Global Wind Turbine Composite Materials Market to Reach US$23.1 Billion by 2030

The global market for Wind Turbine Composite Materials estimated at US$14.3 Billion in the year 2023, is expected to reach US$23.1 Billion by 2030, growing at a CAGR of 7.2% over the analysis period 2023-2030. Glass Fiber, one of the segments analyzed in the report, is expected to record a 6.9% CAGR and reach US$12.9 Billion by the end of the analysis period. Growth in the Carbon Fiber segment is estimated at 7.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.5 Billion While China is Forecast to Grow at 8.5% CAGR

The Wind Turbine Composite Materials market in the U.S. is estimated at US$1.5 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.4 Billion by the year 2030 trailing a CAGR of 8.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.8% and 6.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.4% CAGR.

Global Wind Turbine Composite Materials Market - Key Trends & Drivers Summarized

Wind turbine composite materials are integral part of wind turbines and find use in the production of components like rotor blade, tower, hubs and nacelles. Composite material involves a mix of fiber and matrix, which imparts greater physical strength and enables load to be distributed in the composite. Matrix material acts like a binder and helps in maintaining space of fiber material, thus ensuring that fiber remains protected against environmental factors and against abrasion damage. Composite materials are finding increasing acceptance for blade reinforcements, spar caps, blade laminates, blade root joints, carrots and spacers. These materials are generally used within access structures like platforms and ladders along with cable management systems and generators as insulating solutions. The lightweight yet strong nature of composites allows for the production of longer, more aerodynamically efficient blades that can capture more wind energy and operate under varying climatic conditions. Composite materials also offer superior resistance to fatigue and corrosion, making them ideal for the harsh environments where wind turbines are often installed, such as offshore wind farms. The use of composites not only enhances the performance of wind turbines but also contributes to lower maintenance costs and longer operational lifespans.

Advancements in the production and application of composite materials have significantly influenced the wind energy sector. Research and development efforts focused on creating new types of low cost advanced composites will further fuel use of composites in wind turbine components. Technological advancements in composites are also enabling development of components with improved benefits. For instance, turbines with higher energy efficiencies, ultra-low energy usage and higher performance are being developed. Increasing appeal of composite materials is attributed to ongoing advances that are boosting reliability and performance of composites. Continuing advances are anticipated to enable availability of composites with enhanced strike and heat resistance. The emergence of smart composites is slated to further bolster their demand within the wind turbine industry.

The growth in the wind turbine composite materials market is driven by several factors. Driven by the continuous rise in installation of wind turbines globally, the demand for composite materials used in the manufacture of various structural parts of turbines is on the rise. Growing wind generation capacity and consistent rise in demand for larger blades fuel market gains. With strict environmental regulations being implemented to reduce emissions related from conventional fuels, the wind generation projects have been gathering pace in the recent years. Supportive government policies and regulations are also contributing towards increased investments in alternative energy sources like wind energy, thus supporting demand for composite materials. Government funding into wind energy projects continues to grow. The constantly growing installations of offshore wind power projects in particular offer tremendous growth opportunities. The continuous reduction in cost of composite materials over the years also offers support for the market’s growth. The ongoing research and development efforts to create more advanced and cost-effective composite materials are expected to support the continued growth of the market by enabling the production of superior components at lower costs.