2020-29 Global wind turbine materials market compound annual growth rate of about 7%

According to a new report released by the Dublin-based research firm Fact.
MR, the global wind turbine materials market size is expected to exceed $8 billion by 2029, supported by the growing number of wind turbine installations worldwide, with a CAGR of about 7%
during the period.

The increase in fossil fuel consumption worldwide has led to severe climatic conditions, such as global warming, and some governments have launched important projects and implemented plans to promote the productive use
of conventional energy.

Fact.
MR said that wind energy is a clean renewable energy source, and with the improvement of global environmental awareness and the support of favorable government policies, wind power investment continues to increase
.
In addition, strict standards and guidelines aimed at reducing greenhouse gas emissions are also driving the growth
in demand for wind power generation.

"The global wind turbine materials market is expected to increase in value by 1.
8 times by 2029 compared to 2019, during which the market size
will grow by $3.
5 billion.
Fiber wind turbine materials have occupied more than
3/4 of the market share.
”

Glass fibers hold the largest market share in the fiber type segment and have the ability to
provide high efficiency in wind power operations.
Based on application, wind turbine blades maintained their dominant position in the wind turbine materials market in 2019 as wind turbine materials in wind turbine blades have replaced conventional materials such as aluminum and steel
.

According to the report, East Asia is expected to continue to be an important hub for wind power systems worldwide, which has led to a large demand
for wind turbine materials.
The region accounted for about one-third
of the market share in 2019.

The global market for wind turbine materials is fragmented in nature, with Siemens, Teijin Japan, Toray Industries, and Reliance Industries being the major global players
.