Overview:
Wind turbine composites market is fast gaining popularity as many countries are opting for renewable energies to abide by the environmental laws. The onus is now on the global leaders and industry heads to get sustainable energy source as their driving force which is why wind energy is receiving thrust and consequently, wind turbine composites market is becoming the choicest option as they provide resilience and tensile strength to equipment and blades that increases performance of the turbine. Moreover, these composites are of low maintenance, have corrosion resistance, and increase product life which is why the global wind turbine composites market is expected to achieve unprecedented CAGR during the forecast period (2020-2027), reveals Market Research Future (MRFR) in an extensive study that covers in-depth analysis of drivers and segments. Apart from its features as its chief driving force, offshore possibilities and its impact on optimal capitalization of the source can be considered as factors that can influence a wind turbine composites market prospect. Furthermore, modification in designs can also enhance the efficacy of wind turbines which is providing enough tailwind to the composites to prove their market worth.
Industry Trend:
Saertex is planning to launch glass-fiber reinforcement as a part of their latest innovation which can considerably increase the tensile strength of the material used in wind turbine shafts. This will better the performance of wind turbine rotor blades.
Hexion Inc.'s tackifying spray system and epoxy bonding paste & resin repair kit are also expected to prove its worth in rotor blade production. The spray PR687g is eco-friendly and lowers in-plant air emissions.
Segmentation:
The global wind turbine composites market can be segmented by fiber type, resin, process, and application.
By fiber type, the wind turbine composites market can be further segmented into glass, carbon and other segments. Glass is currently leading the pack by generating the maximum share of the market revenue. Its cost-effective nature and applicational feasibility make it a market favorite.
Resin-wise, the wind turbine composites market Share includes epoxy, polyester, vinyl ester, polyurethane, and others. Epoxy resin segment is currently spearheading the market by generating demand in the manufacturing of the wind turbine blades.
Based on the process, the wind turbine composites market comprises vacuum injection molding, prepreg, and hand lay-up segments. Vacuum injection molding is eco-friendly, and its flexibility fulfills the functional criteria of blades, tower, and others.
Application-based segmentation of the wind turbine composites market consists blades, nacelles, hub, tower, and others. At the moment, blades segment is the clear trailblazer.
Regional Analysis:
Regionally, wind turbine composites market spans across five regions namely Asia Pacific (APAC), North America, Europe, Latin America (LATAM), and the Middle East & Africa (MEA).
The APAC is acting as the market bellwether. The region is showing a gradual increase in implementation of lightweight materials in wind turbine installation system. Glass fibers are gaining traction in countries such as China, Japan, and India who are also chief market contributors. Favorable government policies are also supporting nations in approving the developments further.
North American market is also growing significantly, and demand is being generated mainly by the end-user industries from countries such as the U.S., Mexico, and Canada. However, shale gas production can prove to be a market deterrent. The European market is currently witnessing a remarkable growth owing to the regulations made by governments to make renewable energy more acceptable across myriad industries. The U.K., France, Germany, and Italy are going to benefit the most from this advent of technologies.
The MEA is the emerging region with Saudi Arabia, Kuwait, and UAE fast adopting the technology and triggering a rapid growth. The LATAM is experiencing an uptick in the adoption of renewable energy. The scarcity of hydrocarbon is pushing industries towards ameliorating themselves with wind energy.
Market Insight:
The global wind turbine composites market is gaining considerable ground owing to strategies implemented by companies that include mergers, acquisitions, product launch, and other methods. For instance, TPI Composites got its manufacturing deal extended for another two years by Vestas. Owens Corning entered into a partnership with Chongqing Polycomp International Corp. (CPIC) to produce high-modulus glass fibers in China. On the other hand, as per Sandia National Laboratories, 3D printing of blades can become the future.
Some of the prominent players operating in the global wind turbine composites market are Vestas (Denmark), LM Wind Power (Denmark), Siemens AG (Germany), AVIC Huiteng Windpower Equipment Co Ltd (China), TPI Composites (U.S.), Gamesa Corporation Technology (U.S.), Suzlon Energy Limited (India), Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd (China), AREVA (France), Molded Fiber Glass Companies (U.S.), and others.
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