Wind Energy Expansion Spurs Demand for Lightweight Composites: Asia-Pacific Leads Growth

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Sep 29, 2023, 20:00 ET

DUBLIN, Sept. 29, 2023 /PRNewswire/ -- The "Wind Turbine Composite Materials - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global Wind Turbine Composite Materials market is on an upward trajectory, with an estimated value of US$13.3 billion in 2022 and a projected expansion to US$23.2 billion by 2030. This substantial growth is expected at a strong CAGR of 7.2% over the analysis period from 2022 to 2030.

Glass Fiber and Carbon Fiber Lead the Way

Within the Wind Turbine Composite Materials market, the Glass Fiber segment is anticipated to achieve a solid 7% CAGR, reaching a value of US$12.9 billion by the end of the analysis period. The Carbon Fiber segment is also notable, with estimated growth at a robust 7.7% CAGR over the next eight years.

Global Leaders and Geographic Highlights

The United States Wind Turbine Composite Materials market is estimated at US$1.4 billion in 2022, indicating significant growth potential. Meanwhile, China, the world's second-largest economy, is poised to reach an impressive projected market size of US$5.5 billion by 2030, driven by a compelling CAGR of 8.6% from 2022 to 2030. Other noteworthy geographic markets include Japan and Canada, each forecasted to experience steady growth at 5.5% and 6.5%, respectively, during the 2022-2030 period. Within Europe, Germany is expected to grow at a solid 6.5% CAGR.

Key Competitors

Gurmit Holding AG
LM Wind Power
Molded Fiber Glass Companies
Teijin Limited
Toray Industries, Inc.
TPI Composites, Inc.
Vestas Wind Systems A/S
Siemens Gamesa Renewable Energy, S.A.

Optimistic Economic Outlook

The global economic outlook is showing signs of improvement, with growth recovery expected for the upcoming years. The United States has successfully navigated recession threats despite slowing GDP growth. In the Euro area, easing headline inflation is boosting real incomes and driving economic activity. China is poised for substantial GDP growth as the pandemic recedes, and India is on track to become a trillion-dollar economy by 2030, surpassing Japan and Germany.

Despite these positive trends, various challenges persist, including uncertainty around the war in Ukraine, slower-than-expected global headline inflation decline, and ongoing food and fuel inflation in developing countries. High retail inflation is affecting consumer confidence and spending. Governments are addressing these challenges by raising interest rates to combat inflation, which may impact job creation and economic activity. The regulatory environment is also tightening, with growing pressure to integrate climate change into economic decisions.

Investment Opportunities in Emerging Technologies

While corporate investments may face inflation-related concerns and weaker demand, the rise of new technologies presents opportunities. Generative AI, applied AI, machine learning industrialization, next-generation software development, Web3, cloud and edge computing, quantum technologies, electrification, renewables, and climate technologies are poised to reshape the global investment landscape. These technologies have the potential to drive significant incremental growth and value to global GDP in the coming years.

In this dynamic environment, businesses and leaders who exhibit resilience and adaptability are well-positioned to seize the opportunities that lie ahead.

What`s New?

