Global Wind Turbine Composite Materials Market 2017-2021
- Published: Apr 2017
- Pages: 70
- SKU: IRTNTR12103
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This industry research report identifies Cytec Solvay Group, Gurit, Teijin, Toray, and TPI Composites as the key vendors in the global wind turbine composite materials market. This industry research report also presents a competitive analysis of the market by resin type (thermosets and thermoplastics), by fiber composite (glass fiber and others) and by geography (the Americas, APAC, and EMEA).
Overview of the global wind turbine composite materials market
Market research analysts at Technavio predict that the global wind turbine composite materials market will grow steadily during the forecast period and post a CAGR of more than 7% by 2021. This market research analysis identifies the population growth, urbanization, and growing power requirement as one of the primary growth factors for this market. Migration from the rural to urban areas has led to urbanization as well as population growth in the urban areas. Adequate support must be provided through advanced technologies, capital investments, and growth-driven policies to adjust with the demand for the growing infrastructure. While the developed economies focus on renewing aging structures, the emerging economies are constantly focusing on support structures for the sustaining the growth, subsequently fueling market growth.
This market research report identifies APAC as the largest contributor for revenue to this market throughout the forecast period. The region has several large manufacturing units in the region along with design, operations and maintenance expertise, and state-of-the-art-technology. The market is driven by factors such as the increased focus on development, energy requirement, and rapid industrialization. Additionally, the exponential growth of the population in the region which drives the need for infrastructure development, automobiles and other essentials like growing energy requirements, will also augment the market’s growth prospects in this region.
Competitive landscape and key vendors
This market consists of several large vendors and many regional vendors mainly in the APAC region. The market is witnessing surge in the entry and exit of new vendors due to the growing industrialization in developing regions. Factors such as product performance and quality, price, product availability, security of supply, and customer service along with customer-centrism, influences the level of competition in the market. To cater to the demand of the customers, the vendors are constantly innovating their product offerings.
The leading vendors in the market are -
- Cytec Solvay Group
- TPI Composites
The other prominent vendors in the market are Axiom Materials, HC Composite, Hexcel, Molded Fiber Glass Companies, SGL Group, TenCate, and Vestas.
Segmentation by resin type and analysis of the wind turbine composite materials market
During 2016, the thermosets segment accounted for the major shares and dominated this market. Factors such as the resins being low-cost alternatives, ease of processing, and faster cycle time will contribute to the growth of this industry segment in the coming years. Epoxy resins offer better fatigue properties and are stronger and durable than polyester resins. Additionally, the manufacture of epoxy composites is relatively environment-friendly than polyester composites. However, the new age polyesters are proving to meet all the durability, strength, and fatigue requirements.
Segmentation by fiber composite and analysis of the wind turbine composite materials market
- Glass fiber composite
- Carbon fiber, aramid fiber, and basalt fiber
During 2016, the glass fiber composite segment dominated the market and held the majority of market share due to the high strength and surfacing characteristics possessed by it. Glass fiber prepregs are highly preferred as they offer benefits such as good surface finish, room temperature storage, and balanced epoxy resin content.
Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global wind turbine composite materials market?
- What are the key market trends impacting the growth of the global wind turbine composite materials market?
- What are the challenges to market growth?
- Who are the key vendors in the global wind turbine composite materials market?
- What are the market opportunities and threats faced by the vendors in the global wind turbine composite materials market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global wind turbine composite materials market?
Technavio also offers customization on reports based on specific client requirement.
The growing consumption of electricity across the globe is inducing several countries such as the US to increase the installation of wind turbines. Additionally, rising awareness towards the need for the reduction of greenhouse gas emissions that is leading to a drop in the usage of coal-based power plants for power generation is also driving the adoption renewable energy sources, such as wind and solar, for power generation purposes. However, the increasing size of wind turbines is also resulting in inherent inefficiencies; thus, inducing vendors to develop innovative wind tower components using composite materials. Consisting of a number of global composite material manufacturers, the wind turbine composite materials market is quite competitive. By considering the various parameters such as the preferences of customers, technological innovations, factors influencing market growth, and the key competitors, the global market research firm Technavio, provides a collection of industry research reports that will help clients in the chemicals and materials industry enhance their revenue shares. Additionally, Technavio’s reports also provide detailed information on major companies who hold dominant positions in the industry’s regional and global markets.
Technavio’s analysts follow a mix of proven primary and secondary research techniques and consider factors such as the demand for products across various geographical regions and precisely identify the industry’s growth prospects. This will help players in this market space deduce effective growth strategies. With complete information on parameters such as the products and services offered by competitors coupled with the usage of appropriate analytical tools, our upcoming market research report on wind turbine composite materials for the forecast period of 2017 to 2021 will help clients understand the constantly changing landscape for the chemicals and materials industry.
This upcoming report on wind turbine composite materials also considers the growth of the similar markets such as direct drive wind turbine that will grow at a CAGR of more than 11% by 2021 and wind turbine components, which is expected to grow at a CAGR of almost 12% during the period 2016 to 2020. According to our experts, the various benefits of composite materials over conventional materials and the increased support from the governments of various countries towards power generation using wind turbines will be significant factors that drive market growth in the next few years. To help the regional or domestic businesses improve their market positions, Technavio also provides customized reports based on the specifications of clients.
The upcoming industry research report for wind turbine composite materials also identifies the major drivers, trends, as well as the challenges currently experienced by vendors in the chemicals and materials industry. It also presents insights into the changing competitive landscape to give you a realistic picture of the future direction of the industry.
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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