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Global Wind Turbine Composite Material Market Size, Growth: By Resin Type: Polyester, Epoxy, Vinyl Ester, Others; By Fibre Type: Carbon Fibre, Glass Fibre; By Technology: Prepreg, Vacuum Injection Moulding, Hand Lay-up; By Application: Nacelles, Wind Blades, Others; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
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:
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| Breakup by Resin Type |
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| Breakup by Fibre Type |
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| Breakup by Technology |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Wind Turbine Composite Material Market Analysis
8.1 Key Industry Highlights
8.2 Global Wind Turbine Composite Material Historical Market (2018-2023)
8.3 Global Wind Turbine Composite Material Market Forecast (2024-2032)
8.4 Global Wind Turbine Composite Material Market by Resin Type
8.4.1 Polyester
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Epoxy
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Vinyl Ester
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Wind Turbine Composite Material Market by Fibre Type
8.5.1 Carbon Fibre
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Glass Fibre
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Wind Turbine Composite Material Market by Technology
8.6.1 Prepreg
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Vacuum Injection Moulding
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Hand Lay-up
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Wind Turbine Composite Material Market by Application
8.7.1 Nacelles
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Wind Blades
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Others
8.8 Global Wind Turbine Composite Material Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Wind Turbine Composite Material Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Wind Turbine Composite Material Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Wind Turbine Composite Material Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Wind Turbine Composite Material Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Wind Turbine Composite Material Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Toray Industries, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Hexcel Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Teijin Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Exel Composites Oyj
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Huntsman International LLC
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 TPI Composites Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Gurit Services AG
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 China National Building Material Group Co., Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Reliance Industries Limited
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Molded Fiber Glass Companies
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Wind Turbine Composite Material Market: Key Industry Highlights, 2018 and 2032
2. Global Wind Turbine Composite Material Historical Market: Breakup by Resin Type (USD Billion), 2018-2023
3. Global Wind Turbine Composite Material Market Forecast: Breakup by Resin Type (USD Billion), 2024-2032
4. Global Wind Turbine Composite Material Historical Market: Breakup by Fibre Type (USD Billion), 2018-2023
5. Global Wind Turbine Composite Material Market Forecast: Breakup by Fibre Type (USD Billion), 2024-2032
6. Global Wind Turbine Composite Material Historical Market: Breakup by Technology (USD Billion), 2018-2023
7. Global Wind Turbine Composite Material Market Forecast: Breakup by Technology (USD Billion), 2024-2032
8. Global Wind Turbine Composite Material Historical Market: Breakup by Application (USD Billion), 2018-2023
9. Global Wind Turbine Composite Material Market Forecast: Breakup by Application (USD Billion), 2024-2032
10. Global Wind Turbine Composite Material Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Wind Turbine Composite Material Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Wind Turbine Composite Material Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Wind Turbine Composite Material Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Wind Turbine Composite Material Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Wind Turbine Composite Material Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Wind Turbine Composite Material Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Wind Turbine Composite Material Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Wind Turbine Composite Material Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Wind Turbine Composite Material Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Wind Turbine Composite Material Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Wind Turbine Composite Material Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Wind Turbine Composite Material Market Structure
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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