North America Wind Turbine Composites Market Forecast to 2030
North America Wind Turbine Composites Market Forecast to 2030 – Regional Analysis – by Fiber Type (Carbon Fiber Composites, Glass Fiber Composites, and Others), Resin Type (Polyester, Epoxy, Polyurethane, Vinyl Ester, and Others), Technology (Resin Infusion, Prepreg, Lay Up, and Others), and Application (Blades and Nacelles)
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Description
Increasing Length of Wind Turbine Blades Fuels North America Wind Turbine Composites Market
Wind turbine blades generate lift with the help of their curved shape. The rotor blades are designed in such a way that it generates the right amount of rotor blade lift and thrust, which creates optimum deceleration of the air and increases blade efficiency. Wind turbine blades are shaped to extract the maximum power from the wind at a low construction cost. Therefore, wind turbine blade manufacturers are always looking forward to manufacturing a more efficient blade design. Continuous improvements have been initiated in the design of wind blades to generate new wind turbine designs that are comparatively more compact, silent, and capable of producing more power from less wind. This includes increasing the length of blades to improve the efficiency.
The efficiency of the wind turbine is mainly dependent upon the aerodynamic shape and length of the blades, along with the materials used to produce the blades. Wind turbine blades are the most significant yet high-cost component in wind turbines. The use of composite material in blade applications depends upon the strength and stiffness offered by the material, along with low density. By improving the length of wind turbine blades, 7.5% more electricity can be produced in comparison to those smaller blades. Companies are continuously aiming towards the development of lightweight, cost-effective, and eco-friendly materials for the production of wind turbine blades. This factor is boosting the demand for advanced composite material in wind turbines, which is fueling the market growth.
North America Wind Turbine Composites Market Overview
The North America wind turbine composites market is segmented into the US, Canada, and Mexico. The US is a major contributor to market growth in this region. Government initiatives for developing the wind energy sector and a rapid upsurge in installed wind capacity are key factors favoring the proliferation of the wind turbine composites market in North America. Wind power is the largest renewable energy source in the US, which generates nearly half of the total renewable energy. Texas has the most wind turbine capacity among other states. Moreover, wind is the most prevalent source of electricity generation in states such as Iowa and Kansas. The US recorded the historically highest installation of wind turbine capacity in 2020. Moreover, it remained the largest market for new onshore additions, driven by the scheduled phase-out of the full-rate Production Tax Credit (PTC) in 2020.
Canada is one of the prime countries producing and using renewable power. The country invests heavily in new energy storage technologies to support clean energy generation activities. According to the Canadian Renewable Energy Association’s (CanREA) year-end data, the wind energy sector in Canada grew significantly in 2022. The wind and solar industries in the country accounted for ~4,462 person-years of employment in 2022. Various onshore and offshore wind power projects are planned in the country for the next 10 years. Further, wind energy capacity has rapidly increased over the last decade in Mexico.
According to Mexico Energy Partners LLC., the country had a cumulative installed wind capacity of 8.3 GW in 2021, and it represents ~9% of the total electricity generation of the country. Thus, the demand for wind turbine composites is increasing due to the rising focus of North American countries on expanding installed capacities and investing in new wind projects.
North America Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million)
North America Wind Turbine Composites Market Segmentation
The North America wind turbine composites market is segmented based on fiber type, resin type, technology, application, and country.
Based on fiber type, the North America wind turbine composites market is segmented into carbon fiber composites, glass fiber composites, and others. The glass fiber composites segment held a larger share in 2022.
In terms of resin type, the North America wind turbine composites market is categorized into polyester, epoxy, polyurethane, vinyl ester, and others. The epoxy segment held the largest share in 2022.
By technology, the North America wind turbine composites market is segmented into resin infusion, prepreg, lay up, and others. The resin infusion segment held the largest share in 2022.
Based on application, the North America wind turbine composites market is bifurcated into blades and nacelles. The blades segment held a larger share in 2022.
Based on country, the North America wind turbine composites market is segmented into the US, Canada, and Mexico. The US dominated the North America wind turbine composites market in 2022.
Avient Corp, Toray Industries Inc, SGL Carbon SE, Owens Corning, Gurit Holding AG, Covestro AG, Hexion Inc, EPSILON Composite SA, Exel Composites Oyj, and Hexcel Corp are some of the leading companies operating in the North America power and control cable market.
Summary Info
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According to the Research Team’ research, the North America wind turbine composites market was valued at US$ 1,538.36 in 2022 and is expected to reach US$ 3,507.65 million by 2030, registering a CAGR of 10.9% from 2022 to 2030. Increase in installation rate of wind turbine capacity and increasing length of wind turbine blades are among the critical factors attributed to the North America wind turbine composites market expansion.
