Global Wind Turbine Composite Material Market Overview
As per MRFR analysis, the Wind Turbine Composite Material Market Size was estimated at 18.66 (USD Billion) in 2022. The Wind Turbine Composite Material Market Industry is expected to grow from 19.6(USD Billion) in 2023 to 30.5 (USD Billion) by 2032. The Wind Turbine Composite Material Market CAGR (growth rate) is expected to be around 5.04% during the forecast period (2024 - 2032).
Key Wind Turbine Composite Material Market Trends Highlighted
The wind turbine composite material market is driven by the increasing demand for renewable energy, government incentives for wind power generation, and technological advancements in composite materials. The use of composites in wind turbine blades reduces weight, improves durability, and enhances energy efficiency. The market is also influenced by the growing adoption of offshore wind farms and the need for lightweight and corrosion-resistant materials for marine applications. Recent trends include the development of bio-based composites, recyclable materials, and advanced manufacturing technologies. Opportunities lie in exploring innovative materials, optimizing supply chains, and expanding applications in emerging markets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Wind Turbine Composite Material Market Drivers
Increasing Demand for Renewable Energy
The rising global demand for renewable energy sources is a key driver of growth in the Wind Turbine Composite Material Market Industry. Governments worldwide are implementing policies and incentives to promote the adoption of renewable energy technologies, such as wind energy, to reduce carbon emissions and mitigate the effects of climate change. This increasing demand for wind energy is fueling the growth of the wind turbine industry, which in turn is driving demand for composite materials used in wind turbine blades, nacelles and other components.
Technological Advancements in Composite Materials
Advancements in composite material technology are also contributing to the growth of the Wind Turbine Composite Material Market Industry. Composite materials offer several advantages over traditional materials, such as high strength-to-weight ratio, corrosion resistance and durability. These advantages make composite materials ideal for use in wind turbine components, which are subject to harsh environmental conditions and require lightweight and durable materials.Ongoing research and development efforts are leading to the development of new composite materials with improved properties, which is further driving market growth.
Rising Investment in Wind Energy Projects
Increased investment in wind energy projects is another key factor driving the growth of the Wind Turbine Composite Material Market Industry. Governments and private investors are allocating significant funds to develop new wind farms and expand existing ones. This investment is creating a strong demand for wind turbines and their components, including composite materials. The growing number of wind energy projects worldwide is expected to continue to drive demand for composite materials, contributing to the overall growth of the market.
Wind Turbine Composite Material Market Segment Insights
Wind Turbine Composite Material Market Resin Type Insights
The Wind Turbine Composite Material Market is segmented by resin type into epoxy resin, vinyl ester resin, polyester resin, polyurethane resin and phenolic resin. Among these, epoxy resin is expected to hold the largest market share in 2023, accounting for over 40% of the global revenue. This is due to its high strength, stiffness and resistance to chemicals and weathering. Vinyl ester resin is another popular choice for wind turbine composite materials, as it offers good strength and toughness, along with resistance to corrosion and fatigue.Polyester resin is a more cost-effective option, but it has lower strength and stiffness than epoxy and vinyl ester resins. Polyurethane resin is often used in wind turbine blades due to its flexibility and resistance to impact. Phenolic resin is a thermosetting resin that is used in wind turbine components such as nacelles and hubs. The market for wind turbine composite materials is expected to grow significantly in the coming years, driven by the increasing demand for renewable energy sources. This growth is being driven by the increasing demand for renewable energy sources, as well as the growing popularity of wind turbines as a cost-effective and environmentally friendly source of power.The growth of the wind turbine composite material market is also being driven by the increasing demand for lightweight and durable materials. Composite materials are lighter than traditional materials such as steel and aluminum, which makes them ideal for use in wind turbine blades. Composite materials are also more durable than traditional materials, which helps to extend the lifespan of wind turbines. The increasing demand for wind turbine composite materials is also being driven by the growing popularity of offshore wind farms. Offshore wind farms are located in areas with high wind speeds, which makes them more efficient than onshore wind farms.Composite materials are ideal for use in offshore wind farms, as they are resistant to corrosion and fatigue.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Wind Turbine Composite Material Market Fiber Type Insights
The Wind Turbine Composite Material Market is segmented by fiber type into glass fiber, carbon fiber, aramid fiber, basalt fiber and natural fiber. Glass fiber held the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period. The growing demand for lightweight and durable wind turbine blades is driving the growth of the glass fiber segment. Carbon fiber is another important fiber type used in wind turbine composite materials. It offers a high strength and stiffness-to-weight ratio, making it suitable for use in high-performance wind turbine blades.The demand for carbon fiber is expected to grow significantly in the coming years as the wind industry moves towards larger and more efficient turbines. Aramid fiber is a synthetic fiber that is known for its high strength and toughness. It is used in wind turbine composite materials to improve the impact resistance and durability of the blades. Basalt fiber is a natural fiber that is derived from volcanic rock. It offers high strength and stiffness, as well as good thermal and chemical resistance. The demand for basalt fiber is expected to grow in the coming years as the wind industry seeks more sustainable materials.Natural fiber is a renewable resource that is derived from plants. It offers good strength and stiffness, as well as low cost. The demand for natural fiber is expected to grow in the coming years as the wind industry seeks more sustainable materials.
