The Wind Turbine Composites Material Market was valued at USD 7.15 Billion in 2015, and is projected to reach USD 12.17 Billion by 2021, at a CAGR of 9.28% between 2016 and 2021. Wind turbine composites are utilized in the manufacturing of wind turbine parts such as blades and nacelles, among others. The use of composites helps in the development of lightweight components with superior properties, in addition to other benefits such as low maintenance and long product life.
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Wind turbine composites comprise two major raw materials such as fibers and resins. Established raw material suppliers include Hexcel Corporation (U.S.), Huntsman Corporation (U.S.), Toray Industries (Japan), Teijin Limited (Japan), and Owens Corning (U.S.), among others. Key players in the wind turbine composite market include TPI Composites, Inc. (U.S.), Suzlon Energy Limited (India), and Vestas Wind Systems A/S (Denmark), among others.
This study focuses on the top investment pockets, which would help stakeholders understand and analyze the emerging trends in the wind turbine composite market. These stakeholders include:
TPI Composites, Inc. (U.S.)
MFG Wind (U.S.)
LM Wind Power (Denmark)
Gamesa Corporation Technology (Spain)
AVIC Huiteng Windpower Equipment Co., Ltd. (China)
Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd. (China)
Vestas Wind Systems A/S (Denmark)
Suzlon Energy Limited (India)
Siemens AG (Germany)
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The wind turbine composite market has been segmented on the basis of resin type, fiber type, manufacturing process, application, and region. Among all applications, the blades segment accounted for the largest share of the wind turbine composite market in 2016, in terms of value and volume. The use of composites in wind turbine blades provides long shelf life, less maintenance, resistance to corrosion, and high strength-to-weight ratio.
Based on fiber type, the glass fiber segment accounted for the largest share of the wind turbine composite market in 2016, both in terms of value and volume. Good strength, chemical resistance, and good stiffness offered by glass fibers and their easy availability and cost effectiveness are key factors propelling the demand for glass fiber composites.
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