Need for Reliable and Versatile Product to Drive Global Wind Turbine Composite Market Ahead

Pune, India, August, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Global Wind Turbine Composite Market Research Report.

Overview:

Development in reliable and versatile composites, as a result of technological brilliance, witnessed by the wind turbine composite sector can trigger a spurring growth of the global wind turbine composite market during the forecast period (2023 - 2032), declares Market Research Future (MRFR) in an intense study. Renewable energy is fast becoming the trend of the time holding promises of a better future for the earth. Wind turbine energy, already a much-tested source, can provide just what is necessary. To make its impact even more penetrating across the world, wind turbine community is continuously seeking materials that boasts superior technology and lasts longer than the usual. As an eventual outcome, it is cutting operating costs significantly.

Drivers and Restraints:

Among the many mal-effects of the emission of greenhouse gases, one positive consequence has finally emerged. The hazardous emissions are eventually forcing the global leaders to review the condition and realize that it is incumbent on them to adopt renewable energy sources. Being economical and sustainable has helped wind energy score high in this sector. The offshore areas are becoming lucrative spatial alternatives for the establishment of windmills. And its effects are far-flung with countries trying for optimal capitalization of the source. This has boosted the trade opportunities.

Furthermore, these composites have technological advantages over the traditional components such as aluminum and steel. These composites can resist corrosion and execute plans well even in adverse weather conditions. Its impact on the efficacy of the turbines is substantial. Modifications in design have also increased these composites’ energy production ability.     

Industry Trends:

The market is continually experiencing new progress owing to various research and developments contributing markedly to the market’s growth. For instance, Saertex is planning to launch a glass-fiber reinforcement material that has a high tensile strength. The composite will assist in the production of wind-turbine rotor blades.

Hexion Inc. launched a tackifying spray system and an epoxy bonding paste and resin repair kit that can play a significant role in the production of rotor blades. In addition, its sticky-spray system PR687g can cut down in-plant air emissions considerably as it has no aerosols or solvents among its ingredients.  

Segmentation:

The global wind turbine composite market can be segmented by fiber type, resin, process, and application.

By fiber type, the 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 market 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 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 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. However, hydrocarbon reserves can bottleneck the increase in the forthcoming future.

The LATAM is experiencing an uptick in adoption of renewable energy. The scarcity of hydrocarbon is pushing industries towards ameliorating themselves with wind energy. Hence, the region is undergoing a shift, and the market for composites is gaining grounds.

Market Dashboard:

The global market is witnessing various collaborations that are not just a portfolio upgradation; they are also opening up avenues for groundbreaking researches. 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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