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  • 30 July 2019 16:17

Wind Turbine Composite Materials Market Study

According to Acumen Research and Consulting, the global wind turbine composite materials market to reach more than 12 Billion By 2023.

Wind turbine composite material market propelling the growth driven by increasing wind power generation capacity, stringent environmental regulations pertaining to emissions from burning conventional fuel, increasing demand of larger blades and increased government support for wind power projects.

Wind turbine composite material forms an essential component of wind turbine for the manufacture of wind turbine rotor blade. Composite material is made up of fiber and matrix. The fiber provides physical strength and distributes loads in composite. The matrix material act binder. The matrix binds and maintains the spacing of the fiber material protecting the fiber from abrasion and environmental damage. The composite material manufactured from reinforcement of fiber and matrix is far superior from conventional metals such as steel and aluminum.

Wind Turbine Composite Material Market Potential

Global warming due to emission of green house gases has led to the increased investment in renewable energy sources. Many countries across the globe are heavily investing on wind farms with Europe leading the way. The wind farms of Europe overtook coal to become the second largest source for power generation capacity. Asian countries are diversifying their energy mix, nuclear being dangerous to harness, wind energy seems to be the only economical solutions. The wind energy being sustainable and economical has reached far flung offshore areas. The countries across the globe are investing heavily in wind farms opening up the opportunity for the sale of composite materials in manufacturing the wind turbines. Moreover, physical properties of composites as compared to the conventional materials such as steel and aluminum are far superior. These materials allow wind turbine to operate in facing adverse weather conditions as well as improve the efficiency of the wind turbine. The technological advancement and design modification in wind turbine blade have increased the demand of larger blades, capable of producing higher amount of energy. These factors foretell the potential of wind turbine composite material market to grow at a significant rate during the forecast period.

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Some of the major manufacturers 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.

In North America, wind turbine composite materials market is anticipated to grow at a noteworthy rate throughout the forecast period.

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