A
new research report by Transparency Market Research offers a
comprehensive evaluation of the global Wind
Turbine Composite Materials Market.
The study, titled “Wind
Turbine Composite Materials Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2016 - 2023”,
is available for sale on the firm’s website.
Global
Wind Turbine Composite Materials Market
Growing
concerns about greenhouse emissions have led to the increasing demand
for clean and sustainable power sources. Wind energy is ideal for
environment-friendly power generation. Lightweight composite
materials help to harness wind energy with high efficiency. As a
result, the demand for wind turbine composite materials is rising.
The global wind industry is shifting toward larger turbines with
longer blades, as larger blades are capable of producing higher
amount of energy at low costs. Composite materials offer higher
reliability and stability. Hence, these are of great importance in
the manufacturing of parts of wind turbine, especially rotor blades.
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Fibers
such as carbon fiber and glass fiber are majorly used in the global
wind turbine composite materials market. Glass fibers are high in
demand in turbine manufacturing. The most commonly used resins
available in the market are polyester, epoxy, vinyl ester,
polyurethane, and others. Wind turbine composite materials are used
to manufacture hub, nacelle, rotor blade, and towers. Rotor blades
are the most important component of a wind turbine. Properties of
rotor blades determine the lifetime and performance of a turbine. In
fact, rotor blades are the most expensive part of a wind turbine.
Rotor blades constitutes the largest application segment of the
global wind turbine composite materials market. The technology to
manufacture rotor blades has evolved significantly in the last 20
years. Focus has been shifted to reduce cycle time, thereby lowering
cost and probability of defects. New wind turbine composite materials
are being studied to generate cost-effective wind energy.
Global
Wind Turbine Composite Materials Market: Overview
Increased
demand from the wind energy sector has propelled the growth of the
global wind turbine composite materials market. Various environmental
regulations and government initiatives to boost the usage of wind
energy are expected to further augment the growth of the market.
Composite materials perform better than conventional materials such
as steel and aluminum, as they possess properties such as high
strength-to-weight ratio, corrosion resistance, long lifecycle, and
lower maintenance. All these factors are likely to propel the demand
for wind turbine composite materials.
High
cost of these materials is estimated to negatively affect the
market’s growth. The rising cost of carbon fiber is also likely to
challenge the growth of the market during the forecast period. The
overall market has high scope to expand, led by the extensive
research and development activities being carried out by market
players to introduce various composite materials with advanced
properties.
Global
Wind Turbine Composite Materials Market: Region-wise Outlook
The
global wind turbine composite materials market has been segmented
into four key regions: Europe, North America, Asia Pacific, and Rest
of the World. The rising awareness about alternative sources of
energy, new product launches, and growth of installed wind power size
in India and China have augmented the wind turbine composite
materials market in Asia Pacific. In fact, the region is anticipated
to drive the demand for wind turbine composite materials during the
period between 2016 and 2024. North America and Europe are projected
to follow the Asia Pacific market. The wind turbine composite
materials market in Rest of the World is small; however, it is
expected to generate significant demand in the near future.
Key
players in the global wind turbine composite materials market include
Toray Industries, Teijin Limited, Cytec Industries, Gurit Holding AG,
Royal Tencate NV, and TPI Composites. The key players are focusing on
emerging economies, where rapid industrialization has led to
increased demand for alternative sources of energy.
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The
report offers a comprehensive evaluation of the market. It does so
via in-depth qualitative insights, historical data, and verifiable
projections about market size. The projections featured in the report
have been derived using proven research methodologies and
assumptions. By doing so, the research report serves as a repository
of analysis and information for every facet of the market, including
but not limited to: Regional markets, technology, types, and
applications.
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