The global wind turbine composite materials market is expected to reach a valuation of US$ 25.4 Billion by 2032, with sales growing at a healthy CAGR of 7.14% from 2022 to 2032. Scaling up from a value of US$ 12 Billion in 2021, the target market is set to reach an estimated US$ 12.75 Billion in 2022.

The increasing wind energy installations along with the rising application of carbon fiber is projected to serve as a major growth driver for the wind turbine composite materials market during the forecast period. Composites are of tremendous importance in the manufacturing of wind turbine rotor blades, one of the key components of the general wind turbine structure.

Owing to the persistent increment in the length of rotor blades so as to raise the wind turbine output, the market for wind turbine composite materials is offered numerous growth opportunities during the projected period. Again, the soaring demand for wind energy leads to the construction of larger wind blades that are more effective and deliver higher output.

This is anticipated to spearhead the demand for composite materials for blades. Additionally, the advantages of using composites over traditional materials like steel and aluminum are predicted to foster the expansion of the wind turbine composite materials market size during the assessment period.

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Competitive Landscape 

Gurit Holding AG, TPI Composites, Cytec Industries, Teijin Limited, and Rotal Tencate NV among others are some of the major players in the wind turbine composite materials market profiled in the full version of the report. Key market participants are keen on entering markets in emerging economies to develop their manufacturing facilities. These businesses are focusing on product innovation and development to gain a competitive edge.

More Insights into Wind Turbine Composite Materials Market Report

In its latest report, FMI offers an unbiased analysis of the global wind turbine composite materials market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of fiber type (carbon fiber, glass fiber), resin (epoxy, vinyl ester, polyester, polyurethane), application (towers, rotor blade, nacelle, hub), and region.

According to the latest FMI reports, based on segmentation, the glass fiber segment is predicted to contribute substantially to the overall market growth. The chemical resistance, good stiffness, and affordability of glass fibers make them a popular choice among end-users.