Wind Turbine Composites Market Analysis

Global Wind Turbine Composites Market Overview

Wind Turbine Composites Market Size was valued at USD 6.9 Billion in 2023. The wind turbine composites industry is projected to grow from USD 7.38 Billion in 2024 to USD 11.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.15% during the forecast period (2024 - 2032). Increasing demand for renewable energy sources and increasing emphasis on improving wind turbine efficiency and durability are the key market drivers enhancing the market growth.Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wind Turbine Composites Market Trends

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  Increasing government support for wind energy generation is propelling the market growth

  
  

Strict environmental restrictions and rising government backing for wind energy generation are the primary factors driving the wind turbine composites market CAGR. The increased use of fossil fuels has not only produced warming, but also rapid resource depletion, resulting in a transition away from traditional energy sources and toward green alternatives. Various governments throughout the world have launched different schemes and programs to support and develop wind energy production.

Furthermore, tight environmental rules all over the world raise the necessity for efficient utilization of renewable energy sources. Many organizations throughout the world are adopting tight rules and recommendations targeted at lowering greenhouse gas emissions, placing additional pressure on governments to shift toward clean and safe energy, such as wind power.

The lightweight nature of the composite material aids in more efficient wind energy capture. Because of their increased durability and stability, composites are increasingly being used in wind turbines. As a result, this aspect adds to the growth of markets for composite materials for wind turbines. The increasing usage of carbon fiber in wind turbine blades, as well as the growing demand for renewable energy sources, has propelled the market for wind turbine composites.

For instance, the Renewable Energy Sources Act 2011 in Germany mentions set feed-in tariffs (FiTs) for power utilities that generate renewable energy in the country; the law covers numerous aspects of wind energy.

Wind Turbine Composites Market Segment Insights

Wind Turbine Composites Fiber Type Insights

The wind turbine composites market segmentation, based on fiber type includes glass and carbon. The glass category accounted for more than 55% of the wind turbine composite materials market in 2022 and is expected to increase at a substantial rate during the forecast period. Glass fiber's many features, such as high strength, high durability, weather resistance, and lightweight, have increased its demand in a variety of end-use sectors. The ease of availability and low cost of glass fiber reinforced plastics are driving the demand for glass fiber composites in wind turbine manufacture.

Wind Turbine Composites Resin Insights

The wind turbine composites market segmentation, based on resin, includes ероху, polyester, vinyl ester, polyurethane. The epoxy segment is expected to grow at the fastest rate during the forecast period. Epoxy resins, commonly known as polyepoxides, are epoxide-containing reactive prepolymers and polymers. The majority of epoxy resins used in the energy sector are in wind turbines.

Wind Turbine Composites Process Insights

The wind turbine composites market is divided into three process segments: vacuum injection molding, prepeg, and hand lay-up. The hand lay-up category accounted for more than 33% of the wind turbine composite materials market in 2022 and is predicted to grow rapidly during the forecast period. Layup is the most often used process for creating composites. The method comprises using a resin and hardener matrix to arrange layers of composite fiber in a structured order. This method is extensively used in the production of wind turbine blades.

Wind Turbine Composites Application Insights

The wind turbine composites market is divided into blades and nacelles based on application. The blade category has the largest revenue share in 2022. The development of larger wind blades with higher power output leads to an increase in the use of composite materials for blades, which leads to an increase in the consumption of composite materials. However, the Nacelle category is expected to grow at the quickest CAGR throughout the projection period due to the rising use of composite materials in the construction of nacelles.

Figure1: Wind Turbine Composites Market, by Application, 2022&2032 (USD billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wind Turbine Composites Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific now dominates the market for wind turbine composite materials and is projected to do so in the next years. The region is a major hub for wind energy generation and has seen tremendous expansion in wind turbine construction in recent years.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: WIND TURBINE COMPOSITES MARKET SHARE BY REGION 2022 (%) 

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s wind turbine composites market accounts for the second-largest market share due to growing demand for renewable energy sources. Further, the German wind turbine composites market held the largest market share, and the UK wind turbine composites market was the fastest-growing market in the European region

The North America Wind Turbine Composites Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of the region's high electricity use and the installation of rigorous environmental rules by the governments of Canada and the United States. Moreover, China’s wind turbine composites market held the largest market share, and the Indian wind turbine composites market was the fastest-growing market in the North American region.

