Wind Turbine Composites Market Overview to 2023
Wind Turbine Composites are utilized in the production of the equipment parts and blades that offer resilience and exceptional tensile strength to the product. Moreover, low maintenance, long product life and corrosion resistance are the important trends and factors influencing the market confidently. Therefore, they are used in various sectors such as blades, nacelles, hub, tower, and others.
Global Top 10 Key Players:
Some of the prominent players operating 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.
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- Wind Turbine Composites Market Manufacturers
- Traders and Distributors of Wind Turbine Composites Market
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory.
The Wind Turbine Composites Market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market due to the growing adoption of lightweight materials in wind turbine installation systems. The glass fiber segment holds the major portion and is anticipated to continue its dominance in the market due to increasing adoption of lightweight materials in the industry. Therefore, countries such as China, Japan and India are the major players in this market.
The North America region is growing significantly due to the increased consumption of low density materials in generator, housing for the gearbox, and others. It is predicted that growing investments in the end-use industries is likely to drive the market in the region during the forecast period. The growing consumption of composites in major industries has propelled countries such as the U.S, Canada and Mexico to achieve a stunning growth in the market as they provide excellent flexibility, stability and low maintenance to the product.
European market has also observed a remarkable growth due to implementation of new rules and regulations proposed by the government to follow renewable energy sources in the industry. The market has been driven by the application of this rule in nacelle, tower and base segments. It is estimated that the growing innovation and technological advancement are predicted to propel the growth in countries such as the U.K, Italy, Germany, and France during the forecast period.
The Latin American region is estimated to witness a recognized development in the market due to the growing consumption of low density materials and rising awareness of renewable sources in the industry. Moreover, the Middle East & Africa is anticipated to witness a higher growth in the market due to commencement of several wind power projects in the future.
The Global Wind Turbine Composites Market is segmented into the fiber type, resin process and application. On the basis of the fiber type, the market is further categorized into glass, and carbon segments. Among these, the glass fiber segment holds a majority of the market share due to extraordinary features offered by the product such as cost effective nature and ease of application. Epoxy, polyester, vinyl ester, polyurethane, and other segments are classified on the basis of resin segment. Among these, the epoxy resin segment is set to drive the market on account of its growing consumption in wind turbine blades. The market by process is further categorized into vacuum injection molding, prepeg, and hand lay-up segments. Among these, the vacuum injection segment accounts for major share of the market owing to its ability to add anti-toxic nature to the product. Moreover, the growing demand of flexible materials in blades, tower and others is set to drive the wind power segment as they provide unique mechanical strength and flexible nature to the product. Therefore, the enhanced physical properties, durability and reliable nature are the major reasons behind the consumption of composites in most of the heavy end-use industries. Blades, nacelles, hub, tower, and others are classified on the basis of application segment.
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As per our Analysis, the Global Wind Turbine Composites Market is bifurcated into the fiber type, resin, process and application. The market by fiber type is further divided into glass, carbon and other segments. Among these, the glass segment holds a major portion of the market on account of its growing use in home furnishing fabrics, clothing, garments, and others. This segment provides exceptionally chemical resistance, good strength and stiffness to the final product. Epoxy, polyester, vinyl ester, polyurethane, and other segments are segregated on the basis of resin. Among these, the epoxy resin segment holds a majority of the market on account of its growing use in paints & coatings, construction sectors. It is estimated that the polyurethane resin segment is set to grow at a higher rate on account of its growing use in transportation sector as it offers unique short cycle time, toughness and flexibility to the product.
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