Global Wind Turbine Composite Materials Market to Witness 7.8% CAGR During 2016 - 2022: P&S Market Research

Jun 28, 2016, 08:30 ET from P&S Market Research

NEW YORK, June 28, 2016 /PRNewswire/ --

According to market research "Global Wind Turbine Composite Materials Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Type (Fiber, Resin, Others) by Application (Wind Blade, Nacelle, Others)" by P&S Market Research, the global wind turbine composite materials market was valued at $3,970.4 million in 2015, and it is expected to grow at a CAGR of 7.8% during 2016 - 2022.

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The factors driving the growth of the global market include increased government support for wind power projects, and stringent environmental regulations, and several benefits of composite materials over conventional materials. Moreover, the increasing need for energy independence and geopolitical energy security, and increasing wind power capacity across the globe is indirectly creating huge demand for composite materials in wind turbine manufacturing. The massive unexplored market in Latin America, and Middle East and Africa, along with increasing research and development for low cost advanced materials is creating huge opportunities in the global wind turbine composite materials market.

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Asia-Pacific was the largest market for wind turbine composite materials in 2015. The region is expected to remain the largest segment throughout the forecast period. High energy demand in the region and significant growth in the wind energy industry are driving the growth of the wind turbine composite materials market in Asia-Pacific. China held the largest share in the Asia-Pacific as well as global wind turbine composite materials market in 2015. Middle East and Africa is expected to be the fastest growing market for wind turbine composite materials during 2016 - 2022, owing to the several anticipated wind power projects in the region.

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Some of the key players operating in the global market are Cytec Solvay Group, Toray Industries Inc., Koninklijke Ten Cate NV., Gurit Holding AG, Hexcel Corporation, Teijin Limited, TPI Corporation, and Molded Fiber Glass Companies.


By Type 

  • Fiber
    • Glass Fiber
    • Carbon Fiber
    • Others
  • Resin
    • Epoxy
    • Polyester
    • Polyurethane
    • Vinyl Ester
    • Others
  • Others

By Application 

  • Wind Blade
  • Nacelle
  • Others

By Region 

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
  • Rest of Middle East and Africa

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