The report "Wind Turbine Composites Material Market by Fiber Type (Glass Fiber, Carbon Fiber), Resin (Epoxy, Polyester, Vinyl Ester), Manufacturing Process (Vacuum Injection Molding, Prepreg, Hand Lay-Up), Application (Blades, Nacelles), Region - Global Forecast to 2021", In terms of value, the wind turbine composite market was valued at USD 7.15 Billion in 2015, and is projected to reach USD 12.17 Billion by 2021, at a CAGR of 9.28% between 2016 and 2021.
The increasing demand for composites that help enhance the strength and stiffness of structural parts of wind turbines, such as blades and nacelles, among others is driving the growth of the wind turbine composite market.
The blades segment is the largest application segment of the wind turbine composite market. Blades account for the highest amount of composite consumption in their manufacturing. The use of composites in wind turbine blades provides long shelf life, less maintenance, resistance to corrosion, and high strength-to-weight ratio.
The market for glass fiber composites is expected to grow at the highest CAGR from 2016 to 2021. Good strength, chemical resistance, and good stiffness offered by glass fibers and their easy availability and cost effectiveness are key factors accelerating the demand for glass fiber composites.
The Asia-Pacific region is leading the wind turbine composite market, both in terms of value and volume. Major factors contributing to the growth of the wind turbine composite market in this region include increasing demand for renewable energy sources, growing demand for lightweight and high strength materials used in the manufacturing of various parts of wind turbines, and supportive government initiatives such as favorable policies, wind power development programs, government regulations concerning renewable energy, and adjusted feed in tariffs for land-based wind power installations. Key players such as Suzlon Energy Limited (India) and AVIC Huiteng Windpower Equipment Co., Ltd. (China) have their manufacturing bases in the Asia-Pacific region.
Some of the key players in the wind turbine composite market include TPI Composites, Inc. (U.S.), MFG Wind (U.S.), LM Wind Power (Denmark), Gamesa Corporation Technology (Spain), Vestas Wind Systems A/S (Denmark), and Suzlon Energy Limited (India), among others. These players have adopted various organic and inorganic developmental strategies during the past five years.
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Source: ASDReports - Market Research
Date: Mar 17, 2017