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Wind Turbine Composites Market Rising Manufacturing Output In Developing Countries Forecast To 2023
Wind Turbine Composites are used for manufacturing blades, and other parts of the component to offer significant properties such as excellent flexibility, strength, and durable nature to the finished material. Moreover, they also provide versatility and reliability to the product. The Global Wind Turbine Composites Market has been driven by the range of its application in various sectors such as blades, nacelles, hub, tower, and others. Moreover, it is estimated that the blades segment is set to witness the highest growth in the market due to the growing consumption of composite materials in the wind energy sector over the forecast period.
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Some of the prominent players operating in the Global Wind Turbine Composites Market are LM Wind Power (Denmark),AVIC Huiteng Windpower Equipment Co Ltd ( China), Vestas (Denmark), Gamesa Corporation Technology (U.S.), TPI Composites (U.S.), Suzlon Energy Limited (India), AREVA (France), Siemens AG (Germany), Lianyungang Zhongfu Lianzhong Composites Group Co.,Ltd (China), and Molded Fiber Glass Companies (U.S.) among others.
The Wind Turbine Composites Market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Among these, Asia Pacific holds a major share of the market due to the growing adoption of lightweight materials in wind turbine installation systems. The glass fiber segment holds the major portion and is anticipated to continue its dominance in the market due to increasing adoption of lightweight materials in the industry. Therefore, countries such as China, Japan and India are the major players in this market.
The North America region is growing significantly due to the increased consumption of low-density materials in generator, housing for the gearbox, and others. It is predicted that growing investments in the end-use industries is likely to drive the market in the region during the forecast period. The growing consumption of composites in major industries has propelled countries such as the U.S, Canada and Mexico to achieve a stunning growth in the market as they provide excellent flexibility, stability and low maintenance to the product.
The Global Wind Turbine Composites Market is segmented into the fiber type, resin process and application. On the basis of the fiber type, the market is further categorized into glass, and carbon segments. Among these, the glass fiber segment holds a majority of the market share due to extraordinary features offered by the product such as cost-effective nature and ease of application.
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Epoxy, polyester, vinyl ester, polyurethane, and other segments are classified based on resin segment. Among these, the epoxy resin segment is set to drive the market on account of its growing consumption in wind turbine blades. The market by process is further categorized into vacuum injection molding, repeg, and hand lay-up segments. Moreover, the growing demand of flexible materials in blades, tower and others is set to drive the wind power segment as they provide unique mechanical strength and flexible nature to the product.
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