At 11.9% CAGR, Asia Pacific Wind Turbine Composites Market is Projected to be Worth US$ 9,064.64 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Asia Pacific wind turbine composites market was valued at US$ 3,698.92 million in 2022 and is expected to reach US$ 9,064.64 million by 2030, registering a CAGR of 11.9% from 2022 to 2030. Government initiatives for development of wind energy sector and adoption of natural fiber reinforced polymer (NFRP) composites are among the critical factors attributed to the Asia Pacific wind turbine composites market expansion.

A growing focus on reducing carbon dioxide emissions is increasing the utilization of renewable energy sources. Renewable energy offers various advantages, such as less global warming, inexhaustible energy, increased reliability and resilience, etc. With the increased utilization of renewable energy, wind energy is becoming a vital energy system in many countries. Governments of various countries are taking various initiatives for the development of the wind energy sector. As per the news released by Reuters in March 2022, the Chinese government plans to build renewable energy power projects, with an overall capacity of 450 GW, in the Gobi Desert and other desert locations to attain its sustainability targets. Under this initiative, the government aims to develop more wind energy projects in the country.

Further, the Indian government has initiated several measures to promote wind energy and other renewable source of energy in the country. For instance, in India, the concessional custom duty exemption on certain components required for manufacturing wind generators and generation-based incentives (GBI) are offered on wind projects that were commissioned on or before March 31, 2017. Hence, various government initiatives for the development of the wind energy sector result in more installations of wind turbines, which drives the demand for wind turbine composites. Thus, the rise in government initiatives for the development of the wind energy sector is expected to create lucrative opportunities for the Asia Pacific wind turbine composite market growth in the coming years.

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

Based on fiber type, the Asia Pacific wind turbine composites market is segmented into carbon fiber composites, glass fiber composites, and others. The glass fiber composites segment held 69.8% share of the Asia Pacific wind turbine composites market in 2022, amassing US$ 2,582.82 million. It is projected to garner US$ 6,076.71 million by 2030 to expand at 11.3% CAGR during 2022-2030.

In terms of resin type, the Asia Pacific wind turbine composites market is segmented into polyester, epoxy, polyurethane, vinyl ester, and others. The epoxy segment held 42.1% share of the Asia Pacific wind turbine composites market in 2022, amassing US$ 1,556.49 million. It is projected to garner US$ 4,100.43 million by 2030 to expand at 12.9% CAGR during 2022-2030.

Based on technology, the Asia Pacific wind turbine composites market is segmented into resin infusion, prepreg, lay up, and others. The resin infusion segment held 58.1% share of the Asia Pacific wind turbine composites market in 2022, amassing US$ 2,150.14 million. It is projected to garner US$ 5,526.77 million by 2030 to expand at 12.5% CAGR during 2022-2030.

By application, the Asia Pacific wind turbine composites market is bifurcated into blades and nacelles. The blades segment held 91.8% share of the Asia Pacific wind turbine composites market in 2022, amassing US$ 3,397.05 million. It is projected to garner US$ 8,389.88 million by 2030 to expand at 12.0% CAGR during 2022-2030.

Based on country, the Asia Pacific wind turbine composites market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Europe. China held 82.1% share of Asia Pacific wind turbine composites market in 2022, amassing US$ 3035.43 million. It is projected to garner US$ 7759.72 million by 2030 to expand at 12.4% CAGR during 2022-2030.

Key players operating in the Asia Pacific 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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