Wind Turbine Composites Key Market Players & Competitive Insights

Leading market players are extensively spending in research and development in order to increase their product lines, which will help the wind turbine composites market grow even more. Market participants are also engaging in a number of strategic initiatives to grow their worldwide presence, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Wind turbine composites industry must supply cost-effective things to flourish and thrive in a more competitive and developing market climate.

Manufacturing locally to reduce operational costs is one of the primary business strategies adopted by manufacturers in the wind turbine composites industry to serve clients and expand the market sector. In recent years, the wind turbine composites industry has provided some of the most significant benefits to medicine. Major Players in the wind turbine composites market, such as Gamesa Corporation Technology (US), TPI Composites (US), Suzion Energy Limited (India), AREA (France), Siemens AG (Germany), and others, are aiming to raise market demand by investing in research and development operations.

Covestro AG is a German manufacturer of polyurethane and polycarbonate-based basic materials. Isocyanates and polyols for cellular foams, thermoplastic polyurethane and polycarbonate pellets, and polyurethane-based additives for coatings and adhesives are among the products available. It is a Bayer spin-off that was established in the fall of 2015 and was previously known as Bayer MaterialScience, Bayer's materials science business. In October 2015, Covestro shares were listed on the Frankfurt Stock Exchange for the first time. In May 2018, Bayer sold its whole remaining interest. Bayer's pension fund had a 6.8% holding that was managed separately. In June 2019, Covestro has received its first order of polyurethane resin for wind turbine blades from China. The material was utilized to make 18 polyurethane wind blades measuring 59.5 meters in length.

Toray Industries, Inc. is a Japanese multinational firm that specializes in industrial goods based on organic synthetic chemistry, polymer chemistry, and biochemistry technologies. Fibers and textiles, as well as plastics and chemicals, were its founding business sectors. The company has also expanded into medicines, biotechnology and research and development, medical products, reverse osmosis large membranes, electronics, IT-products, housing and engineering, and sophisticated composite materials. The company is traded on the Tokyo Stock Exchange's first division and is a component of the TOPIX 100 and Nikkei 225 stock market indices. In March 2019, Toray Industries, Inc. purchased the subsidiary "TenCate Advanced Composites Holding B.V." of Koninklijke Ten Cate b. This acquisition would benefit from their expertise in the production of thermoplastics and thermoset prepreg. This acquisition contributes to the expansion of TORAY's technological and product capabilities in collaboration with TenCate.

Key Companies in the wind turbine composites market include

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  Suzlon Energy Limited

  
  


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  Hexcel Corporation

  
  


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  Owens Coming

  
  


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  Toray Industries

  
  


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  Huntsman Corporation

  
  


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  Teiiin Limited

  
  


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  TPI Composites inc

  
  


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  Vestas Wind Systems A/S

  
  

Wind Turbine Composites Industry Developments

In May 2021, Hexcel has introduced HexPly surface finishing prepregs and semi-prepregs for wind turbine blades, as well as automotive and marine applications.

In October 2019, Gurit acquired JSB Group a/S with the intention of expanding their wind energy offerings. The JSB group's expertise would be useful in offering material kits for wind turbine blades with manufacturing facilities in various parts of the world. The business operations of JSB will be reorganised as another business unit within Gurit, with no changes to the brand name.

In May 2022, DSM Composite Resins has just launched a new resin substance designed for wind turbine blades. The new resin was developed and tested in collaboration with industry participants.

Wind Turbine Composites Market Segmentation

Wind Turbine Composites Market by Fiber Type Outlook

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  Glass

  
  


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  Carbon

  
  

Wind Turbine Composites Market by Resin Outlook

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  Еpоху

  
  


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  Polyester

  
  


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  Vinyl Ester

  
  


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  Polyurethane

  
  

Wind Turbine Composites Market by Process Outlook

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  vacuum Injection Molding

  
  


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  Prepeg

  
  


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  Hand Lay-Up

  
  

Wind Turbine Composites Market by Application Outlook

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  Blades

  
  


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  Nacelles

  
  

Wind Turbine Composites Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America