Overview:
The need for cleaner ways to produce energy has increased the usage and installation of wind turbines. Composite materials are used to enhance the properties of materials against factors like abrasion and corrosion. Wind Turbine Composites help reduce the weight of blades without compromising its physical properties. With increasing installations of the wind turbine, the Global Wind Turbine Composites Market is projected to show nearly 09 % annual growth.
Varying sizes of blades and an increase in usage of composite materials will accelerate the market growth. These composites help increase the strength and elasticity of the product. Application of composites also has played a significant in increasing the life of Wind Turbines. Increasing demand for lightweight materials is also an important factor in helping the market to gain pace.
The Global Wind Turbine Composites Market is also facing some difficulties like the high cost of raw materials such as epoxy resin and problems related to the recycling of composite materials. The primary factor propelling the growth of this market is globally increasing demand for greener energy. Epoxy resin has also opened another gate of success with its usability in constructions & building industry.
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Segments of the Wind Turbine Composites Global Market:
The Global Wind Turbine Composites Market is divided into four segments:
Fiber-Based: Glass fiber, carbon fiber and others are the types of fiber available. The glass fiber is projected to be the major contributor in the market.
Resin-Based: Epoxy, vinyl ester and other types of resins are there. Due to the increase in constructional activities, the epoxy ester type resin is projected to show the most significant growth rate.
Process-Based: Prepeg, vacuum injection and lay-up processes are there. Because of its cost-effective properties, the vacuum injection process will be the largest among all.
Applications: These composites are used in blades, hub, tower and other places.
Recent Industry News:
The cleaner ways of energy production are getting famous around the world; hence the demand for wind turbines is increasing. The market is facing challenges regarding high raw materials cost and recycling of the composites. Glass fiber will lead the market. Asia pacific is the current market leader and will stay in the same place during the survey period.
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Regional Overview:
Asia Pacific, Europe, America and The Middle East & Africa are the major Global Wind Turbine Composites Market.
The Asia Pacific region is the major market currently due to an increase in demand for lightweight materials, adoption of greener ways to produce energy and large installations of wind farms. China. India and Japan are the major market shareholder of this region due to increased awareness and increased demand for electricity.
Next is the American region. In this region, North America has come out to be the major consumer and producer of such materials. Large-scale investments for better sources of energy are also propelling market growth.
The European market is also making extraordinary progress in this field. In this market, the primary emphasis is on searching for better alternatives. Hence investments are being made in this direction.
Rest of the regions are also getting aware of the cost-effective nature and ecofriendly ways of power production and are showing the interest; as a result, the market has started to flourish here.
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