Wind Turbine Composites Material Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2021 - 2026

Report Code: CMR 95704 Report Format: PDF + Excel (Delivery in 48 Hrs)

Wind Turbine Composite Materials Market Overview

The Wind Turbine Composite Materials market size is forecast to reach US$18.9 billion by 2026, after growing at a CAGR of 10.3% during 2021-2026. Composite materials help in the development of lightweight components with superior properties and also improve product life. Composite materials are used in the development of structural parts of wind turbines, such as turbine blade, rotors, nacelles, wind propeller, among others. The increasing installation of wind turbines across the globe is driving the market for composite materials. The government across the globe is also investing huge amounts in alternative energy sources such as solar and wind which is further supporting the market growth for composite materials. The increasing focus of governments on offshore wind energy installations is driving the market growth between 2021-2026. However, the high cost of carbon fiber and epoxy resin and recyclability issue of composites will likely hamper the market growth during the forecast period.

COVID-19 Impact

The COVID-19 pandemic has impacted the composite materials industry which has further impacted the wind turbine market. Due to the Covid-19, the manufacturing industry is impacted very badly that further impacted the wind turbine composite materials market. The slowdown in wind turbine installations and lack of raw material supplies, and workforce are impacting the market negatively. The covid-19 impacted every operation such as supply chain, production, sales, and others. However, the companies resumed their operation in 2021, which may positively impact the market.

Report Coverage

The report: “Wind Turbine Composite Materials Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Wind Turbine Composite Materials industry.
By Fiber Type: Glass Fiber, Carbon Fiber, Aramid Fiber, and Basalt fiber
By Resin Type: Thermoplastic [Polyethylene, Polystyrene, Polyamides, Nylon, Polypropylene, Others], and Thermoset [Epoxy, Polyester, Phenolic Polyamide, and Others]
By Technology: Injection Molding, Compression Molding, Pultrusion, Filament Winding, and Layup
By Application: Blades, Wind turbine Hub, Rotor, Tower, Nacelle, Cables, Blade Pitch Controller, Propellers, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Netherlands, Belgium, Spain, Denmark, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (the Middle East and Africa)

Key Takeaways

  • The Asia Pacific region is expected to dominate the market and register the highest CAGR of 12.8% during the forecast period (2021-2026). The presence of leading chemical companies along with rapid growth in the personal care industry is propelling regional growth.
  • Epoxy resin is one of the widely used resins in wind turbine manufacturing. The segment is expected to register a high growth rate during the forecast period.
  • The growing installation of wind turbines in developing countries such as Brazil, Mexico, India, and China is creating a positive impact on the usage of wind turbine composite materials.

Figure: Asia Wind Turbine Composite Materials Market Revenue, 2020-2026 (US$ Billion)

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Wind Turbine Composite Materials Market Segment Analysis: By Fiber Type

The glass fiber reinforced plastics segment accounted for the largest share of more than 55% in the wind turbine composite materials market in 2020 and is estimated to grow at a significant rate during the forecast period. Glass fiber offers various properties including high strength, high durability, weather-resistant, and lightweight have boosted its demand in numerous end-use industries. The easy availability and cost-effectiveness of glass fiber reinforced plastics are the key factors propelling the demand for glass fiber composites in wind turbine manufacturing. The carbon fiber segment will register a significant growth rate during the forecast period. Carbon fibers offer various properties such as low thermal expansion, high stiffness, high-temperature tolerance, and high chemical resistance among others.

Wind Turbine Composite Materials Market Segment Analysis: By Resin Type

The thermoset segment accounted for the largest share of more than 70% in the Wind turbine composite materials market in 2020 and is estimated to grow at a significant rate during the forecast period. Thermoset composite is usually based on carbon, glass, and aramid fibers.  Epoxy resin is the widely used thermoset type in wind turbine composite materials. Approximately 50% of European wind blades are manufactured from epoxy resin. These resins offer lightweight, and good adhesion compared to other resin types. Generally, they are combined with glass fibers and carbon fibers to manufacture wind blades. The thermoplastic segment is expected to register a significant growth rate during the forecast period. Thermoplastics are less expensive compared to thermoset resin types. They are easily weld-able, non-toxic in nature, and recyclable. These are some of the driving factors supporting the market growth between 2021-2026.

