Global Wind Turbine Composite Materials Market to Grow More Than 12 Billion By 2023: Acumen Research and Consulting
Author: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Wind Turbine Composite Materials Market (Type: Glass Fiber, Carbon Fiber, Others; Application: Wind Blade, Nacelle, Tower, Base, Others; Manufacturing Process: Resin Infusion Technology, Prepreg, Hand Lay-up, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 – 2023”, forecasts that the global market for wind turbine composite materials is expected to grow at CAGR around 9.6% from 2017 to 2023 and reach the market value of around 12 billion by 2023.
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High cost of materials such as aluminum and steel is expected to adversely affect the growth of this market. The growing cost of carbon fiber is also probable to test the growth of market throughout the forecast period. The global market has great scope to expand, led by the widespread research and development activities being accepted by key market players to familiarize several composite materials coupled with advanced properties. The growing demand for composites that assist to enhance the stiffness and strength of operational parts of wind turbines such as nacelles and blades and others and are driving the growth of wind turbine composite material market.
Rising Demand for Wind Turbine Composite Materials
Increasing concern towards greenhouse emissions have led to the growing demand for sustainable and clean power sources. Wind energy is supreme for eco-friendly power generation. Lightweight composite materials assist to harness wind energy with great efficiency as a result of which rising demand for wind turbine composite materials is foreseen. The global wind industry is inclining towards larger turbines with bigger blades, as such larger blades are capable of creating higher amount of energy cost effectively. Composite materials offer higher stability and reliability and are of excessive importance in manufacturing of parts of wind turbine, principally in rotor blades.
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Rotor Blades – A Vital Component of Wind Turbine
Fibers such as glass fiber and carbon fiber are primarily used in the construction of wind turbines. The most generally used resins available in the market include vinyl ester, polyurethane, epoxy, polyester, and others. Wind turbine composite materials are used in production of rotor blade, towers, nacelle and hub. Rotor blades are the most vital constituent of wind turbine. Properties of rotor blades regulate the performance and lifetime of a turbine. Importantly, rotor blades are most expensive portion of wind turbines. The technology used in production for rotor blades has progressed considerably over the past few years. Emphasis has shifted to diminish cycle time, thus lowering cost and possibility of defects. New wind turbine composite materials are studied to produce cost-effective wind energy.
Shift in Interest towards Wind Energy From Other Renewable Sources
South American market for wind turbine composite materials is majorly driven by shifting interest towards wind energy from other renewable energy sources and growing demand for sustainable source of vitality. Furthermore, the unmapped wind energy market in the region and swift exhaustion of fossil fuels is estimated to generate copious opportunities for the investors to capitalize in the nascent South American market for wind turbine composite materials.
Some of the major companies profiled in the report include Teijin Limited, LM Wind Power, Cytec Solvay Group, Vestas Wind System A/S, Hexcel Corporation, Koninklijke Ten Cate NV, Toray Industries Inc, Gurit Holding AG, TPI Corporation and Molded Fiber Glass Companies among others.
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