Wind power is considered a clean and renewable energy source that provides electricity without burning fuel or polluting the air. Wind energy helps reduce reliance on fossil fuels. Hence, there is an increasing interest in wind energy among various countries, which has resulted in rapid growth in their installed wind capacity. In 2020, global new wind power installations surpassed 90 GW, registering 53% growth compared to 2019, which resulted in a total installed capacity of 743 GW, i.e., surge of 14% compared to last year. In 2020, new installations in the onshore wind farms reached 86.9 GW, while the offshore wind farms reached 6.1 GW, making 2020 the highest and the second-highest year in history for new wind installations for onshore and offshore, respectively. Wind turbine composites are the materials that are utilized in the production of equipment such as blades and nacelles. These materials include fiber and matrix, which provide resilience and high tensile strength. Glass fiber-reinforced plastics (GRP) have been the most commonly used composite material in the wind turbine industry. The growing demand for wind turbine composites can be attributed to the installation of new wind turbines in offshore and onshore projects due to increasing governmental focus on renewable energy forms. The increasing capacity of wind farms and a surge in the number of wind farm projects across the region are boosting the need for wind turbines, fueling the demand for wind turbine composites.
On the contrary, the high dependence of wind energy industry on government subsidies hampers the growth of North America power and control cable market.
Based on fiber type, the North America wind turbine composites market is segmented into carbon fiber composites, glass fiber composites, and others. The glass fiber composites segment held 71.0% share of the North America wind turbine composites market in 2022, amassing US$ 1,092.81 million. It is projected to garner US$ 2,404.94 million by 2030 to expand at 10.4% CAGR during 2022-2030.
In terms of resin type, the North America wind turbine composites market is segmented into polyester, epoxy, polyurethane, vinyl ester, and others. The epoxy segment held 42.8% share of the North America wind turbine composites market in 2022, amassing US$ 658.33 million. It is projected to garner US$ 1,609.68 million by 2030 to expand at 11.8% CAGR during 2022-2030.
Based on technology, the North America wind turbine composites market is segmented into resin infusion, prepreg, lay up, and others. The resin infusion segment held 58.1% share of the North America wind turbine composites market in 2022, amassing US$ 894.47 million. It is projected to garner US$ 2,152.93 million by 2030 to expand at 11.6% CAGR during 2022-2030.
By application, the North America wind turbine composites market is bifurcated into blades and nacelles. The blades segment held 91.6% share of the North America wind turbine composites market in 2022, amassing US$ 1,409.25 million. It is projected to garner US$ 3,256.28 million by 2030 to expand at 11.0% CAGR during 2022-2030.
Based on country, the North America wind turbine composites market is segmented into the US, Canada, and Mexico. The US held 86.5% share of North America wind turbine composites market in 2022, amassing US$ 1,330.73 million. It is projected to garner US$ 3,126.19 million by 2030 to expand at 11.3% CAGR during 2022-2030.
Key players operating in the North America wind turbine composites market are Avient Corp, Toray Industries Inc, SGL Carbon SE, Owens Corning, Gurit Holding AG, Covestro AG, Hexion Inc, EPSILON Composite SA, Exel Composites Oyj, and Hexcel Corp, among others.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the North America wind turbine composites market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the wind turbine composites market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
2.2.1 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Wind Turbine Composites Market Landscape
4.1 Overview
4.2 Porters Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers
4.3.2 Wind Turbine Composites Manufacturers
4.3.3 Distributors/Suppliers
4.3.4 End-Users and Original Equipment Manufacturers
4.3.5 List of Vendors in the Value Chain
5. North America Wind Turbine Composites Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increase in Installation Rate of Wind Turbine Capacity
5.1.2 Increasing Length of Wind Turbine Blades
5.2 Market Restraints
5.2.1 High Dependence of Wind Energy Industry on Government Subsidies
5.3 Market Opportunities
5.3.1 Government Initiatives for Development of Wind Energy Sector
5.4 Future Trends
5.4.1 Adoption of Natural Fiber Reinforced Polymer (NFRP) Composites
5.5 Impact Analysis
