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Wind Turbine Composites Material Market

Wind Turbine Composites Material Market is expected to grow by USD 9.33 Billion in 2018 and is expected to grow by USD 14.54 Billion by 2023 at the CAGR of about 9.28%.
Wind Turbine Composites Material Market projected to register a CAGR of
Market Overview:
The market value of the wind turbine composite materials is expected to increase from US$
9.33 billion in 2018 to US$ 14.54 billion in 2023 at an annual rate of approximately 9.28%.
Increased demand for carbon fiber wind turbine blades tends to increase the market as
companies increase the size of blades each year. Fiberglass composite is the most critical
material and the most used composite for wind turbines. The cost of the material is relatively
cheaper and less fragile than carbon fibers.
Market Drivers and Restraints:
The growing demand for carbon fibers in wind turbine blades and the increased demand for
renewable energy are driving the growth of this market. The increasing demand for lightweight
and high strength material is leading to the market for multiple wind turbines. Increasing
demand due to the favorable economic and environmental factor leads to the exchange of
wind turbines. Properties such as excellent durability, chemical resistance and good rigidity and
ease of availability and profitability drive demand for glass fiber compounds. Government
support initiatives such as favorable policies, wind energy development programs, government
regulations related to renewable energy. The high cost of raw materials, such as carbon fibers
and epoxy resin, and the problem of recyclability of compounds hinder market development.
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Report segmented as
By Fiber Type:
Glass Fiber,
Carbon Fiber
By Resin:
Vinyl Ester
By Application:
By Manufacturing Process:
Vaccum Injection Molding,
Hand Lay-Up
Geographical Analysis:
Geologically, the wind turbine composite material market has been segmented into North
America, South America, Europe, the Middle East, and Africa and Asia-Pacific. Of these, the
Asia-Pacific wind turbine composite market is increasing at a high rate both in relations of value
and volume.
Important Market Players:
Hexcel Corporation, Huntsman Corporation, Toray Industries, Teijin Limited and Owens
Corning, TPI Composites Inc., Sulzon Energy Limited and Vestas Wind Systems A/S are a few key
competitors for the marketplace. Hexcel Corporation is the composite company. The company
develops, manufactures and markets lightweight building materials, including carbon fiber,
special reinforcement, pre-silicate and other fiber reinforced matrix materials, honeycombs,
adhesives, and mechanical structures, for use in commercial aerospace and defense industries.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation
of the market. It helps us understand the market better through size anticipation and CAGR
calculation to estimate the next market. It has a broader segmentation for better
understanding of the enterprising of the market at a low level by segregating the market into
smaller sectors.
About Us:
Market Data Forecast is a firm working in the areas of market research, business intelligence
and consulting. We have rich experience in research and consulting for various business
domains to cater to the needs of both individual and corporate clients.
For more information:
Abhishek Shukla
Sales Manager at Market Data Forecast
Email: [email protected]
Tel: +1-888-702-9626
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