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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Wind Turbine Composite Material Market Outlook

The global wind turbine composite material market size reached approximately USD 12.28 billion in 2023. The market is further projected to grow at a CAGR of 7.8% between 2024 and 2032, reaching a value of USD 24.41 billion by 2032.

Key Trends in the Market

Wind turbine composites refer to composites that are used for reinforcing materials in various wind applications. The utilisation of these composites offers various advantages including low maintenance costs, long shelf life, and resistance against corrosion, among others. The different types of wind turbine composite fibres include glass fibre and carbon fibre.

  • The rising adoption of wind energy due to increasing environmental concerns is bolstering the wind turbine composite material market growth. The low operation costs and provision of clean energy is propelling the popularity of wind power.
  • The increasing research and development activities by various key players of the market and research institutions to enhance the properties of wind turbine composites and reduce the costs of manufacturing is aiding the market expansion.
  • The increasing awareness about the various advantages associated with the utilisation of wind turbine composites is providing lucrative growth opportunities to the market. The composites assist in increasing the stiffness and strength of the structural components of the wind turbine while also providing high strength to wind ratio and corrosion resistance, among others.

Global Wind Turbine Composite Material Market Analysis

On the basis of resin type, the market is divided into polyester, epoxy, and vinyl ester, among others. Based on fibre type, the market is bifurcated into carbon fibre and glass fibre. On the basis of technology, the market is segregated into prepreg, vacuum injection moulding, and hand lay-up.

Based on application, the market is classified into nacelles and wind blades, among others. On the basis of region, the wind turbine composite material market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

  • Toray Industries, Inc. 
  • Hexcel Corporation 
  • Teijin Ltd. 
  • Exel Composites Oyj 
  • Huntsman International LLC 
  • TPI Composites Inc. 
  • Gurit Services AG 
  • China National Building Material Group Co., Ltd.  
  • Reliance Industries Limited 
  • Molded Fiber Glass Companies 
  • Others

Market Share by Application

Blades are anticipated to account for a significant wind turbine composite material market share. The rising demand for wind energy is bolstering the requirement for large wind blades for extended high power output. The utilisation of composites on wind turbine blades provides them with high strength to weight ratio, resistance to corrosion, long shelf life, improved fatigue resistance, and higher stiffness, among others.

Market Share by Region

The Asia Pacific is expected to witness significant growth over the forecast period. This growth can be attributed to the emergence of electronic devices in various countries across the Asia Pacific and the increasing energy requirements due to the rapid population growth. The strong presence of several key market players in the region including Toray Industries, Inc. and Teijin Ltd., among others is supporting the market expansion in the region and bolstering the wind turbine composite material market demand.

Competitive Landscape

Toray Industries, Inc., headquartered in Tokyo, Japan, is one of the leading chemical manufacturing companies that is involved in the production of fibres and textiles, performance chemicals, and carbon fibre composite materials.

Hexcel Corporation, headquartered in Connecticut, United States, is involved in the manufacture of resin systems and carbon fibre reinforcements. The company also specialises in wind energy, composite technology, and commercial aerospace, among others.

Teijin Ltd., headquartered in Tokyo, Japan, is one of the leading pharmaceutical, information technology, and chemical company that was founded in 1918. The company is involved in the production of films, plastics, advanced fibres, and carbon fibres, among others.

Other wind turbine composite material market key players include Exel Composites Oyj, Huntsman International LLC, TPI Composites Inc., Gurit Services AG, China National Building Material Group Co., Ltd., Reliance Industries Limited, and Molded Fiber Glass Companies, among others.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Resin Type
  • Fibre Type
  • Technology
  • Application
  • Region
Breakup by Resin Type
  • Polyester
  • Epoxy
  • Vinyl Ester
  • Others
Breakup by Fibre Type
  • Carbon Fibre
  • Glass Fibre
Breakup by Technology
  • Prepreg
  • Vacuum Injection Moulding
  • Hand Lay-up
Breakup by Application
  • Nacelles
  • Wind Blades
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Toray Industries, Inc. 
  • Hexcel Corporation 
  • Teijin Ltd. 
  • Exel Composites Oyj 
  • Huntsman International LLC 
  • TPI Composites Inc. 
  • Gurit Services AG 
  • China National Building Material Group Co., Ltd.  
  • Reliance Industries Limited 
  • Molded Fiber Glass Companies 
  • Others

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The market reached a value of approximately USD 12.28 billion in 2023.

The market is projected to grow at a CAGR of 7.8% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 24.41 billion by 2032.

The major market drivers include rising adoption of wind energy and material innovation.

The key trends fuelling the growth of the market include increasing research and development activities and rising awareness about the various advantages associated with the utilisation of wind turbine composites.

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The resin types include polyester, epoxy, and vinyl ester, among others.

The key players in the market are Toray Industries, Inc., Hexcel Corporation, Teijin Ltd., Exel Composites Oyj, Huntsman International LLC, TPI Composites Inc., Gurit Services AG, China National Building Material Group Co., Ltd., Reliance Industries Limited, and Molded Fiber Glass Companies, among others.

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63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124