The global wind turbine composite materials market is expected to be valued at USD 12 Billion in 2022 and secure USD 25.4 Billion by 2032. The projected market growth is 7.14% during the forecast period from 2022 to 2032. The growing application of carbon fiber is expected to act as a significant market driver during the forecast period. Further, the increasing wind energy installations is another important cause boosting the growth of the industry.
The increasing demand for wind energy is resulting in the construction of larger wind blades that are more efficient and offer higher output, which is expected to increase the demand for composite materials for blades. Further, the benefits offered by the composites over traditional materials like steel and aluminum are likely to boost the market expansion during the forecast period. Moreover, benefits offered by composite materials such as; lower maintenance, corrosion resistance, long lifecycle, and high strength-to-weight ratio are predicted to bolster its demand in the forecast period.
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What is the Contribution of North America in Boosting the Market?
As per the analysis, North America is likely to witness a significant CAGR during the forecast period. The expansion of the market can be attributed to the increasing power consumption and implementation of strict environmental regulations by the government of Canada and the U.S. Besides, the presence of established key players in the region is likely to offer significant market opportunities in the coming time.
Furthermore, the rise of the market can be attributed to the increasing demand for lightweight and high-strength materials. In addition, various wind development programs and the launch of favorable policies are projected to augment the market in the region.
Important Questions Answered in the Wind Turbine Composite Materials Market Report
- How will the Wind Turbine Composite Materials market expand through 2032?
- Which region is the most lucrative in the Wind Turbine Composite Materials market?
- What are the recent technological developments in the Wind Turbine Composite Materials market?
- What are key challenges and competition threats faced by Wind Turbine Composite Materials market players?
- Who are prominent players leading the Wind Turbine Composite Materials market?
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Wind Turbine Composite Materials Market: Key Segmentation
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
Extensive study of the geographical regions offers detailed insights on the market performance across major regions along with descriptive info graphics, datasets, and list of tables.
Type of Fiber:
- Carbon Fiber
- Glass Fiber
Type of Resin:
- Epoxy
- Vinyl Ester
- Polyester
- Polyurethane
Type of Application:
- Towers
- Rotor Blade
- Nacelle
- Hub
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Wind Turbine Composite Materials Market: Competitive Evaluation
The FMI’s Wind Turbine Composite Materials market report provides a comprehensive analysis on key players operating in the Wind Turbine Composite Materials market. Some of the key players are:
- TPI Composites
- Cytec Industries
- Gurit Holding AG
- Teijin Limited
- Rotal Tencate NV
With a detailed analysis on positioning of top companies across the globe, emerging players, strategic players and innovators, the FMI’s study presents the strengths, weaknesses, growth prospects and challenges of key players over the forecast period.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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