At 10.9% CAGR, North America Wind Turbine Composites Market is Projected to be Worth US$ 3,507.65 Million by 2030, Says Business Market Insights

According to Business Market Insights' 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.



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