Global Wind Turbine Materials Market, Forecast to 2026

Global Wind Turbine Materials Market, Forecast to 2026

Increasing Demand for Renewable Energy Worldwide Drives Market Growth

RELEASE DATE
06-Mar-2020
REGION
Global
Deliverable Type
Market Research
Research Code: MF23-01-00-00-00
SKU: CM01755-GL-MR_24095
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Description

The wind turbine materials market is bifurcated into structural and non-structural materials. The structural materials market is further divided into metals, Fiber-Reinforced Composites (FRC) and core material, whereas the non-structural materials market includes Protective Coatings (PRC), Adhesives and Sealants (AES), and Lubricants, Greases, and Coolants (LGC). The segmentation has been provided for each material for different wind turbine components, including rotor, tower, and others. The major application areas are onshore and offshore.

The consumption of structural materials is expected to be huge, as they provide structural integrity or stiffness to the wind turbine, while minimizing its overall weight. The market for non-structural materials is likely to grow at the highest CAGR during the forecast period, both in terms of value and volume. These materials protect the turbines from corrosion and weathering, thereby, enhancing the longevity of the components and ensuring their reliable functioning.

The onshore segment contributed to the largest share of the wind turbine materials market in 2019 and is expected to continue its dominance during the forecast period, largely due to lower deployment costs and better infrastructure of onshore wind turbines compared to their offshore counterparts. However, with growing energy demand and depletion of fossil fuels, government authorities worldwide have been also increasing their focus on the offshore segment, which, in turn, will significantly drive the growth of the associated materials during the forecast period.

The overall consumption of wind turbine materials in India is anticipated to register high growth during the forecast period. This is largely due to strong economic development, coupled with industrialization activities, which results in a strong demand for renewable energy alternatives in the country. Rest of Asia-Pacific (RAPAC) accounted for the largest share in the wind turbine materials market in 2019 and is expected to continue its dominance during the forecast period. Increasing urbanization and demographic growth, along with favorable government policies for scaling up wind capacity installations, are largely responsible for driving the demand for wind turbine materials for both onshore and offshore applications in the region. The Middle East and Rest of the World (RoW) are expected to be the two fastest growing markets for wind turbine materials, with increasing government spending and implementation of long-term goals related to wind energy deployment in these regions.

The market for wind turbine materials in North America and Europe is already at a mature stage. However, increasing incidences of climate change along with subsequent global warming in these regions is expected to boost the growth in consumption of wind turbine materials, majorly for offshore applications.

Regulatory authorities, such as US Environmental Protection Agency (EPA) and Chinese Ministry of Ecology and Environment (MEE), enforce regulations against emission of Volatile Organic Compounds (VOC) from coatings, adhesives, and other non-structural materials. Chemicals with low VOC content are being increasingly selected by wind turbine manufacturers based on the need to adhere to these standards.

However, scarcity of infrastructure for wind energy transmission and uncertain government policies and improper control on wind energy incentives and tariff rates pose threats for the wind turbine materials market.

Owing to the complexity of the production process and severity of the application areas, the market for a majority of the wind turbine materials is highly consolidated with strong presence of brands having excellent manufacturing expertise. However, price competition prevails for metals, including steel, owing to their commoditized nature, which attracts numerous medium- and small-scale suppliers across the globe.

Rather than developing alternate chemistries, manufacturers of structural and non-structural materials focus on improving existing technologies in terms of reducing curing times and usage of materials while also imparting higher processing ability and strength-to-weight ratio. These factors, in turn, help companies to develop cost-effective materials with advanced features, such as lighter weight and higher load-withstanding capability, among others. Moreover, leading companies are set to strengthen their market share by vertical integration, partnerships or Mergers and Acquisitions (M&A), and improving customer collaboration.

