
By type of fiber, the global wind turbine composite materials market is segmented as follows:
- Glass Fiber
- Carbon Fiber
By type of resin, the global wind turbine composite materials market is segmented as follows:
- Vinyl Ester
By type of application, the global wind turbine composite materials market is segmented as follows:
- Rotor Blade
Wind Turbine Composite Materials Market: Region-wise Outlook
The wind turbine composite materials market is expected to register a favourable growth for the forecast period, 2015?2025. The Asia Pacific is projected to endure control on the global wind turbine composite materials market. The factors contributing to the rising demand in APAC are growing awareness for the alternative sources of energy, growth of installed wind power size in China and India, new product launches and higher expansions. North America and Europe is expected to follow the APAC market. Rest of the world is the smallest market of all but is expected to grow at the fastest growth pace.
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Wind Turbine Composite Materials Market: Key Players
The key players in the global wind turbine composite materials market are Cytec Industries, Teijin Limited, Gurit Holding AG, Toray Industries, TPI Composites, Royal Tencate NV etc.