Wind Turbine Composites Material Market Worth $5.5 Billion by 2020
New report defines and segments the global composite market for wind turbine with an analysis and forecast of its global volume and value.
“Asia-Pacific: The biggest market of composites used in wind turbines”
The Asia-Pacific region was the world’s largest Wind Turbine Composites Material Market in 2014. China is the key consumer of wind composite in Asia-Pacific. Growth of installed wind power capacity in China and India is one of the biggest drivers for this market in Asia pacific region. China set a new record for annual installations in 2014, by increasing the new wind generating capacity by more than 45% as compared to 2013. Various product launches, and expansions have in turn made the regions a potential growth market for wind composite.
“Glass Fiber Composite is the biggest material type”
Glass fiber composite is the biggest composite material used in wind turbine driven by its high demand for manufacturing wind turbine blades. Carbon fiber composite finds its usage mostly in spar and structural element of wind blades, whereas its usage in longer blades is limited primarily because of its high cost. Carbon fiber composite are projected to grow at a healthy rate in the projected period.
Toray Industries (Japan), Cytec Industries Inc. (U.S.), Royal TenCate nv (Netherlands), Gurit Holding AG (Switzerland), Hexel Corporation (U.S.), and Teijin Limited (Japan) are some of the major supplier of wind composites material. Company profiling and competitive strategies adopted by top composites wind turbine blade manufacturers such as HT blades (China), TPI Composites (U.S.), Vestas Wind Systems A/S (Denmark), Gamesa (Spain), LM Wind Power Group (Denmark) etc. are also covered in the report.
The report also defines driving and restraining factors for the global Wind Turbine Composites Material Market with the analysis of trends, opportunities, burning issues, winning imperatives, and challenges. Additionally, the market is forecasted on the basis of major regions, such as North America, Europe, Asia-Pacific, and Rest of the World (RoW) by both value and volume. The regional wind turbine composite market is further segmented on the basis of major countries such as China, U.S., Germany, Spain, U.K., India, Canada, France, Brazil, etc.
