Wind Turbine Composites Market to be driven by the growing demand from End-Use Industries during the forecast period, 2023 - 2032

Pune, India, December 16, 2017, /MRFR Press Release/- Market Research Future Published a Half-Cooked Research Report on Global Wind Turbine Composites Market

Wind Turbine Composites are used for manufacturing blades, and other parts of the component to offer significant properties such as excellent flexibility, strength, and durable nature to the finished material. Moreover, they also provide versatility and reliability to the product.

The Global Wind Turbine Composites Market has been driven by the range of its application in various sectors such as blades, nacelles, hub, tower, and others. Moreover, it is estimated that the blades segment is set to witness the highest growth in the market due to the growing consumption of composite materials in the wind energy sector over the forecast period.

Market Scenario

The Glass Fiber segment is the most widely used type in the market due to its growing consumption in heavy end-use industries such wind energy and automotive sectors. Moreover, it is estimated that this segment is set to grow at a rapid rate in the market due to strength and durable nature offered by the product.

The Epoxy Resin is the leading segment in the market on account of its growing consumption in turbine blades, rotors, and others. These materials provide unique mechanical strength, and flexibility to the product.

The vacuum injection molding is the leading process segment in the market and is anticipated to observe a higher CAGR due to an increased demand for low density and cost effective materials in various applications.

The blades is the leading application segment in the market and is anticipated to observe a higher CAGR due to extensive use of composites to impart long life and minimal maintenance to the product.

Market Segmentation:

The Global Wind Turbine Composites Market is segregated into the fiber type, resin, process and application. On the basis of the type, the market is further categorized into glass, carbon and other segments. On the basis of resin, the market is segmented into epoxy, polyester, vinyl ester, polyurethane, and other segments. On the basis of process, the market is classified into vacuum injection molding, prepeg, and hand lay-up segments. On the basis of application, the market is segregated into blades, nacelles, hub, tower, and others.

Competitive Analysis:

Some of the major players functioning in the Global Wind Turbine Composites Market are LM Wind Power (Denmark), AVIC Huiteng Windpower Equipment Co Ltd ( China), Vestas (Denmark), Gamesa Corporation Technology (U.S.), TPI Composites (U.S.), Suzlon Energy Limited (India),  AREVA (France), Siemens AG (Germany), Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd (China), and Molded Fiber Glass Companies (U.S.) among others.

Regional Analysis

The Global Wind Turbine Composites Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major portion of the global market and is anticipated to continue its dominance due to rising demand for composites in various applications. Countries such as China, Japan and India are the major players in this region. The North America region is estimated to witness a higher growth in the U.S., Canada and Mexico owing to increasing demand for lightweight materials in gearbox, electrical generators, and others. The enactment of new rules and regulations set by the European Union has driven the manufacturers to use efficient and high performance resins in the end-use industries. Moreover, it is projected that the advancing research & development of cost effective resins such as epoxy and polyurethane in the market has propelled this region to witness a significant growth in Germany, the U.K and Italy.

The Middle East & Africa is estimated to observe a significant growth due to increasing consumption of epoxy resins in wind and automotive sectors. Additionally, the growing demand for renewable sources is projected to boost the market in the Latin American region.

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