HOME Top Market Reports Wind Turbine Composites Material Market by Fiber Type (Glass Fiber, Carbon Fiber), Resin (Epoxy, Polyester, Vinyl Ester), Manufacturing Process (Vacuum Injection Molding, Prepreg, Hand Lay-Up), Application (Blades, Nacelles), Region - Global Forecast to 2021

Wind Turbine Composites Material Market by Fiber Type (Glass Fiber, Carbon Fiber), Resin (Epoxy, Polyester, Vinyl Ester), Manufacturing Process (Vacuum Injection Molding, Prepreg, Hand Lay-Up), Application (Blades, Nacelles), Region - Global Forecast to 2021

By: marketsandmarkets.com
Publishing Date: March 2017
Report Code: CH 3212

 

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In terms of value, the wind turbine composite market was valued at USD 7.15 Billion in 2015, and is projected to reach USD 12.17 Billion by 2021, at a CAGR of 9.28% between 2016 and 2021. Wind turbine composites are utilized in the manufacturing of wind turbine parts such as blades and nacelles, among others. The use of composites helps in the development of lightweight components with superior properties, in addition to other benefits such as low maintenance and long product life. In this study, the years considered to estimate the market size of wind turbine composite are:

  • Base Year – 2015
  • Estimated Year – 2016
  • Projected Year – 2021
  • Forecast Period – 2016-2021

2015 has been considered as the base year for company profiles. Whenever information was unavailable for the base year, the years prior to it have been considered.

Objectives of the Study

  • To define, describe, and forecast the wind turbine composite market size, in terms of value and volume
  • To identify and segment the wind turbine composite market on the basis of resin type, fiber type, manufacturing process, application, and region
  • To analyze significant region-specific market trends in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa (MEA), as well as country-specific trends in the U.S., Canada, Germany, France, the U.K., China, and South Korea
  • To provide detailed information regarding major factors influencing the growth of the wind turbine composite market (drivers, restraints, opportunities, industry-specific challenges, and burning issues)
  • To strategically profile and analyze key market players and their core competencies
  • To analyze recent market developments such as agreements, mergers & acquisitions, new product launches, and expansions in the wind turbine composite market

Various secondary sources such as company websites, encyclopedias, directories, and databases such as Composite World, Factiva, and American Composites Manufacturers Association, among others have been referred to understand and gain insights into the wind turbine composite market. Experts from top wind turbine composite companies have been interviewed to verify and collect critical information, and to assess the trends in the wind turbine composite market during the forecast period. The top-down, bottom-up, and data triangulation approaches have been implemented to calculate the exact values of the overall parent and individual market sizes.

Wind Turbine Composite Market

To know about the assumptions considered for the study, download the pdf brochure

Wind turbine composites comprise two major raw materials such as fibers and resins. Established raw material suppliers include Hexcel Corporation (U.S.), Huntsman Corporation (U.S.), Toray Industries (Japan), Teijin Limited (Japan), and Owens Corning (U.S.), among others. Key players in the wind turbine composite market include TPI Composites, Inc. (U.S.), Suzlon Energy Limited (India), and Vestas Wind Systems A/S (Denmark), among others.

This study focuses on the top investment pockets, which would help stakeholders understand and analyze the emerging trends in the wind turbine composite market. These stakeholders include:

  • TPI Composites, Inc. (U.S.)
  • MFG Wind (U.S.)
  • LM Wind Power (Denmark)
  • Gamesa Corporation Technology (Spain)
  • AVIC Huiteng Windpower Equipment Co., Ltd. (China)
  • Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd. (China)
  • Vestas Wind Systems A/S (Denmark)
  • Suzlon Energy Limited (India)
  • Siemens AG (Germany)

Scope of the Report:

This research report categorizes the wind turbine composite market on the basis of resin type, fiber type, manufacturing process, application, and region. It forecasts revenue growth and analyzes trends in each of these submarkets till 2021.

