The recent “Carbon Fiber in Wind Turbine Rotor Blade Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors. Ask for Free Sample Report
The report on the “Carbon Fiber in Wind Turbine Rotor Blade Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.
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Global Carbon Fiber in Wind Turbine Rotor Blade Market Analysis and Growth Forecast:
The global Carbon Fiber in Wind Turbine Rotor Blade market held a market value of USD 3,440.8 Million in 2021 and is projected to reach USD 12,172.6 Million by the year 2030 at a growth rate of 15.37% from 2022 to 2030. Furthermore, in 2021, around 206,592 metric tons of Carbon Fiber for Wind Turbine Rotor Blade was sold and by 2030, around 706,497 metric tons is estimated to be sold at a growth rate of 14.94%. According to Elsevier B.V., as of October 2019, if the production capacity of a plant is 1500 tonnes annually, the cost of carbon fibres was approximately USD 10 per lb.
Carbon fiber has various benefits in reduction of wind turbine blade mass due to its enhanced properties of strength and stiffness, as compared to the fiberglass. The market is expected to be driven by the increase in wind turbine capacity, rising focus wind energy, and growing environmental concerns & need for reduction of carbon footprint is also estimated to fuel the market growth. Despite the driving factors, high costs of rotor blades are anticipated to hinder the market growth.
Increase in wind turbine capacity
The growing wind turbine capacity is increasing the number of wind turbines, hence increasing the demand for carbon fibers for wind turbine rotor blades. According to the U.S. Energy Information Administration, the average homes in the United States use around 867 kilowatt-hours (kWh) every month. Also, the mean turbine capacity in the USWTDB is around 1.67 megawatts (MW). Hence, increase in the wind turbine capacity is driving the market growth over the projected period.
Rising focus wind energy
Use of wind energy in wind turbines for generation of electricity through kinetic energy usage. It is one of the fastest growing renewable energy technologies. Furthermore, the capacity of wind power has significantly grown over the world. It has also become the most efficient, affordable, and powerful producers through the last decade. Hence, the rising focus wind energy is also anticipated to fuel the market growth over the projected period.
Pros and Cons of Fiber Glass and Carbon Fiber
Pros of fiberglass include that it last a long time and can be coloured, dull, or shiny. Also, the material is low maintenance, fire resistant, weatherproof, anti-magnetic, and a good electrical insulator. Cons of fiberglass include that it requires to be re-gel coated every five years and can also lead to airborne fibres, which might create problems for asthma sufferers. On the other hand, carbon fiber is lightweight and is usually stronger as compared to steel or aluminium. However, the material is comparatively costly as it is more technology and labour intensive.
Major players in the global Carbon Fiber in Wind Turbine Rotor Blade market include ZOLTEK Corp, Mitsubishi Rayon, Hexcel, Teijin, SGL Carbon, Formosa Plastics Corp, Dow Inc., Hyosung Japan, Jiangsu Hengshen, and Other prominent players. The cumulative market share of the four major players is more than 48%.
These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in November 2021, Hexcel Corporation signed an agreement with Fairmat, a France-based startup for building capability for recycling the carbon fiber prepreg from European operations of Hexcel for reusing the composite panels sold into commercial markets. Zoltek continues to expand Carbon Fiber production in Mexico. This 6,000 MT expansion in Mexico is expected to start by early 2023.
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The global Carbon Fiber in Wind Turbine Rotor Blade market is segmented into type, blade size, and application.
Regular-Tow Carbon Fiber
Large-Tow Carbon Fiber
The large-tow carbon fiber segment is expected to account for a market share of more than 20% in 2021 owing to their high demand. Large-tow are carbon fiber rovings which contain on the order of 48k to 320k filaments or more. The regular-tow carbon fiber segment is anticipated to witness the fastest growth rate of over 15% over the projected period.
