The global wind power coatings market is expected to be valued at US$ 1.2 Billion in 2022. With the the rising demand for energy owing to rapid urbanization and industrialization across the globe, coupled with surging environmental concerns associated with conventional methods of energy generation, the overall demand for wind power coatings is projected to grow at a CAGR of 10.1% between 2022 and 2032, totaling around US$ 3.14 Billion by 2032.
Installation of wind power plants is growing at significant pace. Rising environmental concerns associated with conventional power production methods is accelerating the demand for clean energy. According to GWEC, about 60.8 GW capacity of wind power was installed across the globe in 2019 which expanded to around 93 GW in 2020. This new installation rate is expected to grow and around 112.2 GW capacity is expected to be installed by 2025. With robust rise in number of turbines across the globe demand for wind power coatings is expected to grow in tandem with increasing focus on maintenance of wind turbines.
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The erosion and corrosion of wind towers & blades and harsh environmental conditions encountered at sea & on land are expected to drive the wind power coatings market. Moreover, the growing demand for wind power is expected to fuel the growth of the Wind Power Coatings Market during the forecast period. In addition, the rising construction of wind power plants and the increasing concerns of corrosion in onshore & offshore applications are anticipated to boost the market demand during the analysis period.
Key Takeaways from the Market Study
- Global wind power coatings market was valued at US$ 1.09 Billion by 2021-end
- From 2017 to 2021, the market demand expanded at a CAGR of 9%
- By type, polymer wind power coatings constitutes the bulk of the revenue, with a market share of 70%
- By application, onshore wind power coatings dominates the market with a share of 98%
- North America to account for 50% of the global wind power coatings revenue in 2022
- Asia Pacific to account for nearly 2/5th of the global wind power coatings revenue share in 2022
- Europe is likely to accumulate 32.4% of the wind power coatings revenue share
The rising construction of wind power plants and the increasing concerns of corrosion in onshore & offshore applications are anticipated to induce the demand for the Wind Power Coatings market, remarks an FMI analyst.
Players in the global Wind Power Coatings Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In October 2021, Aerox Advanced Polymers developed AROLEP®, a coating with tailor-made modifications of polymer properties that can absorb high-speed and high-frequency impacts.
- In September 2020, Teknos Group Oy launched a new version of edge repair solutions, Teknoblade repair 9000-20, for wind turbine rotor blades. This coating shows good rain erosion test results according to DNVGL-RP-0171_2018 test standard and is available with an improved system for easy and safe application.
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Know More About What the Wind Power Coatings Market Report Covers
Future Market Insights offers an unbiased analysis of the global Wind Power Coatings Market, providing historical data for 2017-2021 and forecast statistics from 2022-2032.
To understand opportunities in the Wind Power Coatings Market, the market is segmented on the basis of type, coating method, application, and utilization across six major regions.
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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