Wind Turbine Composite Materials Market Size, Share, and COVID-19 Impact Analysis, By Resin Type (Polyester, Epoxy, Vinyl Ester, Polyurethane, Others), By Fiber Type (Glass Fiber, Carbon Fiber), By Application (Blade, Nacelle, Tower, Rotor, Others), and Regional Forecast, 2024-2032

Wind turbine composite materials are fiber and resin base structural components, known as matrix, particulates, stamps, and layers. Their specific characteristics, such as high strength and stiffness combined with their low weight and design flexibility, make the composites suitable for wind turbine structure production. The reason behind the adoption of this material is that each of the turbine’s components requires cost-effectiveness and durability. These composite materials provide advantages like lighter weight blades and a rich palette over traditional materials such as steel and aluminum. Wind turbine composite materials can be sensitive to several environmental factors, such as pH and acid. Hence, all these factors may be expected to create a space for the wind turbine composite material market.

Alternative renewable energy has always been the issue for clean and eco-friendly energy sources and power generation. The global heating and melting ice caps have increased due to fossil fuel consumption. Hence, it has increased the need for sustainable energy sources based on the sun, waves, and wind. This has led to the adoption of large wind turbines and surged the use of advanced composite materials like FRP. Furthermore, composite material molding technology enables the production of long wind turbine blades that increase efficiency. Additionally, the increase in consumer spending on a sustainable source of energy generation is anticipated to drive the wind turbine composite materials demand.

Composite materials are usually more expensive than traditional materials, such as steel and aluminum. Hence, the high production and raw material cost are anticipated to hinder the market. Composite material like carbon fiber reinforced polymer is more expensive than metals, and this influence the usage of the composite material in wind turbine applications.

Impact of COVID-19 on the Wind Turbine Composite Materials Market

The COVID-19 pandemic had a mixed impact on the global wind turbine composite materials market as a supply chain disruption was impacted in the early stage of the crisis. Different end-user industries were forced to a temporary closure, due to which demand was negligible for a while. On the other hand, the outbreak of COVID-19 has positively influenced the demand for wind turbine composite materials from shipbuilding as it is an effective source of transportation for essential goods and services. But in the current scenario, the impact of covid-19 is nearly negligible. Hence, end-use industries are operating at their total capacity. This has resulted in increased demand for wind turbine composite materials globally.

Key Insights

The report will cover the following key insights:

• Regulatory Scenario of Wind Turbine Composite Materials Market.


• Critical developments in Wind Turbine Composite Materials Market.


• Impact of COVID-19 on Wind Turbine Composite Materials Market.

Analysis by Resin Type

Depending on the types, the wind turbine composite materials market is segmented into polyester, epoxy, vinyl ester, polyurethane, and others. Among these resins, polyurethane is a recently innovated material. Polyurethane enables the production cycle to be shorter and less energy intensive. In addition, this material has enhanced mechanical properties, making it more suitable and cost-effective. All these mentioned factors of polyurethane increase its demand in different applications such as blade, nacelle, tower, and rotor.

Regional Analysis

The global wind turbine composite materials market can be segmented into North America, Europe, Asia Pacific, and the Rest of the world. North America is expected to hold significant market share owing to key players such as Hexcel Corporation, Huntsman Corporation, and Owens Corning. The European market is expected to grow moderately due to investment in a sustainable source of power generation. The market in Asia Pacific is expected to grow significantly owing to the growing trend in the fastest developing countries such as India and China. Moreover, Japan moderately adopted the trend. Rest of the World is expected to witness significant growth due to rising industrialization and expansion from potential investors.

Key Players Covered

The report will include the profiles of key players such as Exel Composites, Wind Power Engineering & Development, TPI Composites, Gurit Holding AG, Teijin Limited, Hexagon AB, Owens Corning, Huntsman Corporation, Hexcel Corporation, Covestro, and Others.

Segmentation

Key Industry Developments

• In June 2019, Covestro delivered its first-ever order of polyurethane resin for wind blades to China. The product was used in the production of 18 polyurethane wind blades of 59.5-meter length.