By Blade Size,
The 50-75 meter blades segment is estimated to dominate the market with the market share of approximately 38% in 2021 owing to the fact that these are bigger in size and bigger blades can cover a larger area and take advantage of the quicker wind speeds available at higher elevations above the earth. Capturing more wind and tapping into better wind resources can help lower electricity costs. Moreover, the 75-100 Meter segment witnesses a growth rate of more than 15% owing to various technological advancements in the segment. It is also estimated to surpass a market volume of around 100,000 million tonnes by 2030.
The spar cap segment is estimated to hold the largest market share of over 60% in 2021 owing to its increasing usage in wind turbines. According to Philip Schell, executive VP of Zoltek Corporation, around 25% of wind turbines currently are manufactured using spar caps. The segment witnessed 3.6 times of growth during 2021-2030 with a market size of around USD 2100 Mn in 2021. The leaf root segment is anticipated to witness a growth rate of about 16% over the forecast period owing to its increasing popularity in the market.
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By region, the global Carbon Fiber in Wind Turbine Rotor Blade market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
The Asia Pacific region is expected to hold the largest market share of over 60% in 2021 owing to the various initiatives by market players in this region. Furthermore, the region is anticipated to grow at a CAGR of 15.7% over the projected period.
North America region is estimated to hold a market opportunity of around USD 1,300 million during 2022 and 2030 owing to the rising adoption of technologically advanced turbines and favourable environmental scenarios. The Middle East and Africa region is expected to surpass a market volume of about 10,000 million tonnes by 2024 owing to growing number of wind turbines in the region.
The global Carbon Fiber in Wind Turbine Rotor Blade market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Carbon Fiber in Wind Turbine Rotor Blade market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
Global Production of Wind Blades; Carbon Fiber Cost Distribution (In USD); Power Generation Capacity, By Blade Size
Supply and Demand of Carbon Fiber (MT); Global Consumption of Carbon Fiber Material in Wind Turbine Blades; New Installed Capacity of Wind Turbine Blades
Wind Installed Capacities (GW) (2018, 2030 and 2050) Onshore & Offshore; Wind Turbine New Capacity Addition (MW), By Blade Size, 2017 – 2030
Wind Blade Recycling – Global Volume of Composite Waste from Wind Energy Industry
Pros and Cons of Glass Fiber and Carbon Fiber; LCA Advantage of Carbon Fiber Used Wind Blades/Turbines; Factors Influencing the Trend and Impact Scale
The global Carbon Fiber in Wind Turbine Rotor Blade market report answers questions such as:
- What is the market size and forecast of the Global Carbon Fiber in Wind Turbine Rotor Blade Market?
- What are the inhibiting factors and impact of COVID-19 on the Global Carbon Fiber in Wind Turbine Rotor Blade Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Global Carbon Fiber in Wind Turbine Rotor Blade Market?
- What is the competitive strategic window for opportunities in the Global Carbon Fiber in Wind Turbine Rotor Blade Market?
- What are the technology trends and regulatory frameworks in the Global Carbon Fiber in Wind Turbine Rotor Blade Market?
- What is the market share of the leading players in the Global Carbon Fiber in Wind Turbine Rotor Blade Market?
- What modes and strategic moves are considered favorable for entering the Global Carbon Fiber in Wind Turbine Rotor Blade Market?
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Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.
Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.
Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.
Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.
The Analysis Objectives of the Report are:
To determine the size of the Market by identifying its sub-segments.
To research the key players and analyze their growth strategies.
To assess the size and value of the Market based on key regions.
To analyze the Market in terms of growth trends, potential, and participation in the overall sector.
To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.
Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.
To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.
What is new in 2024?
– Major developments that can change the business landscape as well as market forecasts.
– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.
– Coverage of new market players and change in the market share of existing players of the market.
– Updated financial information and product portfolios of players operating in the market.
– Updated market developments of the profiled players.
– Any new data points/analysis (frameworks) which was not present in the previous version of the report
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