Wind Turbine Composite Material Market Application Insights
The Wind Turbine Composite Material Market is segmented into Blades, Nacelles, Towers and Other Applications. Among these, the Blades segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth of this segment is attributed to the increasing demand for lightweight and durable wind turbine blades, which can withstand harsh weather conditions and improve overall turbine efficiency. The Nacelles segment is projected to witness significant growth over the coming years due to the rising adoption of direct-drive wind turbines, which require larger and more advanced nacelles.Towers, which provide structural support to wind turbines, are also expected to experience steady growth in the coming years. Other Applications, including fairings, cowlings and access platforms, are also expected to contribute to the overall market growth.
Wind Turbine Composite Material Market Wind Turbine Size Insights
The Wind Turbine Composite Material Market is segmented by wind turbine size into small (less than 50 kW), medium (50 kW to 1 MW), large (1 MW to 5 MW) and very large (over 5 MW). The large segment is expected to hold the largest market share in 2023 and is projected to continue to dominate the market throughout the forecast period. This is due to the increasing demand for larger wind turbines, which are more efficient and can generate more power. The very large segment is expected to witness the fastest growth during the forecast period as more and more countries are investing in offshore wind farms.
Wind Turbine Composite Material Market End-User Insights
The Wind Turbine Composite Material Market is segmented based on End-User into Wind Power Project Developers, Wind Turbine Manufacturers and Providers. Among these segments, Wind Turbine Manufacturers held the largest share of the market in 2023 and are expected to continue their dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for wind turbines as a result of the rising adoption of renewable energy sources. Wind Power Project Developers are expected to witness steady growth during the forecast period due to the increasing number of wind power projects being developed globally.O Providers are also expected to experience growth as the demand for maintenance and repair services for wind turbines increases. The Wind Turbine Composite Material Market is expected to reach a valuation of 21.5 billion USD by 2024, growing at a CAGR of 4.8%.
Wind Turbine Composite Material Market Regional Insights
The Wind Turbine Composite Material Market is segmented into North America, Europe, APAC, South America and MEA. North America is expected to hold the largest market share in 2023, owing to the increasing demand for wind energy and the presence of major wind turbine manufacturers in the region. Europe is expected to be the second-largest market, driven by the growing adoption of wind energy and supportive government policies. APAC is expected to witness the highest growth rate during the forecast period due to the increasing demand for wind energy in emerging economies such as China and India.South America and MEA are expected to account for a smaller share of the global market, but they are expected to experience steady growth over the forecast period. The growth in these regions is attributed to the increasing investment in wind energy projects and supportive government policies.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Wind Turbine Composite Material Market Key Players And Competitive Insights
Major players in Wind Turbine Composite Material Market industry are constantly striving to gain competitive advantage by adopting various strategies such as product innovation, mergers and acquisitions and partnerships. Leading Wind Turbine Composite Material Market players are focusing on developing lightweight and durable composite materials to meet the growing demand for efficient and cost-effective wind turbine blades. The Wind Turbine Composite Material Market is expected to witness significant growth in the coming years, driven by increasing wind energy installations and technological advancements.One of the leading players in the Wind Turbine Composite Material Market is Vestas Wind Systems A/S. The company is headquartered in Denmark and has a global presence. Vestas offers a wide range of wind turbine composite materials, including carbon fiber, glass fiber, and hybrid composites. The company is committed to innovation and has invested heavily in research and development. Vestas is also focused on sustainability and has set ambitious goals for reducing its environmental impact.A prominent competitor in the Wind Turbine Composite Material Market is Siemens Gamesa Renewable Energy S.A. The company is headquartered in Spain and has a global presence. Siemens Gamesa offers a wide range of wind turbine composite materials, including carbon fiber, glass fiber and hybrid composites. The company is focused on developing innovative and cost-effective composite materials. Siemens Gamesa is also committed to sustainability and has set ambitious goals for reducing its environmental impact.