Wind Turbine Composite Materials Market Segment Analysis: By Technology

The Layup segment accounted for the largest share of more than 33% in the wind turbine composite materials market in 2020 and is estimated to grow at a significant rate during the forecast period. Layup is the most common method used for the production of composites. The method is involved in placing layers of composite fiber in a structured order by using a matrix of resin and hardener. This method is widely used for the production of wind blades.

Wind Turbine Composite Materials Market Segment Analysis: By Application

The blades segment accounted for the largest market share of more than 55% of the market in 2020 and is estimated to grow significantly during the forecast period. Turbine blades serve as the most important composite-based part of wind turbines. The growing demand for wind energy is driving manufacturers to develop large wind blades for the high production of wind energy. For the development of large blades, a huge quantity of composite materials is used. Glass fibers and carbon fibers are used for the manufacturing of wind blades.

Wind Turbine Composite Materials Market Segment Analysis - By Geography

The Asia Pacific region held the largest share of more than 45% in the Wind Turbine Composite Materials market in 2020, owing to the rapid growth in the installation of wind turbines. The presence of developing nations such as China and India is driving the market growth. The presence of leading wind turbine manufacturers including Suzlon Energy Limited, and AVIC Huiteng Windpower Equipment Co., Ltd are supporting the region's growth during the forecast period. The increasing investments by key developers for manufacturing efficient wind turbines are also boosting the market growth during the forecast period. According to the data published by Global Wind Energy Council (GWEC), China installed about 52 gigawatts of new wind power capacity in 2020.

Wind Turbine Composite Materials Market Drivers

Rising Demand for Renewable Energy Sources

Wind energy is one of the fastest-growing renewable energies globally. Wind power is a clean energy source, and its usage is on the rise worldwide. The U.S. wind energy occupies approximately 38% of total renewable energy produced in 2019. According to the IRENA's data, wind energy generation is increased from 7.5GW in 1997 to 564GW by 2018. Some ongoing and under-construction wind projects in the U.S. include Traverse Wind Energy Center, Aviator Wind Project, Goodnight Wind Energy Project, Alle-Catt Wind Farm, and Vineyard Wind I among others. According to the Ministry of New and Renewable Energy (MNRE), India has the fourth-highest wind installed capacity in the world with a total installed capacity of 39.25 GW (as of 31st March 2021) and has generated around 60.149 billion Units during 2020-2021. According to the European Commission, the total installed wind energy capacity in Europe reached 210GW and is estimated to reach 350GW, supplying up to 24% of electricity demand

Wind Turbine Composite Materials Market Challenges

Recyclability Issue of Composites

Composite materials are preferred for wind applications because of their durability and superior strength. Proper waste disposal and recycling at the end of the useful life of composite materials are necessary. Many current and future waste management and environmental legislation are making strict regulations on engineering materials to be properly recovered and recycled. The complex material compositions and the cross-linked nature of thermoset resins are making it difficult for recyclability. However, the use of polymers that can be recycled when used with carbon and other niche fibers reduces the composite non-recyclable. This has become a major issue as the landfills are filling up at a faster pace along with the need for going green due to global warming. Biological attack on composite materials may consist of fungal growth or marine fouling

Wind Turbine Composite Materials Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Wind Turbine Composite Materials market. Major players include:

  • TPI Composites, Inc.
  • MFG Wind
  • LM Wind Power
  • Gamesa Corporation Technology
  • Vestas Wind Systems A/S
  • Suzlon Energy Limited
  • Siemens AG
  • AVIC Huiteng Windpower Equipment Co., Ltd.
  • AREVA and others.

Acquisitions/Technology Launches

In May 2021, Hexcel launched a range of HexPly® surface finishing prepregs and semi- prepregs for wind turbine blades and automotive and marine applications.

