Rising Focus on Improving Product Technologies and Developing New Alternatives is Driving Transformational Growth
The publisher divided the wind turbine materials market into structural and non-structural materials. The report further classified the structural materials market into metals, fiber-reinforced composites, and core materials, while the non-structural materials market contains coatings, adhesives and sealants, and lubricants. Each material has been segmented for various wind turbine components, such as the rotor, tower, and others (nacelle, generator, and gearbox). The main application areas are onshore and offshore.
The consumption of structural materials is anticipated to be massive, as they offer structural integrity or rigidity to the wind turbine while reducing its overall weight. The market for non-structural materials will likely record the highest CAGR in value and volume during the forecast period. These materials protect the turbines from corrosion and weathering, increasing the components' longevity and maintaining reliability. The onshore segment accounted for the greatest share of the wind turbine materials market in 2024 and will likely maintain its dominance over the forecast period. However, with rising energy demand and the depletion of fossil fuels, government authorities worldwide have increased their focus on the offshore segment, which will considerably drive the expansion of associated materials during the forecast period.
The overall consumption of wind turbine materials in the Middle East, Africa, and South Asia is expected to increase significantly during the forecast period. This is mostly due to significant economic development, combined with industrialization activities, which creates a high demand for renewable energy in the region. Asia-Pacific accounted for the highest share of the wind turbine materials market in 2024 and will likely maintain its dominance during the forecast period.
Urbanization and favorable government policies for increasing wind capacity installations drive the region's need for wind turbine materials for both onshore and offshore applications. Rising incidences of global warming and climate change-related events are anticipated to boost the consumption of wind turbine materials, mainly for offshore applications in regions like Europe and the Americas.