Key Companies in the Wind Turbine Composite Material Market Include
- 3M Company
- DSM Composite Resins Intermediates
- Hexcel Corporation
- Gurit Holding AG
- Cytec Industries Incorporated
- Lanxess
- Solvay S.A.
- Evonik Industries AG
- Owens Corning
- Formosa Plastics Corporation
- SGL Carbon
- Teijin Limited
- Mitsubishi Chemical Group
- Toray Industries
Wind Turbine Composite Material Market Industry Developments
The Wind Turbine Composite Material Market is poised to expand significantly over the forecast period, driven by increasing demand for renewable energy sources and government initiatives promoting green energy adoption. In 2023, the market was valued at approximately USD 19.6 billion, and it is projected to reach USD 30.5 billion by 2032, exhibiting a CAGR of 5.04%.Recent developments include investments in RD to develop lightweight and durable composite materials, such as the partnership between GE Renewable Energy and Arkema to develop advanced epoxy resins for wind turbine blades. Moreover, collaborations between wind turbine manufacturers and composite suppliers are on the rise, as seen in the joint venture between Vestas and Hexcel to establish a composite blade manufacturing facility in India.
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Wind Turbine Composite Material Market Segmentation Insights
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Wind Turbine Composite Material Market Resin Type Outlook
- Epoxy Resin
- Vinyl Ester Resin
- Polyester Resin
- Polyurethane Resin
- Phenolic Resin
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Wind Turbine Composite Material Market Fiber Type Outlook
- Glass Fiber
- Carbon Fiber
- Aramid Fiber
- Basalt Fiber
- Natural Fiber
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Wind Turbine Composite Material Market Application Outlook
- Blades
- Nacelles
- Towers
- Other Applications
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Wind Turbine Composite Material Market Wind Turbine Size Outlook
- Small (less than 50 kW)
- Medium (50 kW to 1 MW)
- Large (1 MW to 5 MW)
- Very Large (over 5 MW)
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Wind Turbine Composite Material Market End-User Outlook
- Wind Power Project Developers
- Wind Turbine Manufacturers
- OM Providers
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Wind Turbine Composite Material Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
18.66(USD Billion) |
| Market Size 2023 |
19.6(USD Billion) |
| Market Size 2032 |
30.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.04% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
3M Company, DSM Composite Resins Intermediates, Hexcel Corporation, Gurit Holding AG, Cytec Industries Incorporated, Lanxess, Solvay S.A., Evonik Industries AG, Owens Corning, Formosa Plastics Corporation, SGL Carbon, Teijin Limited, Mitsubishi Chemical Group, Toray Industries |
| Segments Covered |
Resin Type, Fiber Type, Application, Wind Turbine Size, End-User, Regional |
| Key Market Opportunities |
1. Increasing offshore wind energy capacity 2. Growing demand for lightweight and durable blades 3. Rise of the Asian wind energy market 4. Development of new composite materials technologies 5. Expansion of wind turbine blade manufacturing facilities |
| Key Market Dynamics |
1. Technological advancement 2. surge in demand for renewable energy 3. government incentives and 4. rising offshore wind capacity |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The growing demand for renewable energy sources and the need to reduce carbon emissions are driving the growth of the wind turbine composite material market.
The Wind Turbine Composite Material Market is expected to reach USD 30.5 billion by 2032, growing at a CAGR of 5.04% from 2024 to 2032.
The Asia Pacific region was expected to hold the largest share of the Wind Turbine Composite Material Market in 2032, accounting for over 40% of the market share.
Key competitors in the Wind Turbine Composite Material Market include Owens Corning, Hexcel, Toray Industries and SGL Carbon.
Major applications of wind turbine composite materials include blades, nacelles, and towers.
Key challenges facing the Wind Turbine Composite Material Market include the high cost of raw materials and the need for specialized manufacturing processes.
The Wind Turbine Composite Material Market is expected to grow at a CAGR of 5.04% from 2024 to 2032.
Growing demand for renewable energy, government incentives, and technological advancements are expected to drive the growth of the Wind Turbine Composite Material Market.
Major trends in the Wind Turbine Composite Material Market include the increasing use of carbon fiber and the development of new manufacturing technologies.
Key opportunities in the Wind Turbine Composite Material Market include the growing demand for offshore wind turbines and the development of new markets in emerging economies.
