(MENAFN- GlobeNewsWire - Nasdaq) Rockville , Nov. 14, 2023 (GLOBE NEWSWIRE) -- As per Fact's latest industry analysis, the global wind turbine material market is estimated at US$ 7.01 billion in 2024 and is projected to reach US$ 13.8 billion by the end of 2034.

Wind turbine materials are a crucial component of the global renewable energy industry. These materials are used in the construction and maintenance of wind turbine components, such as blades, nacelles, towers, and foundations. Growing need for clean and sustainable energy sources is driving the demand for wind turbine materials.

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The market is witnessing a shift towards advanced composite materials. Carbon fiber-reinforced composites, epoxy resins, and other innovative materials are offering improved strength, durability, and lightweight properties. These materials are crucial for the development of longer and more efficient turbine blades.

Sustainability is a key trend driving the development of eco-friendly materials and recycling processes. Manufacturers are exploring bio-based composites and recyclable materials, reducing the environmental impact of wind turbine production and end-of-life disposal.

Ongoing advancements in material science and manufacturing techniques are leading to the creation of materials with enhanced performance characteristics. This includes materials that can withstand harsh environmental conditions, reduce maintenance requirements, and extend the lifespan of wind turbine components.

Report Attribute	Details
Value Projection (2034)	US$ 13.8 Billion
Growth Rate (2024-2034)	7% CAGR
No. of pages	170 Pages
No. of Tables	94 Tables
No. of Figures	77 Figures

Key Takeaways from Market Study

• Global sales of wind turbine materials are forecasted to increase at a CAGR of 7% from 2024 to 2034.
• In the United States, production tax credit (PTC) and investment tax credit (ITC) initiatives are instrumental in incentivizing wind power projects and boosting the demand for wind turbine materials.
• Europe's ambitious renewable energy targets place wind energy at the forefront, spurring strong demand for wind turbine materials.
• Energy demand in Asia Pacific, driven by rapid economic growth, provides a robust market for wind energy and its materials.

“The worldwide shift towards cleaner and more sustainable energy sources, driven by climate change concerns and environmental regulations is propelling the demand for wind turbine materials , ” says a Fact report.

Key Companies Profiled in This Report

• Siemens AG
• Teijin Limited
• Toray Industries Inc.
• Reliance Industries Limited
• Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
• Molded Fiber Glass Companies
• Gurit Holding AG
• Hexcel Corporation
• Vestas
  

Competitive Analysis

The wind turbine material market is highly competitive, with key players such as Siemens Gamesa, Vestas, LM Wind Power, and GE Renewable Energy dominating the industry. These companies are focusing on research and development activities, sustainability, and strategic partnerships to maintain their market leadership. Additionally, smaller and niche players are excelling in specialized materials or components, contributing to the overall market's competitiveness.

• In September 2021, Siemens Gamesa unveiled the world's first recyclable wind turbine blade, marking a significant stride toward its goal of achieving 100% blade recyclability by 2040.
  

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More Valuable Insights on Offer

Fact, in its new offering, presents an unbiased analysis of the global wind turbine material market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights on the market based on type (fiber, resin, others) and application (wind blades, nacelles, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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About Fact :

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