On the Basis of Resin Type

  • Epoxy
  • Polyester
  • Vinyl Ester

On the Basis of Fiber Type

  • Glass fiber
  • Carbon fiber

On the Basis of Manufacturing Process

  • Vacuum Injection Molding
  • Prepreg
  • Hand Lay-up

On the Basis of Application 

  • Blades
  • Nacelles
  • Others (Towers and Hub)

On the Basis of Region

  • North America
  • Europe
  • Asia-Pacific
  • Middle East & Africa
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the specific needs of companies. The following customization options are available for the report:

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company

Regional Analysis

  • Further breakdown of the North American wind turbine composite market
  • Further breakdown of the European wind turbine composite market
  • Further breakdown of the Asia-Pacific wind turbine composite market
  • Further breakdown of the Middle Eastern & African wind turbine composite market
  • Further breakdown of the Latin American wind turbine composite market

Company Information

  • Detailed analysis and profiles of additional market players

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Years Considered for the Study
    1.4 Currency
    1.5 Package Size
    1.6 Limitations
    1.7 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
                     2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                     2.1.2.1 Key Data From Primary Sources
                     2.1.2.2 Key Industry Insights
                     2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 25)

4 Premium Insights (Page No. - 30)
    4.1 Attractive Growth Opportunities in the Wind Turbine Composite Market
    4.2 Wind Turbine Composite Market, By Application
    4.3 Wind Turbine Composite Market, By Region
    4.4 Wind Turbine Composite Market, By Country
    4.5 Wind Turbine Composite Market, By Manufacturing Process

5 Market Overview (Page No. - 33)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 By Fiber Type
           5.2.2 By Resin Type
           5.2.3 By Application
           5.2.4 By Manufacturing Process
    5.3 Market Dynamics
           5.3.1 Drivers
                     5.3.1.1 Increasing Length of Wind Turbine Blades
                     5.3.1.2 Increase in the Use of Carbon Fiber in Wind Blades
                     5.3.1.3 Rising Demand for Renewable Energy Sources
           5.3.2 Restraints
                     5.3.2.1 High Cost of Carbon Fiber and Epoxy Resin
                     5.3.2.2 Recyclability Issue of Composites
                     5.3.2.3 High Dependence of Wind Energy Industry on Government Subsidies
           5.3.3 Opportunities
                     5.3.3.1 Growing Demand From Emerging Markets
                     5.3.3.2 Increasing Focus of Governments on Offshore Wind Energy Installations
           5.3.4 Challenges
                     5.3.4.1 Reducing the Cost of Carbon Fiber
    5.4 Porter’s Five Forces Analysis
           5.4.1 Threat of New Entrants
           5.4.2 Threat of Substitutes
           5.4.3 Bargaining Power of Suppliers
           5.4.4 Bargaining Power of Buyers
           5.4.5 Intensity of Competitive Rivalry

6 Macroeconomic Overview (Page No. - 43)
    6.1 Introduction
    6.2 Trends and Forecast of GDP
    6.3 Per Capita GDP vs Per Capita Wind Turbine Composite Demand
    6.4 Trends in the Wind Energy Industry

7 Wind Turbine Composite Market, By Fiber Type (Page No. - 47)
    7.1 Introduction
    7.2 Glass Fiber
    7.3 Carbon Fiber
    7.4 Other Promising Fibers

8 Wind Turbine Composite Market, By Resin Type (Page No. - 52)
    8.1 Introduction
    8.2 Epoxy Resin
    8.3 Polyester Resin
    8.4 Vinylester Resin
    8.5 Other Resins
           8.5.1 Polyurethane Resin
           8.5.2 Polyamide Resin

9 Wind Turbine Composite Market, By Manufacturing Process (Page No. - 59)
    9.1 Introduction
    9.2 Vacuum Injection Molding
    9.3 Prepreg
    9.4 Hand Lay-Up

