In a recent published report, Kenneth Research has updated the market report for Wind Turbine Composite Materials Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Wind Turbine Composite Materials Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, Global Wind Turbine Composite Materials Market is estimated to reach $15.5 billion by 2024; growing at a CAGR of 8.7% from 2016 to 2024. Wind turbine composite material results as a vital component of wind turbine for the production of wind turbine parts. Rising affects from greenhouse emissions have led to the growing demand for clean and sustainable power sources. Lightweight composite materials benefit to harness wind energy with great efficiency. Wind energy is the ideal energy generating source for environment friendly power generation. Composite materials offer higher stability and reliability. Henceforth, these materials are of major importance in the manufacturing of components of wind turbine, particularly rotor blades.
Increased demand from wind energy sector, and growing demand of light-weight materials with high efficiency are the primary factors driving the growth of the global wind turbines composite materials market. Besides, various environmental guidelines and government initiatives has fueled the market growth. However, high cost of these materials may restrict the market growth. Moreover, extensive R&D activities is expected to generate various growth opportunities for the market in the coming years.
The global wind turbine composite material market is mainly classified into type, application, and geography. By type, the segment is divided into resin (epoxy, polyester, polyurethane, and others), fiber (glass fiber, carbon fiber, and others), and other types. On the basis of application, the segment is bifurcated into nacelle, base, tower, blade, and other applications.
Based on geography, global wind turbine composite materials market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consists of UK, Germany, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
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The key players profiled in the report are Suzlon Energy Limited, Gurit Holding AG, Hexcel Corporation, MFG Wind, Teijin Limited, Cytec Solvay Group, Vestas Wind Systems A/S, Toray Industries, Inc., Royal Tencate NV TPI, and Composites, Inc., among others.
The key takeaways from the report
The report will provide detailed analysis of Global Wind Turbine Composite Materials Market with respect to major segments such as type, application, and geography
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Wind Turbine Composite Materials Market has been included in the report
Profile of the key players in the Global Wind Turbine Composite Materials Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Wind Turbine Composite Materials Market
Type Segments
Resin
Epoxy
Polyester
Polyurethane
Others
Fiber
Glass Fiber
Carbon Fiber
Others
Other Types
Application segments
Nacelle
Base
Tower
Blade
Other Applications
Geographical Segments
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North America
U.S.
Canada
Mexico
Europe
UK
Germany
Rest of Europe
Asia-Pacific
India
China
Japan
Rest of Asia-Pacific
RoW
South America
Middle East
Africa
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