Special discussions on the global economic climate and market sentiment
Coverage on global competitiveness and key competitor percentage market shares
Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to digital archives and trademarked research platform
Complimentary updates for one year
Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Amid Concerns over Climate Change, Shift Towards Clean, Renewable and Sustainable Energy Sources Gathers Momentum
Spike in Emissions Shifts Focus on Renewables for Powering a Safer Future: Global CO2 Emissions (In Billion Metric Tons) for Years 1930, 1940, 1950, 1960, 1970, 1980, 1990, 2000, 2010, 2020, 2021, 2022 & 2023
Global Clean Energy Investments (In US$ Billion) for Years 2017, 2019, 2021, and 2023
Myriad Benefits Make Wind Energy the Most Attractive of All Renewable Energy Sources
Global Economic Update
From Pandemic to War & Inflation: "Gloomy Outlook for 2023 Despite Signs of Easing Inflationary Conditions"
Here's How Inflationary Pressures Affect the Economy
Russia-Ukraine War, the Primary Culprit Responsible for the Hardships
Although Past Peak in 2023, Efforts to Solve the Inflation Puzzle Should Continue
Here's What's Causing Inflationary Pressures in the Global Market
Shaken by the War, Global Oil Prices Spiral and Feed Inflationary Pressures, Guiding the World Towards a Cost of Living Crisis: Global Average Annual Brent Crude Oil Price (In US$ Per Barrel) for Years 2017 through 2024
War-Induced Commodity Price Increases & Broad Based Price Pressures Mark the Return of Global Inflation to the Highest Level Seen Since 1996: Global Inflation Rates (In %) for the Years 2019 Through 2024
Although Facing a Lower Recession Risk, Global Economic Growth in 2023 to Slowdown Amid War, Inflation, Elevated Interest Rates & Marginal Easing of Inflation: World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2020 Through 2024
Recession Triggered by Uncontrolled Inflation or Unemployment, Which is the Greater Evil? Inflation Battling Policy Measures to Slowdown Post Pandemic Recovery in Unemployment Rates: Global Number of Unemployed People (In Million) for Years 2019 Through 2024
Pandemic Enhances Focus on Renewables
Wind Energy Supply Chains Disrupted amid COVID-19 Pandemic
Composite Materials Unlocking New Narratives for Wind Turbine Structures
The Need for Composites
Materials for Turbine Blades
Global Market Outlook
Glass Fiber Leads, Carbon Fiber to Drive Future Gains
Wind Turbine Blades: The Largest Application Segment
Asia-Pacific and China Emerge as High-Growth Regions
Competition
Wind Turbine Composite Materials - Global Key Competitors Percentage Market Share in 2023 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Consistent Rise in Wind Energy Installations Boost Demand for Composite Materials
Global Wind Power Generation (in TWh) for 2015-2021
Wind Power Cumulative Capacity (in GW) for 2015-2021
Rising Significance of Lightweight and High Efficiency Materials Fuels Demand for Composites
Market Benefits from the Growing Demand for Longer Rotor Blades to Increase Wind Output
Breakdown of Average Hub Height of Wind Turbines in the US for 2011 and 2021
Breakdown of Average Rotor Diameter of Wind Turbines in the US for 2017 and 2021
Turbine Blades Grow Bigger & Longer
Carbon Fiber Materials Enable Development of Longer Blades
Growing Preference for Carbon Fiber over Glass Fiber in Wind Energy Sector
Carbon Fiber: An Enabling Technology for Turbine Blades
Focus on Lightweight Materials: A Boon for Carbon Fibers
Trend towards Longer & Lightweight Blades Bodes Well for Carbon Fiber Market
Prepreg Market to Gain from the Significant Growth Potential of the Wind Energy Sector
Prepregs Hold Promise as Replacement for Resin-Infused Glass Fiber in Wind Blade Spar Caps
Installations of Small Wind Turbines Promise Market Growth
World Small Wind Market: Annual Sales in US$ Million for Years 2017 through 2025
Government Support for Renewables Fuels Wind Power Installations, Driving Growth in Wind Energy Composite Materials
Targets for Electricity Production from Renewable Energy Sources in Select Countries
Sustainability Touch to Wind Turbine Blades with New Thermoplastic Resins
Use of Thermoset Composites in Wind Energy Segment Gains Momentum
Composite Manufacturers Focus on Enhancing Energy Efficiency of Wind Turbines
Using Fabric to Make Wind Turbines: Efficient and Sustainable
New Materials for Wind Power
Wind Turbine Domain Set to Make Impressive Strides with Composite-Led Innovations
Major Challenges Facing Wind Turbine Composites Market
Growing Concerns Over Disposing End-of-Life Turbine Composites
Recycling of Wind Turbine Blades

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/2sesld

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