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1. Wind Turbine Composite Materials Market- Market Overview
    1.1 Definitions and Scope 
2. Wind Turbine Composite Materials Market - Executive Summary
    2.1 Key Trends by Fiber Type
    2.2 Key Trends by Resin Type
    2.3 Key Trends by Technology
    2.4 Key Trends by Application
    2.5 Key Trends by Geography
3. Wind Turbine Composite Materials Market – Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Wind Turbine Composite Materials Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Wind Turbine Composite Materials Market – Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Wind Turbine Composite Materials Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Wind Turbine Composite Materials Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies 
8. Wind Turbine Composite Materials Market – By Fiber Type (Market Size -$Million/Billion)
    8.1 Glass Fiber
    8.2 Carbon Fiber
    8.3 Aramid Fiber
    8.4 Basalt Fiber
9. Wind Turbine Composite Materials Market – By Resin Type (Market Size -$Million/Billion)
    9.1 Thermoplastic
        9.1.1 Polyethylene
        9.1.2 Polystyrene
        9.1.3 Polyamides
        9.1.4 Nylon
        9.1.5 Polypropylene
        9.1.6 Others
    9.2 Thermoset
        9.2.1 Epoxy
        9.2.2 Polyester
        9.2.3 Phenolic Polyamide
        9.2.4 Others
10. Wind Turbine Composite Materials Market – By Technology (Market Size -$Million/Billion)
    10.1 Injection Molding
    10.2 Compression Molding
    10.3 Pultrusion
    10.4 Filament Winding
    10.5 Layup
    10.6 Others
11. Wind Turbine Composite Materials Market – By Application (Market Size -$Million/Billion)
    11.1 Blades
    11.2 Wind turbine Hub 
    11.3 Rotor
    11.4 Tower
    11.5 Nacelle
    11.6 Cables
    11.7 Blade Pitch Controller
    11.8 Propellers
    11.9 Others
12. Wind Turbine Composite Materials Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 Italy
        12.2.4 France
        12.2.5 Netherlands
        12.2.6 Belgium
        12.2.7 Spain
        12.2.8 Denmark
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 South Korea
        12.3.4 India
        12.3.5 Australia and New Zeeland
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Wind Turbine Composite Materials Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Wind Turbine Composite Materials Market – Industry/Segment Competition Landscape Premium 
    14.1 Company Benchmarking – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15. Wind Turbine Composite Materials Market – Key Company List by Country Premium Premium 
16. Wind Turbine Composite Materials Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Wind Turbine Composite Market By Fiber Type Market 2019-2024 ($M)
1.1 Glass Fiber Market 2019-2024 ($M) - Global Industry Research
1.2 Carbon Fiber Market 2019-2024 ($M) - Global Industry Research
2.Global Wind Turbine Composite Market By Resin Type Market 2019-2024 ($M)
2.1 Epoxy Resin Market 2019-2024 ($M) - Global Industry Research
2.2 Polyester Resin Market 2019-2024 ($M) - Global Industry Research
2.3 Vinylester Resin Market 2019-2024 ($M) - Global Industry Research
3.Global Wind Turbine Composite Market By Manufacturing Process Market 2019-2024 ($M)
3.1 Vacuum Injection Molding Market 2019-2024 ($M) - Global Industry Research
3.2 Prepreg Market 2019-2024 ($M) - Global Industry Research
3.3 Hand Lay-Up Market 2019-2024 ($M) - Global Industry Research
4.Global Wind Turbine Composite Market By Fiber Type Market 2019-2024 (Volume/Units)
4.1 Glass Fiber Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Carbon Fiber Market 2019-2024 (Volume/Units) - Global Industry Research
5.Global Wind Turbine Composite Market By Resin Type Market 2019-2024 (Volume/Units)
5.1 Epoxy Resin Market 2019-2024 (Volume/Units) - Global Industry Research
5.2 Polyester Resin Market 2019-2024 (Volume/Units) - Global Industry Research
5.3 Vinylester Resin Market 2019-2024 (Volume/Units) - Global Industry Research
6.Global Wind Turbine Composite Market By Manufacturing Process Market 2019-2024 (Volume/Units)
6.1 Vacuum Injection Molding Market 2019-2024 (Volume/Units) - Global Industry Research
6.2 Prepreg Market 2019-2024 (Volume/Units) - Global Industry Research
6.3 Hand Lay-Up Market 2019-2024 (Volume/Units) - Global Industry Research
7.North America Wind Turbine Composite Market By Fiber Type Market 2019-2024 ($M)
7.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
7.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
8.North America Wind Turbine Composite Market By Resin Type Market 2019-2024 ($M)
8.1 Epoxy Resin Market 2019-2024 ($M) - Regional Industry Research
8.2 Polyester Resin Market 2019-2024 ($M) - Regional Industry Research
8.3 Vinylester Resin Market 2019-2024 ($M) - Regional Industry Research
9.North America Wind Turbine Composite Market By Manufacturing Process Market 2019-2024 ($M)
9.1 Vacuum Injection Molding Market 2019-2024 ($M) - Regional Industry Research
9.2 Prepreg Market 2019-2024 ($M) - Regional Industry Research
9.3 Hand Lay-Up Market 2019-2024 ($M) - Regional Industry Research
10.South America Wind Turbine Composite Market By Fiber Type Market 2019-2024 ($M)