RESEARCH: INFOGRAPHIC

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Table of Contents

Executive Summary—Key Findings

Executive Summary—Strategic Factsheet

Market Engineering Measurements

Market Engineering Measurements (continued)

CEO’s Perspective

CEO’s Perspective (continued)

Market Definitions

Market Definitions (continued)

Market Definitions (continued)

Geographic Scope

Key Questions this Study will Answer

Market Segmentation

Market Segmentation (continued)

Market Drivers

Drivers Explained

Drivers Explained (continued)

Drivers Explained (continued)

Market Restraints

Restraints Explained

Restraints Explained (continued)

Market Engineering Measurements

Forecast Assumptions

Unit Shipment Forecast

Revenue Forecast

Unit Shipment and Revenue Forecast Discussion

Unit Shipment and Revenue Forecast Discussion (continued)

Pricing Trends and Forecast

Pricing Trends and Forecast by Materials Type

Pricing Trends and Forecast Discussion

Percent Unit Shipment Forecast by Rotor Materials Type

Unit Shipment Forecast by Rotor Materials Type

Percent Revenue Forecast by Rotor Materials Type

Revenue Forecast by Rotor Materials Type

Unit Shipment and Revenue Forecast Discussion by Wind Turbine Materials Type for Rotor

Percent Unit Shipment Forecast by Tower Materials Type

Unit Shipment Forecast by Tower Materials Type

Percent Revenue Forecast by Tower Materials Type

Revenue Forecast by Tower Materials Type

Unit Shipment and Revenue Forecast Discussion by Wind Turbine Materials Type for Tower

Percent Unit Shipment Forecast by Materials Type for Other Components

Unit Shipment Forecast by Materials Type for Other Components

Percent Revenue Forecast by Materials Type for Other Components

Revenue Forecast by Materials Type for Other Components

Unit Shipment and Revenue Forecast Discussion by Wind Turbine Materials Type for Other Components

Percent Unit Shipment Forecast by Region

Unit Shipment Forecast by Region

Percent Revenue Forecast by Region

Revenue Forecast by Region

Unit Shipment and Revenue Forecast Discussion by Region

Percent Unit Shipment Forecast by Application Type

Percent Revenue Forecast by Application Type

Unit Shipment and Revenue Forecast Discussion by Application Type

Technology and Product Trends—Wind Turbine Materials

Technology and Product Trends—Non-structural Wind Turbine Materials

Technology and Product Trends—Wind Turbine Materials

Value Chain

Value Chain Description

Market Share Analysis by Structural Material Type

Market Share Analysis by Non-structural Material Type

Competitive Environment

Competitive Factors and Assessment

Growth Opportunity 1—Increasing Renewable Energy Demand and Corresponding Deployment of Wind Turbines

Growth Opportunity 2—Demand for Higher-Quality Wind Turbine Materials in the Developed World

Strategic Imperatives for Success and Growth

Dynamic SWOT Analysis

Wind Turbine Materials Market—Key Regulatory Authorities

North America—Key Findings

Market Engineering Measurements

Unit Shipment and Revenue Forecast

Unit Shipment and Revenue Forecast Discussion

Percent Revenue Forecast by Sub-region

Revenue Forecast by Sub-region

Revenue Forecast Discussion by Sub-region

Revenue Forecast Discussion by Sub-region (continued)

Percent Unit Shipment Forecast by Application Type

Percent Revenue Forecast by Application Type

Unit Shipment and Revenue Forecast Discussion by Application Type

Competitive Environment

Europe—Key Findings

Market Engineering Measurements

Unit Shipment and Revenue Forecast

Unit Shipment and Revenue Forecast Discussion

Percent Revenue Forecast by Sub-region

Revenue Forecast by Sub-region

Revenue Forecast Discussion by Sub-region

Percent Unit Shipment Forecast by Application Type

Percent Revenue Forecast by Application Type

Unit Shipment and Revenue Forecast Discussion by Application Type

Competitive Environment

India—Key Findings

Market Engineering Measurements

Unit Shipment and Revenue Forecast

Unit Shipment and Revenue Forecast Discussion

Percent Unit Shipment Forecast by Application Type

Percent Revenue Forecast by Application Type

Unit Shipment and Revenue Forecast Discussion by Application Type

Competitive Environment

Rest of APAC—Key Findings

Market Engineering Measurements

Unit Shipment and Revenue Forecast

Unit Shipment and Revenue Forecast Discussion

Percent Revenue Forecast by Sub-region

Revenue Forecast by Sub-region

Revenue Forecast Discussion by Sub-region

Revenue Forecast Discussion by Sub-region (continued)

