Global Wind Turbine Composite Material Market Report and Forecast 2024-2032

Global Wind Turbine Composite Material Market Outlook

The global wind turbine composite material market size reached approximately USD 12.28 billion in 2023. The market is further projected to grow at a CAGR of 7.8% between 2024 and 2032, reaching a value of USD 24.41 billion by 2032.

Key Trends in the Market

Wind turbine composites refer to composites that are used for reinforcing materials in various wind applications. The utilisation of these composites offers various advantages including low maintenance costs, long shelf life, and resistance against corrosion, among others. The different types of wind turbine composite fibres include glass fibre and carbon fibre.

• The rising adoption of wind energy due to increasing environmental concerns is bolstering the wind turbine composite material market growth. The low operation costs and provision of clean energy is propelling the popularity of wind power.

• The increasing research and development activities by various key players of the market and research institutions to enhance the properties of wind turbine composites and reduce the costs of manufacturing is aiding the market expansion.

• The increasing awareness about the various advantages associated with the utilisation of wind turbine composites is providing lucrative growth opportunities to the market. The composites assist in increasing the stiffness and strength of the structural components of the wind turbine while also providing high strength to wind ratio and corrosion resistance, among others.

Global Wind Turbine Composite Material Market Analysis

On the basis of resin type, the market is divided into polyester, epoxy, and vinyl ester, among others. Based on fibre type, the market is bifurcated into carbon fibre and glass fibre. On the basis of technology, the market is segregated into prepreg, vacuum injection moulding, and hand lay-up.

Based on application, the market is classified into nacelles and wind blades, among others. On the basis of region, the wind turbine composite material market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Toray Industries, Inc. 

• Hexcel Corporation 

• Teijin Ltd. 

• Exel Composites Oyj 

• Huntsman International LLC 

• TPI Composites Inc. 

• Gurit Services AG 

• China National Building Material Group Co., Ltd.  

• Reliance Industries Limited 

• Molded Fiber Glass Companies 

• Others

Market Share by Application

Blades are anticipated to account for a significant wind turbine composite material market share. The rising demand for wind energy is bolstering the requirement for large wind blades for extended high power output. The utilisation of composites on wind turbine blades provides them with high strength to weight ratio, resistance to corrosion, long shelf life, improved fatigue resistance, and higher stiffness, among others.

Market Share by Region

The Asia Pacific is expected to witness significant growth over the forecast period. This growth can be attributed to the emergence of electronic devices in various countries across the Asia Pacific and the increasing energy requirements due to the rapid population growth. The strong presence of several key market players in the region including Toray Industries, Inc. and Teijin Ltd., among others is supporting the market expansion in the region and bolstering the wind turbine composite material market demand.

Competitive Landscape

Toray Industries, Inc., headquartered in Tokyo, Japan, is one of the leading chemical manufacturing companies that is involved in the production of fibres and textiles, performance chemicals, and carbon fibre composite materials.

Hexcel Corporation, headquartered in Connecticut, United States, is involved in the manufacture of resin systems and carbon fibre reinforcements. The company also specialises in wind energy, composite technology, and commercial aerospace, among others.

Teijin Ltd., headquartered in Tokyo, Japan, is one of the leading pharmaceutical, information technology, and chemical company that was founded in 1918. The company is involved in the production of films, plastics, advanced fibres, and carbon fibres, among others.

Other wind turbine composite material market key players include Exel Composites Oyj, Huntsman International LLC, TPI Composites Inc., Gurit Services AG, China National Building Material Group Co., Ltd., Reliance Industries Limited, and Molded Fiber Glass Companies, among others.

Key Highlights of the Report