The global wind turbine composite materials market was valued at $3,970.4 million in 2015, and it is expected to grow at a CAGR of 7.8% during 2016 – 2022. The factors driving the growth of the global market include increased government support for wind power projects, and stringent environmental regulations, and several benefits of composite materials over conventional materials. Moreover, the increasing need for energy independence and geopolitical energy security, and increasing wind power capacity across the globe is indirectly creating huge demand for composite materials in wind turbine manufacturing. The massive unexplored market in Latin America, and Middle East and Africa, along with increasing research and development for low cost advanced materials is creating huge opportunities in the global wind turbine composite materials market.
Among the various types of composite materials for wind turbine, the fiber segment held the largest share in the global market in 2015. Among the different types of fiber composites, the glass fiber held the largest share in 2015, and it is also expected to retain its dominance during 2016 – 2022. The carbon fiber segment is expected to grow at the highest CAGR during forecast period. Carbon fiber composites are gaining immense popularity for the manufacturing of wind turbine blades, owing to their high strength and low-weight. Among the various applications of wind turbine composite materials, the wind blade segment held the largest share in the global market in 2015.
Asia-Pacific was the largest market for wind turbine composite materials in 2015. The region is expected to remain the largest segment throughout the forecast period. High energy demand in the region and significant growth in the wind energy industry are driving the growth of the wind turbine composite materials market in Asia-Pacific. China held the largest share in the Asia-Pacific as well as global wind turbine composite materials market in 2015. Middle East and Africa is expected to be the fastest growing market for wind turbine composite materials during 2016 – 2022, owing to the several anticipated wind power projects in the region.
The information and data in the publication “Global Wind Turbine Composite Materials Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of bottom-up and top-down has been used to calculate the market size. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
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