Composite Materials in Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The market is segmented by Fiber Type (Fiber-Reinforced Polymers, Carbon-Fiber-Reinforced Polymers, Glass-Reinforced Plastic, and Others), Application (Solar Power, Wind Power, Hydroelectricity, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East & Africa).

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Composite Materials in Renewable Energy Industry Overview

composite materials in renewable energy market overview
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: > 6 %

Major Players

composite materials in renewable energy market key players

*Disclaimer: Major Players sorted in no particular order
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Composite Materials in Renewable Energy Market Analysis

The global composite materials in renewable energy market is expected to grow at with a CAGR greater than 6% during the forecast period. One of the major factors driving the market is the augmenting demand for longer wind turbine blade manufacturing. However, need for high investments in R&D is hindering the growth of the market studied. 

  • Lower maintenance costs over the lifespan of the structure is expected to provide a major growth opportunity for the market studied.
  • North America accounts for the highest market share and is expected to dominate the market during the forecast period.
  • Among the applications, wind power application accounts for the highest market share  and is expected to dominate the market studied during the forecast period.

Composite Materials in Renewable Energy Industry Segments

The global composite materials in renewable energy market report includes:

Fiber Type
Fiber-Reinforced Polymers (FRP)
Carbon-Fiber-Reinforced Polymers (CFRP)
Glass-Reinforced Plastic (GRP)
Others
Application
Solar Power
Wind Power
Hydroelectricity
Others
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East & Africa
Saudi Arabia
South Africa
Rest of Middle-East & Africa

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Composite Materials in Renewable Energy Market Trends

This section covers the major market trends shaping the Composite Materials in Renewable Energy Market according to our research experts:

Wind Power Application to Dominate the Market

  • 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 past years. The decrease in the cost is highly influenced by the usage of composites in turbine blade manufacturing. 
  • As the wind energy market grows globally and blade sizes continue to increase, wind farm developers will need to more composite materials to help meet these demands.
  • Owing to the above-mentioned reasons, wind power application is likely to dominate the market studied over the forecast period.
composite materials in renewable energy market share

North America to Dominate the Market

  • North America dominates the composite materials in renewable energy with the majority of the demand coming from the United States.
  • The United States Department of Energy has set an objective that by 2030, 20% of United States electricity will be produced from wind energy.
  • Additionally,  to boost the growth of this industry, the United States has extended the federal Production Tax Credit (PTC) by five years, thereby, creating exceptional market stability. 
  • These aforementioned factors are augmenting the usage of composites in the country, owing to which the North America region is likely to dominate the market studied during the forecast period.
composite materials in renewable energy market analysis

Composite Materials in Renewable Energy Market Competitor Analysis

The carbon composites market is moderately fragmented as the market share is divided between many players. Key players in the market include Hexcel Corporation, Teijin Limited, Toray Industries, Inc., Plastic Reinforcement Fabrics Ltd., and Norco Composites & GRP, among others.

Composite Materials in Renewable Energy Market Top Players

  1. Hexcel Corporation

  2. Teijin Limited

  3. Toray Industries, Inc.

  4. Plastic Reinforcement Fabrics Ltd.

  5. Norco Composites & GRP

*Disclaimer: Major Players sorted in no particular order

Hexcel Corporation, Teijin Limited, Toray Industries, Inc., Plastic Reinforcement Fabrics Ltd., Norco Composites & GRP.

Composite Materials in Renewable Energy Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Reduced Weight Compared to Metallic Structures

      2. 4.1.2 Augmenting Demand for Longer Wind Turbine Blades

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Need for High Investments in R&D

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value-chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Fiber Type

      1. 5.1.1 Fiber-Reinforced Polymers (FRP)

      2. 5.1.2 Carbon-Fiber-Reinforced Polymers (CFRP)

      3. 5.1.3 Glass-Reinforced Plastic (GRP)

      4. 5.1.4 Others

    2. 5.2 Application

      1. 5.2.1 Solar Power

      2. 5.2.2 Wind Power

      3. 5.2.3 Hydroelectricity

      4. 5.2.4 Others

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 ASEAN Countries

        6. 5.3.1.6 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Changzhou Tiansheng New Materials Co. Ltd

      2. 6.4.2 Solvay

      3. 6.4.3 EPSILON Composite Tous droits reserves

      4. 6.4.4 EURO-COMPOSITES

      5. 6.4.5 Evonik Industries AG

      6. 6.4.6 Gurit

      7. 6.4.7 Hexcel Corporation

      8. 6.4.8 JEC GROUP

      9. 6.4.9 Plastic Reinforcement Fabrics Ltd

      10. 6.4.10 Teijin Limited

      11. 6.4.11 Toray Industries, Inc.

      12. 6.4.12 Norco Composites & GRP

      5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Lower Maintenance Costs Over the Lifespan of the Structure

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Composite Materials in Renewable Energy Market Research FAQs

The Composite Materials in Renewable Energy Market is studied from 2018 - 2028.

The Composite Materials in Renewable Energy Market is growing at a CAGR of >6% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

Hexcel Corporation, Teijin Limited , Toray Industries, Inc. , Plastic Reinforcement Fabrics Ltd. , Norco Composites & GRP are the major companies operating in Composite Materials in Renewable Energy Market.

Composite Materials in Renewable Energy Industry Reports

In-depth industry statistics and market share insights of the Composite Materials in Renewable Energy sector for 2020, 2021, and 2022. The Composite Materials in Renewable Energy research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Composite Materials in Renewable Energy report PDF.

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