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 turbines. According to the research published by MarketsandMarkets, the blades segment is 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 is accounted for the largest share, though major manufacturers currently investigate the use of basalt fiber as a reinforcement material.
The key factors propelling the demand for glass fiber composites such as good strength, chemical resistance, good stiffness and cost effectiveness are also among the major properties of basalt fiber.
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 government support of green energy projects.
The initiatives to support renewable energy, 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.
The key players operating in the wind turbine composite market are also TPI Composites, Inc. (U.S.), Gamesa Corporation Technology (Spain), Vestas Wind Systems A/S (Denmark), and Suzlon Energy Limited (India). 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.