Percent Unit Shipment Forecast by Application Type

Percent Revenue Forecast by Application Type

Unit Shipment and Revenue Forecast Discussion by Application Type

Competitive Environment

The Middle East—Key Findings

Market Engineering Measurements

Unit Shipment and Revenue Forecast

Unit Shipment and Revenue Forecast Discussion

Percent Revenue Forecast by Sub-region

Revenue Forecast by Sub-region

Revenue Forecast Discussion by Sub-region

Percent Unit Shipment Forecast by Application Type

Percent Revenue Forecast by Application Type

Unit Shipment and Revenue Forecast Discussion by Application Type

Competitive Environment

RoW—Key Findings

Market Engineering Measurements

Unit Shipment and Revenue Forecast

Unit Shipment and Revenue Forecast Discussion

Percent Revenue Forecast by Sub-region

Revenue Forecast by Sub-region

Revenue Forecast Discussion by Sub-region

Revenue Forecast Discussion by Sub-region (continued)

Percent Unit Shipment Forecast by Application Type

Percent Revenue Forecast by Application Type

Unit Shipment and Revenue Forecast Discussion by Application Type

Competitive Environment

The Last Word—3 Big Predictions

Legal Disclaimer

Market Engineering Methodology

Abbreviations and Acronyms Used

Abbreviations and Acronyms Used (continued)

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

The wind turbine materials market is bifurcated into structural and non-structural materials. The structural materials market is further divided into metals, Fiber-Reinforced Composites (FRC) and core material, whereas the non-structural materials market includes Protective Coatings (PRC), Adhesives and Sealants (AES), and Lubricants, Greases, and Coolants (LGC). The segmentation has been provided for each material for different wind turbine components, including rotor, tower, and others. The major application areas are onshore and offshore. The consumption of structural materials is expected to be huge, as they provide structural integrity or stiffness to the wind turbine, while minimizing its overall weight. The market for non-structural materials is likely to grow at the highest CAGR during the forecast period, both in terms of value and volume. These materials protect the turbines from corrosion and weathering, thereby, enhancing the longevity of the components and ensuring their reliable functioning. The onshore segment contributed to the largest share of the wind turbine materials market in 2019 and is expected to continue its dominance during the forecast period, largely due to lower deployment costs and better infrastructure of onshore wind turbines compared to their offshore counterparts. However, with growing energy demand and depletion of fossil fuels, government authorities worldwide have been also increasing their focus on the offshore segment, which, in turn, will significantly drive the growth of the associated materials during the forecast period. The overall consumption of wind turbine materials in India is anticipated to register high growth during the forecast period. This is largely due to strong economic development, coupled with industrialization activities, which results in a strong demand for renewable energy alternatives in the country. Rest of Asia-Pacific (RAPAC) accounted for the largest share in the wind turbine materials market in 2019 and is expected to continue its dominance during the forecast period. Increasing urbanization and demographic growth, along with favorable government policies for scaling up wind capacity installations, are largely responsible for driving the demand for wind turbine materials for both onshore and offshore applications in the region. The Middle East and Rest of the World (RoW) are expected to be the two fastest growing markets for wind turbine materials, with increasing government spending and implementation of long-term goals related to wind energy deployment in these regions. The market for wind turbine materials in North America and Europe is already at a mature stage. However, increasing incidences of climate change along with subsequent global warming in these regions is expected to boost the growth in consumption of wind turbine materials, majorly for offshore applications. Regulatory authorities, such as US Environmental Protection Agency (EPA) and Chinese Ministry of Ecology and Environment (MEE), enforce regulations against emission of Volatile Organic Compounds (VOC) from coatings, adhesives, and other non-structural materials. Chemicals with low VOC content are being increasingly selected by wind turbine manufacturers based on the need to adhere to these standards. However, scarcity of infrastructure for wind energy transmission and uncertain government policies and improper control on wind energy incentives and tariff rates pose threats for the wind turbine materials market. Owing to the complexity of the production process and severity of the application areas, the market for a majority of the wind turbine materials is highly consolidated with strong presence of brands having excellent manufacturing expertise. However, price competition prevails for metals, including steel, owing to their commoditized nature, which attracts numerous medium- and small-scale suppliers across the globe. Rather than developing alternate chemistries, manufacturers of
More Information
Deliverable Type Market Research
No Index No
Podcast No
Author Sayantan Sengupta
Industries Chemicals and Materials
WIP Number MF23-01-00-00-00
Is Prebook No
GPS Codes 9100-A2,9595,9870