The composite materials in renewable energy market is expected to register a moderate growth rate during the forecast period (2018 – 2023). Reduced weight, compared to metallic structures and augmenting demand for longer wind turbine blades are expected to drive the market through the forecast period.
Augmenting Demand for Longer Wind Turbine Blades
The current industry trend is a move towards larger turbines with longer blades. Longer blades yield more energy, which drives energy costs down even more. Wind blades are manufactured from glass fiber, carbon fiber (in some blades), resin matrix, foam core, balsa core, adhesive, and coating. As the wind energy market grows and blade sizes continue to increase, wind farm developers may need to employ new composite materials to help meet these needs. Therefore, with such a boom in wind power applications, the demand for composites is projected to increase, substantially, during the forecast period.
Wind Power - the Leading Application
Wind is the fastest growing energy source, globally. The prime factor for this increase is that the cost of wind energy has dropped and continues to drop dramatically, making it more competitive each year. The technology used to manufacture wind turbine blades has significantly progressed over the near past. The decrease in the cost is very much influenced by the usage of composites in turbine blade manufacturing. As the wind energy market grows and blade sizes continue to increase, wind farm developers will need to adopt new composite materials to help meet these demands.
United States to Dominate the Market
The United States Department of Energy has set an objective that by 2030, 20% of United States electricity will be produced from wind energy. To boost the growth of this industry, the United States recently extended the federal Production Tax Credit (PTC) by five years, thereby, creating exceptional market stability. In 2016, the United States government started the construction of 12.5 GW of wind power capacity, with another 5.8 GW in advanced stages of expansion. These aforementioned factors are augmenting the usage of composites in the region, which, in turn, is projected to increase the demand for studied market during the forecast period.
Major Players: 3A Composites, Armacell International S.A., Cytec Solvay Group, Evonik Industries AG, and Hexcel Corporation, among others.
Notable Developments in the Market
- March 2018: Toray was to sign agreement with Koninklijke Ten Cate B.V. to purchase the entire share of its subsidiary TenCate Advanced Composites Holding B.V., dutch-based carbon composite material manufacturer
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1.1 Scope of the Report
1.2 Market Definition
1.3 Study Assumptions
1.4 Study Deliverables
1.5 Research Phases
2. Executive Summary
3. Market Insights
3.1 Industry Value-Chain Analysis
3.2 Industry Attractiveness – Porter’s Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Intensity of Competitive Rivalry
4. Market Dynamics
4.1.1 Reduced Weight Compared to Metallic Structures
4.1.2 Augmenting Demand for Longer Wind Turbine Blades
4.2.1 Need for High Investments in R&D
4.2.2 Other Restraints
4.3.1 Lower Maintenance Costs over the Lifespan of the Structure
5. Market Segmentation and Analysis (Market Size, Share and Forecast)
5.1 By Fiber Type
5.1.1 Fiber-Reinforced Polymers (FRP)
5.1.2 Carbon-Fiber-Reinforced Polymers (CFRP)
5.1.3 Glass-Reinforced Plastic (GRP)
5.2 By Application
5.2.1 Solar Power
5.2.2 Wind Power
6. Regional Market Analysis (Market Size, Share and Forecast)
6.1.4 South Korea
6.1.5 ASEAN Countries
6.1.6 Rest of Asia-Pacific
6.2 North America
6.2.1 United States
6.2.4 Rest of North America
6.3.2 United Kingdom
6.3.6 Rest of Europe
6.4 South America
6.4.3 Rest of South America
6.5 Middle East & Africa
6.5.1 Saudi Arabia
6.5.2 South Africa
6.5.3 Rest of Middle East & Africa
7. Competitive Landscape
7.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
7.2 Market Share Analysis**
7.3 Strategies Adopted by Leading Players
8. Company Profiles (Overview, Financials**, Products & Services, Recent Developments, and Analyst View)
8.1 3A Composites
8.2 Armacell International S.A.
8.3 BAE Systems
8.4 Barrday Corporation
8.5 Carbon Composites, Inc.
8.6 Changzhou Tiansheng New Materials Co. Ltd
8.7 Cytec Solvay Group
8.8 Diab International AB
8.9 Epsilon Composite
8.10 Euro-Composites S.A.
8.11 Evonik Industries AG
8.12 Gurit Holding AG
8.13 Hexcel Corporation
8.14 Honeywell International Inc.
8.15 JEC Group
8.16 M Cubed Technologies, Inc.
8.17 Mitsubishi Rayon Co., Ltd.
8.18 MKU Limited
8.19 Moldex Composites Pvt Ltd
8.20 Morgan Advanced Materials
8.21 Nippon Carbon Co Ltd.
8.22 Plasan Carbon Composites
8.23 Plascore Incorporated
8.24 PRF Composite Materials
8.25 Royal DSM N.V
8.26 Royal Ten Cate NV
8.27 Saertex GmbH & Co.KG
8.28 SGL Group
8.29 Southern States, llc
8.30 Teijin Carbon Europe GmbH
8.31 Teijin Limited
8.32 The Gill Corporation
8.33 TORAY INDUSTRIES, INC.
8.34 Waco Composites
8.35 ZHONGFU SHENYING CARBON FIBER CO.,LTD.
*List not exhaustive
** Subject to availability on public domain