Wind Turbine Composite Materials Market Analysis by Players, Size and Competitive Analysis
The global wind turbine composite materials market was valued around $4.0 billion and is likely to grow at a CAGR of 7.8% during 2016 – 2022. Increased government support for wind power projects, and stringent environmental regulations, and several benefits of composite materials over conventional materials have been driving the growth of the global wind turbine composite materials market.
The fiber composite materials for wind turbine segment held the largest share in the global market in 2015. Among the different types of fiber composites, the glass fiber held the largest share in 2015, and it is also expected to retain its dominance during 2016 – 2022.
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Geographically, Asia-Pacific was the largest market for wind turbine composite materials in terms of volume. The cumulative wind power capacity in Asia-Pacific was 100.8 GW in 2012, which increased to 146.4 GW in 2014. The increase in wind power capacity illustrates increase in demand for wind turbine composite materials in the region.
The total wind power capacity installed in China was 75.3 GW in 2012, which increased to 114.6 GW in 2014. The wind turbine composite materials market witnessed the highest growth in Middle East and Africa during 2012 – 2015, owing to the significant increase in the wind power capacity in the region.
This helps these countries to utilize their money for the economic growth and national security. Therefore, a high growth in the wind energy industry is expected to support the growth in demand for wind turbine composite materials during the forecast period.
Key companies in the wind turbine composite materials market are collaborating to offer better services in the global market. In April 2016, Gurit and Barracuda Advanced Composites teamed up to serve the Brazilian market with wind blade mould technology and services.
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Some of the other players operating in the global market are Cytec Solvay Group, Toray Industries Inc., Koninklijke Ten Cate NV., Hexcel Corporation, Teijin Limited, TPI Composites Inc., and Molded Fiber Glass Companies.
GLOBAL WIND TURBINE COMPOSITE MATERIALS MARKET
- Glass Fiber
- Carbon Fiber
- Vinyl Ester
- Wind Blade
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa