The global revenue of wind turbine materials market will exceed US$ 8 Bn by 2029, following a robust growth curve. Substantial rise in wind power projects worldwide in order to achieve energy independence and energy security would be the primary driver for market growth. Uptight government norms to curb greenhouse gas (GHG) emissions are further expected to propel value creation.
“Wind turbine materials offer several advantages including, lightweight, enhanced service life, high strength-to-weight ratio, and low maintenance requirement. As such, they are replacing conventional substrates such as steel, and aluminum for manufacturing wind turbines. In addition, surging demand for eco-friendly energy resources is spurring the development of larger wind blades with higher power production, thereby, broadening the adoption of wind turbine materials,” says Fact.MR in its new research study.
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Wind Turbine Materials Market: Key Findings
- Fiber-type wind turbine materials capture over ¾ of overall market value; these materials find immense use in manufacturing wind turbines.
- Under the fiber category, glass fiber would remain highly preferred, owing to its capability to enhance efficiency in wind power operations.
- Adoption of wind turbine materials is expected to be prominent in developing wind blades.
- Capturing about a third of total market stack, East Asia would be the hub of growth opportunities.
Wind Turbine Materials Market – Key Driving Factors
- Notable upsurge in wind power creation to be key growth driver in wind turbine materials market.
- Stringent government policies against volatile organic compounds (VOC) emissions from adhesives, and coatings to fuel market progress.
- Benefits of wind turbine materials such as providing structural stiffness, yet reducing overall weight, to broaden their adoption.
Wind Turbine Materials Market – Key Restraints
- Insufficient infrastructure for generating wind energy to hinder market growth.
- Lax policy framework and inefficient management of wind energy tariff rates and incentives to pose threat for market players.
Impact of COVID-19 on Wind Turbine Materials Market
Renewable energy sector is not untouched from the COVID-19 outbreak. The disruption has been felt in the wind turbine materials market in terms of supply, prices, and orders. COVID-19 is rapidly devastating livelihoods and communities with most of the population under lockdown. However, the industry may recover and respond differently unlike other sectors during the pandemic. For instance, governments may choose to scale up the production of cost-efficient renewable energy to prevent any form of energy crisis. In view of labor-intensive nature of the industry, the revival will create new jobs and increase the local income as well.
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Players in the wind turbine materials market are putting greater emphasis on expanding manufacturing capacity and geographical radar. Moreover, they are entering into strategic mergers & acquisitions to maintain their revenue growth. Key players in the wind turbine materials market include Siemens AG, Teijin Limited, Toray Industries, Inc., Reliance Industries Limited, Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd, Molded Fiber Glass Companies, Gurit Holding AG, and Hexcel Corporation.
About the Report
This 170-page study offers a thorough market assessment on the wind turbine materials market. The report divulges key insights on the wind turbine materials market based on type (fiber, and resin), application (wind blades, nacelles, and others), and across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).