Wind Turbine Composites Market By Product Type (Glass Fiber Composites, Carbon Fiber Composites, Hybrid Composites, Resin Systems, Core Materials), By Application (Blade Manufacturing, Nacelle Components, Tower Components), By End-Use Industry (Onshore Wind Turbines, Offshore Wind Turbines), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Wind Turbine Composites Market was valued at USD 13.9 billion in 2023 and will surpass USD 21.7 billion by 2030; growing at a CAGR of 6.6% during 2024 - 2030.

The wind turbine composites market plays a crucial role in the renewable energy sector, contributing to the development of more efficient, durable, and cost-effective wind turbine components. Composites, including glass fiber, carbon fiber, and hybrid materials, are used extensively in wind turbine blades, nacelles, towers, and other structural parts due to their lightweight, high strength, and resistance to environmental conditions. With the increasing global focus on renewable energy, the demand for advanced wind turbine composites is expected to rise, driven by the growth of both onshore and offshore wind projects. The market is highly dynamic, with advancements in materials technology and innovations designed to improve performance, sustainability, and cost-effectiveness.

Product Type Segment is Largest Owing to Glass Fiber Composites

In the product type segment, glass fiber composites are the largest sub-segment due to their cost-effectiveness and superior mechanical properties for wind turbine applications. Glass fiber composites offer a combination of strength, lightweight characteristics, and resistance to fatigue, making them ideal for large-scale wind turbine blades. This material is used extensively in onshore and offshore wind turbine blades, where it helps optimize energy efficiency while maintaining durability under harsh environmental conditions. As wind turbine size continues to increase to capture more wind energy, the demand for glass fiber composites remains strong, reinforcing its position as the largest sub-segment in the market.

The continued adoption of glass fiber composites is also driven by their relative affordability compared to alternative materials such as carbon fiber. This makes them an attractive option for both established turbine manufacturers and new market entrants looking to balance performance with cost. With technological advancements aimed at further enhancing the properties of glass fiber composites, their demand is expected to continue expanding in the coming years.

Application Segment is Fastest Growing Owing to Blade Manufacturing

Blade manufacturing is the fastest-growing application segment in the wind turbine composites market. The demand for larger, more efficient blades to improve the energy output of wind turbines has led to an increased need for advanced composite materials. The evolution of wind turbine blade design, including longer blades and improved aerodynamics, requires the use of high-performance composites that can provide the necessary strength-to-weight ratio. As turbine manufacturers strive to increase turbine efficiency and performance, composites like glass and carbon fibers are crucial in the production of these larger blades.

This growth is further supported by the rise of offshore wind energy projects, which require even more durable and efficient blades to withstand challenging environmental conditions. Blade manufacturing is becoming more advanced, incorporating hybrid composites that combine the benefits of different materials, resulting in improved strength, longevity, and energy generation capabilities. As the global wind energy industry pushes toward increasing the scalability and performance of turbines, the demand for composite materials in blade manufacturing will continue to accelerate.

End-Use Industry Segment is Largest Owing to Onshore Wind Turbines

The onshore wind turbine sector is the largest end-use industry in the wind turbine composites market. Onshore wind turbines are widely deployed across various regions due to their cost-effectiveness and proven performance. The lower installation and maintenance costs, compared to offshore wind turbines, have made onshore wind farms a preferred choice for many countries aiming to expand their renewable energy capacity. Consequently, the demand for composites used in onshore wind turbine blades, nacelles, towers, and other components remains high.

Onshore wind projects continue to account for the largest share of global wind energy generation, particularly in regions such as North America, Europe, and China. The strong growth in onshore installations, coupled with advancements in turbine technology, is driving the sustained demand for composites in this segment. As countries work toward achieving renewable energy targets, the onshore wind sector will continue to dominate the market for wind turbine composites.

Region Segment is Fastest Growing Owing to Asia-Pacific

Asia-Pacific is the fastest-growing region in the wind turbine composites market. The region's rapid industrialization, coupled with increasing energy demand, has led to substantial investments in renewable energy, particularly in wind power. Countries such as China, India, and Japan are focusing on expanding their wind energy capacity, which has significantly increased the demand for wind turbine components made from advanced composites. In particular, China, as the largest producer and consumer of wind turbines, is driving the market's growth in the region.

The Asia-Pacific region’s commitment to achieving renewable energy targets, along with favorable government policies, is fostering rapid expansion in wind turbine installations, both onshore and offshore. With the region's significant potential for wind energy generation, Asia-Pacific is expected to continue leading the global wind turbine composites market in terms of growth rate.

Competitive Landscape and Leading Companies

The competitive landscape of the wind turbine composites market is characterized by the presence of several key players that are focused on enhancing their product offerings through technological innovation, mergers and acquisitions, and partnerships. Leading companies in the market include Vestas Wind Systems, Siemens Gamesa Renewable Energy, LM Wind Power, TPI Composites, and Hexcel Corporation. These companies are heavily involved in the research and development of new composite materials, such as hybrid composites, to improve the performance of wind turbines.

The competition in the market is intensifying as companies strive to address the growing demand for larger, more efficient wind turbines. This has led to a focus on developing high-performance materials that provide the necessary strength, lightness, and durability to withstand the forces acting on wind turbine components, particularly in offshore environments. As the market continues to expand, collaborations and strategic partnerships will play a crucial role in maintaining competitiveness and driving innovation in wind turbine composite materials.

List of Leading Companies:

• GE Renewable Energy
• Siemens Gamesa Renewable Energy
• Nordex SE
• Vestas Wind Systems
• Suzlon Energy
• LM Wind Power
• Mitsubishi Heavy Industries
• TPI Composites
• Saint-Gobain Vetrotex
• Toray Industries
• Hexcel Corporation
• Teijin Limited
• SGL Carbon
• Jushi Group
• Owosso Motor Car Company

Recent Developments:

• GE Renewable Energy and LM Wind Power have announced the launch of a new, sustainable blade material, designed to reduce production costs and increase blade efficiency for both onshore and offshore turbines.
• Siemens Gamesa has entered into a partnership with Toray Industries to advance the use of carbon fiber composites in wind turbine blades, aiming to reduce weight and improve blade performance for larger turbines.
• Vestas Wind Systems unveiled a new offshore turbine blade design that incorporates hybrid composite materials, aimed at improving energy output and reducing the environmental impact of turbine manufacturing.
• TPI Composites has expanded its manufacturing facilities to meet the increasing demand for wind turbine blades, particularly for offshore installations, further solidifying its position in the global market.
• Nordex SE has completed the acquisition of advanced composite blade manufacturing technology, enhancing its capabilities in producing high-efficiency wind turbine blades for both onshore and offshore applications.

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