Global Wind Turbine Composite Materials Market: Mainly Propelled by Growing Demand from Wind Energy Sector
According to the latest report published by Variant Market Research, the global wind turbine composite materials market size was valued at $8 Billion in 2016 and is estimated to reach $15.5 Billion by 2024. In this report, the global wind turbine composite materials market forecast says that the global market is growing at a CAGR of 8.7% from 2016 to 2024.
Superior properties of wind turbine composite materials fuel the global market
Growing demand from wind energy sector due to the positive growth, superior properties of these materials such as high strength-to-weight ratio, corrosion resistance, lower maintenance, and various government initiatives & environmental regulations are the major wind turbine composite materials market trend. However, high cost of these materials is the major hindrance for the market growth. Furthermore, extensive R&D activities by the key players is likely to open up growth opportunities for the market in the coming future.
The global wind turbine composite materials market has been classified on the basis of type, application, and geography. The type segment is bifurcated into resin (polyester, polyurethane, epoxy, and others), fiber (carbon fiber, glass fiber, and others), and other types. The application segment is further categorized into tower, blade, base, nacelle, and other applications. Furthermore, by