Composite materials demand in wind energy to hike by 2018

This market includes various raw materials, such as polyester resin, epoxy resin, glass fiber, carbon fiber, adhesive, coating, and cores. Key drivers for the growth of composite materials are growth of wind energy market and increase in the size of wind turbine blades.

Lucintel, a leading global management consulting and market research firm, has conducted a competitive analysis on the future needs of composite materials for wind energy market and presents its findings in "Future Composite Materials Needs for Global Wind Energy Market 2013-2018".

Despite composites' gaining popularity, its usage has its own set of challenges. Some of the key challenges are achieving adequate stiffness to prevent excessive blade deflection, preventing buckling failure, and ensuring adequate fatigue life under variable wind loading condition. To solve these challenges, blade manufacturers have started to use carbon fiber. Carbon fiber is; however, 8 to 10 times expensive than glass fiber which hinders its extensive use in turbine blades.

The study also focuses on the key drivers. The wind energy market has been growing at a good rate and is expected to continue the same growth momentum. This is likely to drive the consumption of composites for wind turbine manufacturing as composites remain the choice of material for OEMs and blade manufacturers. The US government encourages wind energy industry worldwide through various incentive programs such Production Tax Credit (PTC).

It is necessary to know the market dynamics and future opportunities to make long-term strategic and financial decisions as well as to compete in the prevailing market conditions. This report gives insights to the market trend (2007-2012) and forecast period (2013-2018) which will assist the interested companies in making key decisions.

Increasing demand of lightweight materials with efficient properties drive the growth of composite materials in wind energy market and it is expected to witness robust growth over the next five years.

Lucintel