Wind Turbine Composites Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Fiber Type (Carbon Fiber Composites, Glass Fiber Composites, and Others), Resin Type (Polyester, Epoxy,

Wind Turbine Composites Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Fiber Type (Carbon Fiber Composites, Glass Fiber Composites, and Others), Resin Type (Polyester, Epoxy, Polyurethane, Vinyl Ester, and Others), Technology (Resin Infusion, Prepreg, Lay Up, and Others), and Application (Blades and Nacelles)

The global wind turbine composites market size was valued at US$ 7.77 billion in 2022 and is projected to reach US$ 17.74 billion by 2030; it is expected to grow at a CAGR of 10.9% from 2022 to 2030.

A wind turbine consists of several parts such as a hub, gearbox, blades, nacelle, and tower, among which wind turbine blades and nacelle are generally composed of composite materials, including glass and carbon fibers. However, these kinds of fibers are often associated with a certain set of limitations, which include their availability, nonbiodegradability, harmful impact on health, and the fabrication cost involved. The use of natural fibers can overcome all these challenges. The growing environmental issues have shifted the attention of researchers and technologists to the use of natural biodegradable materials, which has bolstered the use of natural fiber-reinforced polymer (NFRP) composites in wind turbine manufacturing.

Natural fibers are defined as those substances which are made from plants, animals, and minerals with the help of geological processes. Natural fibers obtained from kenaf, bagasse, banana, sisal, flax, hemp, jute, abaca, and bamboo are easily available and need low processing costs. They can be spun together into filaments, threads, or ropes and can be knitted, woven, or matted. The characteristic features of natural fibers might vary considerably according to their chemical composition and structure; fiber type; and fiber’s growing conditions, harvesting time, manufacturing method, treatment, and storage processes. Such reinforced composites form a class of materials that exhibit superior mechanical features as well as potentially replace the conventional material systems in wind turbines.

The NFRP composites possess certain advantages as compared to synthetic fiber-reinforced composites. These benefits include low density, minimal cost, nonabrasive features, biodegradability, and renewable nature. Hence, the rising concern and awareness about the social and environmental impacts of conventional materials are resulting in the shift toward environment-friendly materials by manufacturers of composites, which is expected to fuel the wind turbine composites market growth during the forecast period.

The global wind turbine composites market has been segmented based on resin type into polyester, epoxy, polyurethane, vinyl ester, and others. The epoxy segment held the largest share in the global wind turbine composites market in 2022. Polyester segment is expected to be another attractive segment during 2022 to 2030. Polyester resins are manufactured by the reaction between polyols such as glycol or ethylene glycol with dibasic acids such as phthalic acid or maleic acid. Fibers manufactured from polyesters form a stable and strong ion-molecule.

Based on region, the global wind turbine composites market has been segmented into the North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2022, Asia Pacific held the largest revenue share of the global wind turbine composites market. North America is expected to be another attractive region in the near future. Government initiatives for developing the wind energy sector and a rapid upsurge in installed wind capacity are key factors favoring the proliferation of the wind turbine composites market in North America. Wind power is the largest renewable energy source in the US, which generates nearly half of the total renewable energy.

Avient Corp, Toray Industries Inc, SGL Carbon SE, Owens Corning, Gurit Holding AG, Hexion Inc, Hexcel Corp, Exel Composites Oyj, EPSILON Composite SA, and Covestro AG are some of the major players operating in the global wind turbine composites market. Players operating in the global wind turbine composites market are adopting different strategies, such as investments in research and development activities and new product launches, to stand out as strong competitors in the market. Market players are highly focused towards the development of high quality and innovative product offerings to fulfil the customer’s requirements.

The size of overall global wind turbine composites market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global wind turbine composites market.