6. Wind Turbine Composites Market – North America Market Analysis
6.1 North America Wind Turbine Composites Market Volume (Kilo Tons)
6.2 North America Wind Turbine Composites Market Revenue (US$ Million)
6.3 North America Wind Turbine Composites Market Forecast and Analysis
7. North America Wind Turbine Composites Market Analysis – Fiber Type
7.1 Carbon Fiber Composites
7.1.1 Overview
7.1.2 Carbon Fiber Composites Market Volume and Forecast to 2030 (Kilo Tons)
7.1.3 Carbon Fiber Composites Market Revenue and Forecast to 2030 (US$ Million)
7.2 Glass Fiber Composites
7.2.1 Overview
7.2.2 Glass Fiber Composites Market Volume and Forecast to 2030 (Kilo Tons)
7.2.3 Glass Fiber Composites Market Revenue and Forecast to 2030 (US$ Million)
7.3 Others
7.3.1 Overview
7.3.2 Others Market Volume and Forecast to 2030 (Kilo Tons)
7.3.3 Others Market Revenue and Forecast to 2030 (US$ Million)
8. North America Wind Turbine Composites Market Analysis – Resin Type
8.1 Polyester
8.1.1 Overview
8.1.2 Polyester Market Revenue and Forecast to 2030 (US$ Million)
8.2 Epoxy
8.2.1 Overview
8.2.2 Epoxy Market Revenue and Forecast to 2030 (US$ Million)
8.3 Polyurethane
8.3.1 Overview
8.3.2 Polyurethane Market Revenue and Forecast to 2030 (US$ Million)
8.4 Vinyl Ester
8.4.1 Overview
8.4.2 Vinyl Ester Market Revenue and Forecast to 2030 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others Market Revenue and Forecast to 2030 (US$ Million)
9. North America Wind Turbine Composites Market Analysis – Technology
9.1 Resin Infusion
9.1.1 Overview
9.1.2 Resin Infusion Market Revenue and Forecast to 2030 (US$ Million)
9.2 Prepreg
9.2.1 Overview
9.2.2 Prepreg Market Revenue and Forecast to 2030 (US$ Million)
9.3 Lay Up
9.3.1 Overview
9.3.2 Lay Up Market Revenue and Forecast to 2030 (US$ Million)
9.4 Others
9.4.1 Overview
9.4.2 Others Market Revenue and Forecast to 2030 (US$ Million)
10. North America Wind Turbine Composites Market Analysis – Application
10.1 Blades
10.1.1 Overview
10.1.2 Blades Market, Revenue and Forecast to 2030 (US$ Million)
10.2 Nacelles
10.2.1 Overview
10.2.2 Nacelles Market Revenue and Forecast to 2030 (US$ Million)
11. North America Wind Turbine Composites Market – Country Analysis
11.1 North America
11.1.1 Wind Turbine Composites Market Breakdown by Country
11.1.2 US Wind Turbine Composites Market Volume and Forecasts to 2030 (Kilo Tons)
11.1.3 US Wind Turbine Composites Market Revenue and Forecasts to 2030 (US$ Million)
11.1.3.1 US Wind Turbine Composites Market Breakdown by Fiber Type
11.1.3.2 US Wind Turbine Composites Market Breakdown by Resin Type
11.1.3.3 US Wind Turbine Composites Market Breakdown by Technology
11.1.3.4 US Wind Turbine Composites Market Breakdown by Application
11.1.4 Canada Wind Turbine Composites Market Volume and Forecasts to 2030 (Kilo Tons)
11.1.5 Canada Wind Turbine Composites Market Revenue and Forecasts to 2030 (US$ Million)
11.1.5.1 Canada Wind Turbine Composites Market Breakdown by Fiber Type
11.1.5.2 Canada Wind Turbine Composites Market Breakdown by Resin Type
11.1.5.3 Canada Wind Turbine Composites Market Breakdown by Technology
11.1.5.4 Canada Wind Turbine Composites Market Breakdown by Application
11.1.6 Mexico Wind Turbine Composites Market Volume and Forecasts to 2030 (Kilo Tons)
11.1.7 Mexico Wind Turbine Composites Market Revenue and Forecasts to 2030 (US$ Million)
11.1.7.1 Mexico Wind Turbine Composites Market Breakdown by Fiber Type
11.1.7.2 Mexico Wind Turbine Composites Market Breakdown by Resin Type
11.1.7.3 Mexico Wind Turbine Composites Market Breakdown by Technology
11.1.7.4 Mexico Wind Turbine Composites Market Breakdown by Application
12. Industry Landscape
12.1 Overview
12.2 Merger and Acquisition
12.3 Partnerships
13. Company Profiles
13.1 Avient Corp
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Toray Industries Inc
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 SGL Carbon SE
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Owens Corning
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Gurit Holding AG
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Covestro AG
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Hexion Inc
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 EPSILON Composite SA
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 SWOT Analysis
13.8.5 Key Developments
13.9 Exel Composites Oyj
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Hexcel Corp
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
14. Appendix
LIST OF TABLES
Table 1. North America Wind Turbine Composites Market Segmentation
Table 2. List of Raw Material Suppliers
Table 3. List of Manufacturers
Table 4. North America Wind Turbine Composites Market Volume and Forecast to 2030 (Kilo Tons)