10 Wind Turbine Composite Market, By Application (Page No. - 65)
     10.1 Introduction
     10.2 Blades
     10.3 Nacelles
     10.4 Others
               10.4.1 Hub
               10.4.2 Tower

11 Regional Analysis (Page No. - 71)
     11.1 Introduction
     11.2 Asia-Pacific
               11.2.1 China
               11.2.2 Japan
               11.2.3 South Korea
               11.2.4 India
     11.3 Europe
               11.3.1 Germany
               11.3.2 Poland
               11.3.3 France
               11.3.4 U.K.
               11.3.5 Turkey
     11.4 North America
               11.4.1 U.S.
               11.4.2 Canada
     11.5 Latin America
               11.5.1 Brazil
               11.5.2 Uruguay
     11.6 Middle East & Africa
               11.6.1 South Africa
               11.6.2 Ethiopia
               11.6.3 Jordan

12 Competitive Landscape (Page No. - 98)
     12.1 Overview
     12.2 Competitive Situation and Trends
     12.3 Market Share Analysis
               12.3.1 LM Wind Power
               12.3.2 Avic Huiteng Wind Power Equipment Company Limited
               12.3.3 Vestas Wind Systems A/S
     12.4 Recent Developments
               12.4.1 Agreements
               12.4.2 Expansions
               12.4.3 New Product Launches
               12.4.4 Acquisitions

13 Company Profiles (Page No. - 112)
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, Ratio Analysis, MnM View)*
     13.1 LM Wind Power
     13.2 Avic Huiteng Wind Power Equipment Company Limited
     13.3 Vestas Wind Systems A/S
     13.4 Gamesa Corporation Technology
     13.5 TPI Composites, Inc.
     13.6 Suzlon Energy Limited
     13.7 AREVA
     13.8 Siemens AG
     13.9 Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd
     13.10 Mfg Wind
*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
     13.11 Other Companies
               13.11.1 Nordex Se
               13.11.2 Kemrock Industries and Exports Limited
               13.11.3 Enercon GmbH
               13.11.4 Senvion
               13.11.5 United Power

14 Appendix (Page No. - 137)
     14.1 Insights From Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details


List of Tables (96 Tables)

Table 1 Wind Turbine Composite Market Size (Volume and Value), 2014–2021
Table 2 Wind Turbine Composite Market, By Fiber Type
Table 3 Wind Turbine Composite Market, By Resin Type
Table 4 Wind Turbine Composite Market, By Application
Table 5 Wind Turbine Composite Market, By Manufacturing Process
Table 6 Trends and Forecast of GDP, By Country, 2015–2021 (USD Billion)
Table 7 Per Capita GDP vs Per Capita Wind Turbine Composite Demand, 2015
Table 8 Wind Energy Installation, MW (2011–2015)
Table 9 Wind Turbine Composite Market Size, By Fiber Type, 2014–2021 (USD Million)
Table 10 Wind Turbine Composite Market Size, By Fiber Type, 2014–2021 (Kiloton)
Table 11 Glass Fiber-Based Wind Turbine Composite Market Size, By Region, 2014–2021 (USD Million)
Table 12 Glass Fiber-Based Wind Turbine Composite Market Size, By Region, 2014–2021 (Kiloton)
Table 13 Carbon Fiber-Based Wind Turbine Composite Market Size, By Region, 2014–2021 (USD Million)
Table 14 Carbon Fiber-Based Wind Turbine Composite Market Size, By Region, 2015–2021 (Kiloton)
Table 15 Wind Turbine Composite Market Size, By Resin Type, 2014–2021 (USD Million)
Table 16 Wind Turbine Composite Market Size, By Resin Type, 2014–2021 (Kiloton)
Table 17 Epoxy Resin-Based Wind Turbine Composite Market Size, By Region, 2014–2021 (USD Million)
Table 18 Epoxy Resin-Based Wind Turbine Composite Market Size, By Region, 2014–2021 (Kiloton)
Table 19 Polyester Resin-Based Wind Turbine Composite Market Size, By Region, 2014–2021 (USD Million)
Table 20 Polyester Resin-Based Wind Turbine Composite Market Size, By Region, 2014–2021 (Kiloton)
Table 21 Vinylester Resin-Based Wind Turbine Composite Market Size, By Region, 2014–2021 (USD Million)
Table 22 Vinylester Resin-Based Wind Turbine Composite Market Size, By Region, 2014–2021 (Kiloton)
Table 23 Other Resins-Based Wind Turbine Composite Market Size, By Region, 2014–2021 (Kiloton)
Table 24 Other Resins-Based Wind Turbine Composite Market Size, By Region, 2014–2021 (USD Million)
Table 25 Wind Turbine Composite Market Size, By Manufacturing Process, 2014–2021 (USD Million)
Table 26 Wind Turbine Composite Market Size, By Manufacturing Process, 2014–2021 (Kiloton)
Table 27 Wind Turbine Composite Market Size in Vacuum Injection Molding Process, By Region, 2014–2021 (USD Million)
Table 28 Wind Turbine Composite Market Size in Vacuum Injection Molding Process, By Region, 2014–2021 (Kiloton)
Table 29 Wind Turbine Composite Market Size in Prepreg Manufacturing Process, By Region, 2014–2021 (USD Million)
Table 30 Wind Turbine Composite Market Size in Prepreg Manufacturing Process, By Region, 2014–2021 (Kiloton)
Table 31 Wind Turbine Composite Market Size in Hand Lay-Up Manufacturing Process, By Region, 2014–2021 (USD Million)
Table 32 Wind Turbine Composite Market Size in Hand Layup Manufacturing Process, By Region, 2014–2021 (Kiloton)
Table 33 Wind Turbine Composite Market Size, By Application, 2014–2021 (USD Million)
Table 34 Wind Turbine Composite Market Size, By Application, 2014–2021 (Kiloton)
Table 35 Wind Turbine Composite Market Size in Wind Blade Application, By Region, 2014–2021 (USD Million)
Table 36 Wind Turbine Composite Market Size in Wind Blade Application, By Region, 2014–2021 (Kiloton)
Table 37 Wind Turbine Composite Market Size in Nacelle Application, By Region, 2014–2021 (USD Million)
Table 38 Wind Turbine Composite Market Size in Nacelle Application, By Region, 2014–2021 (Kiloton)
Table 39 Wind Turbine Composite Market Size in Other Applications, By Region, 2014–2021 (USD Million)
Table 40 Wind Turbine Composite Market Size in Other Applications, By Region, 2014–2021(Kiloton)
Table 41 Wind Turbine Composite Market Size, By Region, 2014–2021 (USD Million)
Table 42 Wind Turbine Composite Market Size, By Region, 2014–2021 (Kiloton)
Table 43 Asia-Pacific: Wind Turbine Composite Market Size, By Country, 2014–2021 (USD Million)
Table 44 Asia-Pacific: Wind Turbine Composite Market Size, By Country, 2014–2021 (Kiloton)
Table 45 Asia-Pacific: Wind Turbine Composite Market Size, By Application, 2014–2021 (USD Million)
Table 46 Asia-Pacific: Wind Turbine Composite Market Size, By Application, 2014–2021 (Kiloton)
Table 47 Asia-Pacific: Wind Turbine Composite Market Size, By Fiber Type, 2014–2021 (USD Million)
Table 48 Asia-Pacific: Wind Turbine Composite Market Size, By Fiber Type, 2014–2021 (Kiloton)
Table 49 Asia-Pacific: Wind Turbine Composite Market Size, By Resin Type, 2014–2021 (USD Million)
Table 50 Asia-Pacific: Wind Turbine Composite Market Size, By Resin Type, 2014–2021 (Kiloton)
Table 51 Asia-Pacific: Wind Turbine Composite Market Size, By Manufacturing Process, 2014–2021 (USD Million)
Table 52 Asia-Pacific: Wind Turbine Composite Market Size, By Manufacturing Process, 2014–2021 (Kiloton)
Table 53 Europe: Wind Turbine Composite Market Size, By Country, 2014–2021 (USD Million)
Table 54 Europe: Wind Turbine Composite Market Size, By Country, 2014–2021 (Kiloton)
Table 55 Europe: Wind Turbine Composite Market Size, By Application, 2014–2021 (USD Million)
Table 56 Europe: Wind Turbine Composite Market Size, By Application, 2014–2021 (Kiloton)
Table 57 Europe: Wind Turbine Composite Market Size, By Fiber Type, 2014–2021 (USD Million)
Table 58 Europe: Wind Turbine Composite Market Size, By Fiber Type, 2014–2021 (Kiloton)
Table 59 Europe: Wind Turbine Composite Market Size, By Resin Type, 2014–2021 (USD Million)
Table 60 Europe: Wind Turbine Composite Market Size, By Resin Type, 2014–2021 (Kiloton)
Table 61 Europe: Wind Turbine Composite Market Size, By Manufacturing Process, 2014–2021 (USD Million)
Table 62 Europe: Wind Turbine Composite Market Size, By Manufacturing Process, 2014–2021 (Kiloton)
Table 63 North America: Wind Turbine Market Size, By Country, 2014–2021 (USD Million)
Table 64 North America: Wind Turbine Composite Market Size, By Country, 2014–2021 (Kiloton)
Table 65 North America: Wind Turbine Composite Market Size, By Application, 2014–2021 (USD Million)
Table 66 North America: Wind Turbine Composite Market Size, By Application, 2014–2021 (Kiloton)
Table 67 North America: Wind Turbine Composite Market Size, By Fiber Type, 2014–2021 (USD Million)
Table 68 North America: Wind Turbine Composite Market Size, By Fiber Type, 2014–2021 (Kiloton)
Table 69 North America: Wind Turbine Composite Market Size, By Resin Type, 2014–2021 (USD Million)
Table 70 North America: Wind Turbine Composite Market Size, By Resin Type, 2014–2021 (Kiloton)
Table 71 North America: Wind Turbine Composite Market Size, By Manufacturing Process, 2014–2021 (USD Million)
Table 72 North America: Wind Turbine Composite Market Size, By Manufacturing Process, 2014–2021 (Kiloton)
Table 73 Latin America: Wind Turbine Composite Market Size, By Country, 2014–2021 (USD Million)
Table 74 Latin America: Wind Turbine Composite Market Size, By Country, 2014–2026 (Kiloton)
Table 75 Latin America: Wind Turbine Composite Market Size, By Application, 2014–2021 (USD Million)
Table 76 Latin America: Wind Turbine Composite Market Size, By Application, 2014–2026 (Kiloton)
Table 77 Latin America: Wind Turbine Composite Market Size, By Fiber Type, 2014–2021 (USD Million)
Table 78 Latin America: Wind Turbine Composite Market Size, By Fiber Type, 2014–2021 (Kiloton)
Table 79 Latin America: Wind Turbine Composite Market Size, By Resin Type, 2014–2021 (USD Million)
Table 80 Latin America: Wind Turbine Composite Market Size, By Resin Type, 2014–2021 (Kiloton)
Table 81 Latin America: Wind Turbine Composite Market Size, By Manufacturing Process, 2014–2021 (USD Million)
Table 82 Latin America: Wind Turbine Composite Market Size, By Manufacturing Process, 2014–2021 (Kiloton)
Table 83 Middle East & Africa: Wind Turbine Composite Market Size, By Country, 2014–2021 (USD Million)
Table 84 Middle East & Africa: Wind Turbine Composite Market Size, By Country, 2014–2021 (Kiloton)
Table 85 Middle East & Africa: Wind Turbine Composite Market Size, By Application, 2014–2021 (USD Million)
Table 86 Middle East & Africa: Wind Turbine Composite Market Size, By Application, 2014–2021 (Kiloton)
Table 87 Middle East & Africa: Wind Turbine Composite Market Size, By Fiber Type, 2014–2021 (USD Million)
Table 88 Middle East & Africa: Wind Turbine Composite Market Size, By Fiber Type, 2014–2021 (Kiloton)
Table 89 Middle East & Africa: Wind Turbine Composite Market Size, By Resin Type, 2014–2021 (USD Million)
Table 90 Middle East & Africa: Wind Turbine Composite Market Size, By Resin Type, 2014–2021 (Kiloton)
Table 91 Middle East & Africa: Wind Turbine Composite Market Size, By Manufacturing Process, 2014–2021 (USD Million)
Table 92 Middle East & Africa: Wind Turbine Composite Market Size, By Manufacturing Process, 2014–2021 (Kiloton)
Table 93 Agreements, 2011–2016
Table 94 Expansions, 2011–2016
Table 95 New Product Launches, 2011–2016
Table 96 Acquisitions, 2011–2016
 
