In 2022, the global wind turbine composites market was valued at approximately US$ 7,777.37 million and is anticipated to grow to around US$ 17,740.86 million by 2030, reflecting a compound annual growth rate (CAGR) of 10.9% during the period from 2022 to 2030.
A wind turbine is composed of various components, including the hub, gearbox, blades, nacelle, and tower. Among these, the blades and nacelle are primarily made from composite materials, which typically include glass and carbon fibers. However, these fibers come with certain drawbacks, such as limited availability, non-biodegradability, potential health hazards, and high production costs. The adoption of natural fibers presents a viable solution to these issues. Increasing environmental concerns have prompted researchers and technologists to explore the use of natural biodegradable materials, leading to a rise in the application of natural fiber-reinforced polymer (NFRP) composites in the manufacturing of wind turbines.
Natural fibers are derived from plants, animals, and minerals through geological processes. Common sources of natural fibers include kenaf, bagasse, banana, sisal, flax, hemp, jute, abaca, and bamboo, which are readily available and require minimal processing. These fibers can be spun into filaments, threads, or ropes and can be knitted, woven, or matted into various forms. The properties of natural fibers can vary significantly based on their chemical makeup, type, growing conditions, harvesting time, manufacturing techniques, treatment, and storage methods. Composites reinforced with these natural fibers represent a category of materials that demonstrate enhanced mechanical properties and have the potential to replace traditional materials used in wind turbines.
NFRP composites offer several advantages over synthetic fiber-reinforced composites. These advantages include lower density, reduced costs, non-abrasive characteristics, biodegradability, and renewability. Consequently, the increasing awareness and concern regarding the social and environmental impacts of conventional materials are driving manufacturers to shift towards eco-friendly materials, which is expected to stimulate the growth of the wind turbine composites market throughout the forecast period.
The global wind turbine composites market is categorized by resin type, including polyester, epoxy, polyurethane, vinyl ester, and others. In 2022, the epoxy segment dominated the market, holding the largest share. The polyester segment is also projected to be a significant area of interest from 2022 to 2030. Polyester resins are produced through the reaction of polyols, such as glycol or ethylene glycol, with dibasic acids like phthalic acid or maleic acid. Fibers made from polyesters create a stable and robust ion-molecule structure.
Regionally, the global wind turbine composites market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2022, the Asia Pacific region accounted for the largest revenue share in the global wind turbine composites market. North America is also expected to emerge as a key region in the near future. Government initiatives aimed at advancing the wind energy sector and a significant increase in installed wind capacity are crucial factors contributing to the growth of the wind turbine composites market in North America. Wind energy is the leading source of renewable energy in the United States, generating nearly half of the total renewable energy output.
Key players in the global wind turbine composites market include Avient Corp, Toray Industries Inc, SGL Carbon SE, Owens Corning, Gurit Holding AG, Hexion Inc, Hexcel Corp, Exel Composites Oyj, EPSILON Composite SA, and Covestro AG. These companies are employing various strategies, such as investing in research and development and launching new products, to establish themselves as strong competitors in the market. Market participants are particularly focused on developing high-quality and innovative products to meet customer demands.
The overall size of the global wind turbine composites market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the information and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the global wind turbine composites market.