Table 5. North America Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million)
Table 6. US Wind Turbine Composites Market, by Fiber Type – Volume and Forecast to 2030 (Kilo Tons)
Table 7. US Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million) – By Fiber Type
Table 8. US Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million) – By Resin Type
Table 9. US Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million) – By Technology
Table 10. US Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million) – By Application
Table 11. Canada Wind Turbine Composites Market Volume and Forecast to 2030 (Kilo Tons) – By Fiber Type
Table 12. Canada Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million) – By Fiber Type
Table 13. Canada Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million) – By Resin Type
Table 14. Canada Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million) – By Technology
Table 15. Canada Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million) – By Application
Table 16. Mexico Wind Turbine Composites Market Volume and Forecast to 2030 (Kilo Tons) – By Fiber Type
Table 17. Mexico Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million) – By Fiber Type
Table 18. Mexico Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million) – By Resin Type
Table 19. Mexico Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million) – By Technology
Table 20. Mexico Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million) – By Application
LIST OF FIGURES
Figure 1. North America Wind Turbine Composites Market Segmentation, By country
Figure 2. North America Wind Turbine Composites Market – Porter’s Analysis
Figure 3. Ecosystem: North America Wind Turbine Composites Market
Figure 4. Market Dynamics: North America Wind Turbine Composites Market
Figure 5. Historic Development of New Installations (GW)
Figure 6. New Wind Power Capacity in 2022, by Region (%)
Figure 7. North America Wind Turbine Composites Market Impact Analysis of Drivers and Restraints
Figure 8. North America Wind Turbine Composites Market Volume (Kilo Tons), 2020 – 2030
Figure 9. North America Wind Turbine Composites Market Revenue (US$ Million), 2020 – 2030
Figure 10. North America Wind Turbine Composites Market Share (%) – Fiber Type, 2022 and 2030
Figure 11. Carbon Fiber Composites Market Volume and Forecast to 2030 (Kilo Tons)
Figure 12. Carbon Fiber Composites Market Revenue and Forecast to 2030 (US$ Million)
Figure 13. Glass Fiber Composites Market Volume and Forecasts to 2030 (Kilo Tons)
Figure 14. Glass Fiber Composites Market Revenue and Forecast to 2030 (US$ Million)
Figure 15. Others Market Volume and Forecasts to 2030 (Kilo Tons)
Figure 16. Others Market Revenue and Forecast to 2030 (US$ Million)
Figure 17. North America Wind Turbine Composites Market Share (%) – Resin Type, 2022 and 2030
Figure 18. Polyester Market Revenue and Forecast to 2030 (US$ Million)
Figure 19. Epoxy Market Revenue and Forecast to 2030 (US$ Million)
Figure 20. Polyurethane Market Revenue and Forecast to 2030 (US$ Million)
Figure 21. Vinyl Ester Market Revenue and Forecast to 2030 (US$ Million)
Figure 22. Others Market Revenue and Forecast to 2030 (US$ Million)
Figure 23. North America Wind Turbine Composites Market Share (%) – Technology, 2022 and 2030
Figure 24. Resin Infusion Market Revenue and Forecast to 2030 (US$ Million)
Figure 25. Prepreg Market Revenue and Forecast to 2030 (US$ Million)
Figure 26. Lay Up Market Revenue and Forecast to 2030 (US$ Million)
Figure 27. Others Market Revenue and Forecast to 2030 (US$ Million)
Figure 28. North America Wind Turbine Composites Market Share (%) – Application, 2022 and 2030
Figure 29. Blades Market Revenue and Forecast to 2030 (US$ Million)
Figure 30. Nacelles Market Revenue and Forecast to 2030 (US$ Million)
Figure 31. North America Wind Turbine Composites, by Key Country – Revenue (2022) (US$ Million)
Figure 32. Wind Turbine Composites Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 33. US Wind Turbine Composites Market Volume and Forecast to 2030 (Kilo Tons)
Figure 34. US Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million)
Figure 35. Canada Wind Turbine Composites Market Volume and Forecast to 2030 (Kilo Tons)
Figure 36. Canada Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million)
Figure 37. Mexico Wind Turbine Composites Market Volume and Forecast to 2030 (Kilo Tons)
Figure 38. Mexico Wind Turbine Composites Market Revenue and Forecast to 2030 (US$ Million)
The List of Companies – North America Wind Turbine Composites Market
1. Avient Corp
2. Toray Industries Inc
3. SGL Carbon SE
4. Owens Corning
5. Gurit Holding AG
6. Covestro AG
7. Hexion Inc
8. EPSILON Composite SA
9. Exel Composites Oyj
10. Hexcel Corp
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