Global Wind Turbine Composite Materials Market 2017-2021
About Wind Turbine Composite Materials
The global fossil fuel dependency is expected to cause significant social and economic fluctuations. An economy that is based on fossil fuel is highly unsustainable. The efforts taken to reduce such an impact and reduce its usage and dependence has paved way for alternate and renewable sources of energy. Alternate sources, such as wind energy, is one of the most sought after options since it is the least expensive power generating option. Increasing number of locations for capacity additions in newer markets such as Africa, Asia, Central, and South America is driving the wind power generation. Both onshore and offshore wind power generation have contributed to the improvement of wind energy's economics in varied operating conditions and wind regimes.
Technavio’s analysts forecast the global wind turbine composite materials market to grow at a CAGR of 7.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global wind turbine composite materials market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Wind Turbine Composite Materials Market 2017-2021
Technavio recognizes the following companies as the key players in the global wind turbine composite materials market: Cytec Solvay Group, Gurit, Teijin, Toray, and TPI Composites.
Other Prominent Vendors in the market are: Axiom Materials, HC Composite, Hexcel, Molded Fiber Glass Companies, SGL Group, TenCate, and Vestas.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is emergence of bio-based products. Over the past few years, vendors in the chemical industry have been making efforts for using sustainable processes that will have a negligible impact on the environment. Such activities include the development of bio-based products derived from renewable sources. This has also been helping vendors to gain a competitive edge. The R&D of these materials is not a novel concept in the industry.”
According to the report, one driver in market is wind power capacity additions. Wind energy is emerging as a low-cost renewable source of energy for the generation of electricity, with developed regions such as North America and Western Europe accounting for the highest investments in the total wind tower installations across the globe. It is a high-potential application area for carbon fiber composites, with turbine blades being the fastest growing product in this segment. Thermoset prepregs are widely used for the manufacture of wind turbines as these exhibit superior performance characteristics such as high strength-to-weight ratio and durability. An increasing number of vendors in the market are focusing on the R&D of technologically advanced products for such applications. The introduction of new low-cost carbon fiber prepregs for wind energy applications is expected to trigger the manufacture of wind turbine blades that are stronger, lighter, and longer, thereby create more energy as compared with shorter blades.
Further, the report states that one challenges in market is volatile nature of raw material price and the market. The composites used for wind turbine applications are 30%-35% more expensive than steel, concrete, and thermoplastics. In addition, limitations on the supply and increase in the prices of raw materials such as epoxy, carbon fiber, aluminum foil, phenolic resins, fiberglass yarns, and aramid paper will affect the profit margins of the vendors. The difficulties faced during recycling are hindering the use of these fibers in large volume segments. There has been a significant lack of supply for the availability of these fibers. Lack of production techniques and material engineering experience are resulting in an extended manufacturing cycle and preventing investments from other manufacturers.
Cytec Solvay Group, Gurit, Teijin, Toray, TPI Composites,\ Axiom Materials, HC Composite, Hexcel, Molded Fiber Glass Companies, SGL Group, TenCate, and Vestas.