At 9.3% CAGR, South & Central America Wind Turbine Composites Market is Projected to be Worth US$ 666.04 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the South & Central America wind turbine composites market was valued at US$ 325.87 million in 2022 and is expected to reach US$ 666.04 million by 2030, registering a CAGR of 9.3% 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 South & Central America 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. 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 South & Central America wind turbine composite market growth in the coming years.

On the contrary, the high dependence of wind energy industry on government subsidies hampers the growth South & Central America wind turbine composites market.

Based on fiber type, the South & Central America wind turbine composites market is segmented into carbon fiber composites, glass fiber composites, and others. The glass fiber composites segment held 72.7% share of the South & Central America wind turbine composites market in 2022, amassing US$ 236.78 million. It is projected to garner US$ 468.05 million by 2030 to expand at 8.9% CAGR during 2022–2030.

In terms of resin type, the South & Central America wind turbine composites market is segmented into polyester, epoxy, polyurethane, vinyl ester, and others. The epoxy segment held 42.5% share of the South & Central America wind turbine composites market in 2022, amassing US$ 138.36 million. It is projected to garner US$ 306.49 million by 2030 to expand at 10.5% CAGR during 2022–2030.

Based on technology, the South & Central America wind turbine composites market is segmented into resin infusion, prepreg, lay up, and others. The resin infusion segment held 57.7% share of the South & Central America wind turbine composites market in 2022, amassing US$ 187.93 million. It is projected to garner US$ 401.09 million by 2030 to expand at 9.9% CAGR during 2022–2030.

By application, the South & Central America wind turbine composites market is bifurcated into blades and nacelles. The blades segment held 92.3% share of the South & Central America wind turbine composites market in 2022, amassing US$ 300.67 million. It is projected to garner US$ 621.63 million by 2030 to expand at 9.5% CAGR during 2022–2030.

Based on country, the South & Central America wind turbine composites market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 68.6% share of South & Central America wind turbine composites market in 2022, amassing US$ 223.45 million. It is projected to garner US$ 502.31 million by 2030 to expand at 10.7% CAGR during 2022–2030.

Key players operating in the South & Central America wind turbine composites market are Avient Corp, Toray Industries Inc, SGL Carbon SE, Owens Corning, Covestro AG, Hexion Inc, and Hexcel Corp, among others.

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