At 9.4% CAGR, Europe Wind Turbine Composites Market is Projected to be Worth US$ 4,334.04 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Europe wind turbine composites market was valued at US$ 2,110.78 million in 2022 and is expected to reach US$ 4,334.04 million by 2030, registering a CAGR of 9.4% from 2022 to 2030. Increasing length of wind turbine blades and increase in installation rate of wind turbine capacity are among the critical factors attributed to the Europe wind turbine composites market expansion.

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. Many other 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.

On the contrary, high dependence of wind energy industry on government subsidies hampers the growth of Europe wind turbine composites market.

Based on fiber type, the Europe wind turbine composites market is segmented into carbon fiber composites, glass fiber composites, and others. The glass fiber composites segment held 72.1% share of the Europe wind turbine composites market in 2022, amassing US$ 1,520.97 million. It is projected to garner US$ 3,014.44 million by 2030 to expand at 8.9% CAGR during 2022-2030.

In terms of resin type, the Europe wind turbine composites market is segmented into polyester, epoxy, polyurethane, vinyl ester, and others. The epoxy segment held 44.7% share of the Europe wind turbine composites market in 2022, amassing US$ 944.19 million. It is projected to garner US$ 2,081.70 million by 2030 to expand at 10.4% CAGR during 2022-2030.

Based on technology, the Europe wind turbine composites market is segmented into resin infusion, prepreg, lay up, and others. The resin infusion segment held 59.0% share of the Europe wind turbine composites market in 2022, amassing US$ 1,246.02 million. It is projected to garner US$ 2,676.12 million by 2030 to expand at 10.0% CAGR during 2022-2030.

By application, the Europe wind turbine composites market is bifurcated into blades and nacelles. The blades segment held 91.1% share of the Europe wind turbine composites market in 2022, amassing US$ 1,922.40 million. It is projected to garner US$ 3,981.10 million by 2030 to expand at 9.5% CAGR during 2022-2030.

Based on country, the Europe wind turbine composites market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Rest of Europe held 39.2% share of Europe wind turbine composites market in 2022, amassing US$ 827.25 million. It is projected to garner US$ 1,632.09 million by 2030 to expand at 8.9% CAGR during 2022-2030.

Key players operating in the Europe 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.

2022: Covestro AG partnered with Coleitec to expand the application of polyurethane composite materials.

2022: Avient Corporation acquired DSM Protective Materials (Dyneema brand) and also announced its plan to explore sale option for its Avient Distribution business.



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