 
List of Figures (49 Figures)
 
Figure 1 Wind Turbine Composite Market: Market Segmentation
Figure 2 Wind Turbine Composite Market: Research Methodology
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Wind Turbine Composite: Data Triangulation Methodology
Figure 6 Glass Fiber to Drive the Wind Turbine Composite Market During the Forecast Period
Figure 7 Epoxy Resin to Be the Fastest-Growing Resin Type in the Wind Turbine Composite Market, 2016 vs 2021
Figure 8 Blade to Be the Largest Application of Wind Turbine Composite During the Forecast Period
Figure 9 Vacuum Injection Molding Manufacturing Process to Drive the Wind Turbine Composite Market During the Forecast Period
Figure 10 Asia-Pacific to Lead the Wind Turbine Composite Market, in Terms of Value, 2015
Figure 11 High Demand for Blade and Nacelle Applications to Drive the Growth of the Wind Turbine Composite Market
Figure 12 Blade to Be the Fastest-Growing Application of the Wind Turbine Composite Market, 2016–2021
Figure 13 Asia-Pacific is Estimated to Be the Largest Wind Turbine Composite Market
Figure 14 Germany to Be the Fastest-Growing Market During the Forecast Period
Figure 15 Vacuum Injection Molding Process to Account for the Largest Market Share During the Forecast Period
Figure 16 Factors Governing the Wind Turbine Composite Market
Figure 17 Porter’s Five Forces Analysis
Figure 18 Trends and Forecast of GDP, By Country, 2015–2021 (USD Billion)
Figure 19 Per Capita GDP vs Per Capita Wind Turbine Composite Demand, 2015
Figure 20 Asia-Pacific to Lead the Wind Energy Installed Capacity, 2014–2015 (MW)
Figure 21 Glass Fiber to Dominate the Wind Turbine Composite Market
Figure 22 Epoxy Resin to Dominate the Wind Turbine Composite Market
Figure 23 Epoxy Resin-Based Wind Turbine Composite Market to Witness the Highest Growth in Asia-Pacific
Figure 24 Wind Turbine Composite Market to Witness the Highest Growth in Vacuum Injection Molding Process
Figure 25 Asia-Pacific to Drive the Wind Turbine Composite Market in Vacuum Injection Molding Process
Figure 26 Wind Turbine Composite Market to Witness the Highest Growth in Wind Blade Application
Figure 27 Asia-Pacific to Drive the Wind Turbine Composite Market in Blade Application
Figure 28 Asia-Pacific to Drive the Global Wind Turbine Composite Market
Figure 29 Asia-Pacific Wind Turbine Composite Market Snapshot: China to Lead the Market
Figure 30 Europe Wind Turbine Composite Market Snapshot: Germany to Lead the Wind Turbine Composite Market in Europe
Figure 31 North America Wind Turbine Composite Market Snapshot: the U.S. is Estimated to Be the Largest Market in the Region
Figure 32 Latin America Wind Turbine Composite Market Snapshot: Brazil to Drive the Wind Turbine Composite Market During the Forecast Period
Figure 33 Middle East & Africa Wind Turbine Composite Market Snapshot: South Africa to Register the Highest CAGR in the Region
Figure 34 Agreements are the Most Preferred Growth Strategy Adopted By Major Players, 2011–2016
Figure 35 Market Development Matrix: Maximum Number of Agreements Were Witnessed in 2015
Figure 36 Growth Strategies Adopted By the Key Players in the Wind Turbine Composite Market
Figure 37 LM Wind Power: the Largest Company in the Wind Turbine Composite Market, 2015
Figure 38 LM Wind Power: Company Snapshot
Figure 39 LM Wind Power: SWOT Analysis
Figure 40 Vestas Wind Systems A/S: Company Snapshot
Figure 41 Vestas Wind Systems A/S: SWOT Analysis
Figure 42 Gamesa Corporation Technology: Company Snapshot
Figure 43 Gamesa Corporation Technology: SWOT Analysis
Figure 44 TPI Composites, Inc.: Company Snapshot
Figure 45 TPI Composites, Inc.: SWOT Analysis
Figure 46 Suzlon Energy Limited: Company Snapshot
Figure 47 Suzlon Energy Limited: SWOT Analysis
Figure 48 AREVA: Company Snapshot
Figure 49 Siemens AG: Company Snapshot