10.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
10.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
11.South America Wind Turbine Composite Market By Resin Type Market 2019-2024 ($M)
11.1 Epoxy Resin Market 2019-2024 ($M) - Regional Industry Research
11.2 Polyester Resin Market 2019-2024 ($M) - Regional Industry Research
11.3 Vinylester Resin Market 2019-2024 ($M) - Regional Industry Research
12.South America Wind Turbine Composite Market By Manufacturing Process Market 2019-2024 ($M)
12.1 Vacuum Injection Molding Market 2019-2024 ($M) - Regional Industry Research
12.2 Prepreg Market 2019-2024 ($M) - Regional Industry Research
12.3 Hand Lay-Up Market 2019-2024 ($M) - Regional Industry Research
13.Europe Wind Turbine Composite Market By Fiber Type Market 2019-2024 ($M)
13.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
13.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
14.Europe Wind Turbine Composite Market By Resin Type Market 2019-2024 ($M)
14.1 Epoxy Resin Market 2019-2024 ($M) - Regional Industry Research
14.2 Polyester Resin Market 2019-2024 ($M) - Regional Industry Research
14.3 Vinylester Resin Market 2019-2024 ($M) - Regional Industry Research
15.Europe Wind Turbine Composite Market By Manufacturing Process Market 2019-2024 ($M)
15.1 Vacuum Injection Molding Market 2019-2024 ($M) - Regional Industry Research
15.2 Prepreg Market 2019-2024 ($M) - Regional Industry Research
15.3 Hand Lay-Up Market 2019-2024 ($M) - Regional Industry Research
16.APAC Wind Turbine Composite Market By Fiber Type Market 2019-2024 ($M)
16.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
16.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
17.APAC Wind Turbine Composite Market By Resin Type Market 2019-2024 ($M)
17.1 Epoxy Resin Market 2019-2024 ($M) - Regional Industry Research
17.2 Polyester Resin Market 2019-2024 ($M) - Regional Industry Research
17.3 Vinylester Resin Market 2019-2024 ($M) - Regional Industry Research
18.APAC Wind Turbine Composite Market By Manufacturing Process Market 2019-2024 ($M)
18.1 Vacuum Injection Molding Market 2019-2024 ($M) - Regional Industry Research
18.2 Prepreg Market 2019-2024 ($M) - Regional Industry Research
18.3 Hand Lay-Up Market 2019-2024 ($M) - Regional Industry Research
19.MENA Wind Turbine Composite Market By Fiber Type Market 2019-2024 ($M)
19.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
19.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
20.MENA Wind Turbine Composite Market By Resin Type Market 2019-2024 ($M)
20.1 Epoxy Resin Market 2019-2024 ($M) - Regional Industry Research
20.2 Polyester Resin Market 2019-2024 ($M) - Regional Industry Research
20.3 Vinylester Resin Market 2019-2024 ($M) - Regional Industry Research
21.MENA Wind Turbine Composite Market By Manufacturing Process Market 2019-2024 ($M)
21.1 Vacuum Injection Molding Market 2019-2024 ($M) - Regional Industry Research
21.2 Prepreg Market 2019-2024 ($M) - Regional Industry Research
21.3 Hand Lay-Up Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
2.Canada Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
3.Mexico Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
4.Brazil Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
5.Argentina Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
6.Peru Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
7.Colombia Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
8.Chile Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
9.Rest of South America Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
10.UK Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
11.Germany Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
12.France Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
13.Italy Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
14.Spain Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
15.Rest of Europe Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
16.China Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
17.India Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
18.Japan Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
19.South Korea Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
20.South Africa Wind Turbine Composites Material Market Revenue, 2019-2024 ($M)
21.North America Wind Turbine Composites Material By Application
22.South America Wind Turbine Composites Material By Application
23.Europe Wind Turbine Composites Material By Application
24.APAC Wind Turbine Composites Material By Application
25.MENA Wind Turbine Composites Material By Application
26.LM Wind Power, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Avic Huiteng Wind Power Equipment Company Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Vestas Wind Systems A/S, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Gamesa Corporation Technology, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Suzlon Energy Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.AREVA, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Siemens AG, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Mfg Wind, Sales /Revenue, 2015-2018 ($Mn/$Bn)