The wind turbine composite market is projected to reach USD 12.17 Billion by 2021, at a CAGR of 9.28% from 2016 to 2021. The increasing demand for composites that help enhance the strength and stiffness of structural parts of wind turbines, such as blades and nacelles, among others is driving the growth of the wind turbine composite market. Composites are used to manufacture varied parts of wind turbine such as blades and nacelles, among others.

The wind turbine composite market has been segmented on the basis of resin type, fiber type, manufacturing process, application, and region. Among all applications, the blades segment accounted for the largest share of the wind turbine composite market in 2016, in terms of value and volume. The use of composites in wind turbine blades provides long shelf life, less maintenance, resistance to corrosion, and high strength-to-weight ratio.

Based on fiber type, the glass fiber segment accounted for the largest share of the wind turbine composite market in 2016, both in terms of value and volume. Good strength, chemical resistance, and good stiffness offered by glass fibers and their easy availability and cost effectiveness are key factors propelling the demand for glass fiber composites.

Asia-Pacific is projected to be the largest and the fastest-growing region in the wind turbine composite market during the forecast period. Major factors driving the growth of the wind turbine composite market in this region are increasing demand for renewable energy sources, high demand for lightweight and high strength materials used to manufacture various parts of wind turbines, and supportive government initiatives such as favorable policies, wind power development programs, government regulations concerning renewable energy, and adjusted feed in tariffs for land-based wind power installations. In addition, key players such as Suzlon Energy Limited (India) and AVIC Huiteng Windpower Equipment Co., Ltd. (China) have their manufacturing bases in the Asia-Pacific region.

Wind Turbine Composite Market

The wind turbine composite market demands the moderate use of carbon fibers, as these fibers offer high strength-to-weight ratio and greater durability to the structural parts of wind turbines, such as blades and nacelles. Presently, the average cost of carbon fiber is USD 35/kg. The high price of carbon fiber as compared to glass fiber is hindering the growth of the wind turbine composite market. In addition, recyclability issues of composites owing to complex material compositions and the cross-linked nature of thermoset resins are additional factors hindering market growth.

TPI Composites, Inc. (U.S.), Gamesa Corporation Technology (Spain), Vestas Wind Systems A/S (Denmark), and Suzlon Energy Limited (India) are key players operating in the wind turbine composite market. Major companies have adopted the agreement strategy for strengthening their position in the wind turbine composite market. Other companies have adopted various organic and inorganic growth strategies such as new product developments, expansions, and acquisitions to strengthen their market shares.

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