The Global Composite Materials in Renewable Energy Market size is forecast to reach $20 billion by 2025, after growing at a CAGR of 9% during 2020-2025. The key factors such as the reduced weight compared to metallic structures, lower transportation and erection costs, and most importantly lower maintenance costs over the lifespan of the structure driving the demand for composite materials for various renewable energy applications. The growing renewable energy projects in the developing nations such as China, India, Brazil, Argentina, and Mexico are driving the growth of global Composite Materials in Renewable Energy market size over the study period. Besides, the growth of Ocean Renewable Energy projects in the developed and developing regions is also contributing to the growth of Composite Materials in Renewable Energy industry worldwide during the forecast period.
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Fiber Type – Segment Analysis
The glass-reinforced plastic segment is projected to witness a highest CAGR of around 11% in the Composite Materials in Renewable Energy market during the forecast period due to widely used in the solar and wind energy sector. Furthermore, better strength, high chemical resistance, and better stiffness offered by the glass-reinforced plastic along with their easy availability and cost effectiveness propelling the growth of this segment, which in turn drives the growth of the global, market.
Application – Segment Analysis
The solar energy segment is projected to witness a highest CAGR of 10% in the global market during the forecast period. This is attributed to the growing solar plant projects in the developing nations such as China and India. Furth more, the growing focus of the government especially from the fuel importing nations to the reduction of fossil fuel dependency is also contributing for the growth of solar energy sector globally. Thus, the growth of solar energy is also contributing for the growth of composite materials market. The use of composite materials in solar energy helps in the development of lightweight components with greater properties along with other benefits like low maintenance and long product life.
Geography – Segment Analysis
Among the regions, the APAC region is projected to witness the highest CAGR of around 12% in the global Composite Materials in Renewable Energy market followed by North America and Europe during the forecast period. The growing population, rise in building and construction activities, developing renewable energy sector such as solar and wind , and availability of the ample amount of sunlight across the region is driving the growth of this market in APAC region. Furthermore, growing focus to increase megawatt output to satisfy growing demand is also contributing for the growth of this market in APAC region.
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Drivers – Composite Materials in Renewable Energy Market
The growing focus by the government and manufacturing companies to curb the environment pollution and reduce the dependency on fossil fuels have driven the growth of renewable energy market worldwide. This growth in the renewable energy sector, is expected to boost the demand for composite materials during the forecast period. Furthermore, the growing demand for composite materials like fibre-reinforced polymers (FRPs) in wind turbines is also driving the market growth. The FRP material is having an excellent fatigue strength, resist random loading and corrosion, require minimal maintenance and serve for many years. Additionally, the use of lighter weight fibre-reinforced polymers (FRPs) materials for turbine blades can produce more power per unit volume along with minimising impact on the landscape. Besides, the growing recycling of wind turbine blades in Europe is also driving the growth of this market. For instance, July 2019, the EUCIA, Cefic (European Chemical Industry Council) and WindEurope (European Association for wind energy) formed a cross-sector platform to the recycling of wind turbine blades. Whereas, the use of composite materials for wind turbines blades boosts the performance of wind energy by allowing lighter and longer blades. Besides, in today’s scenarios, 2.5 million tons of composite material are in use in the wind energy sector. Whereas, 12,000 wind turbines are expected to be decommissioned in the next five years in Europe. Hence, due to the growing decommissioning of the first generation of wind turbine, various renewable energy associations are teaming up with the chemical and compositors industries for recycling of wind turbine blades to make it more reliable and affordable. This growth in renewable energy sectors is driving the growth of composite materials during the forecast period.
The use of composite material in renewable energy applications is considered as an economically viable compared to the other metallic construction. The economic sustainability of composite construction helps to maximize the performance of renewable energy device with the number of units produced, where the cost of design development and tooling can be amortized. For example, for large renewable energy projects, the reduced weight of renewable energy components can greatly reduce transportation and erection costs along with reduced maintenance costs over an expected more than 15-25 year service life. Hence, due this benefit of composite material over other metallic material drives the growth for composite material in renewable energy market during the forecast period.
Challenges – Composite Materials in Renewable Energy Market
The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is considered as a challenging factor for the growth of this market. The outbreak of COVID-19 worldwide having a noticeable impact on global economic growth. According to the International Monetary Fund (IMF), the global GDP is expected to decline by 0.3% in 2020. Whereas, According to the World Trade Organization (WTO), global trade volume is projected to decline between 13% and 32% in 2020 as a result of the economic impact of COVID-19. The pandemic is affecting operations of various renewable energy sectors such as solar, wind, bio, and geothermal, as most of countries have issued “stay at home guidance” i.e., lockdown. Furthermore, it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020 as well as 2021. As composite materials are extensively used in these industries, the declining operations of these industries is directly affecting composite materials in renewable energy market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Composite Materials in Renewable Energy market report. In 2019, the market of Composite Materials in Renewable Energy top 10 companies accounting for xx% of the share. Major players in the Composite Materials in Renewable Energy Market industry outlook are Hexcel Corporation, Teijin Limited, Toray Industries, Inc., Plastic Reinforcement Fabrics Ltd., Norco Composites & GRP, Armacell International S A, Bae System, Barrday Corporation, and Cytec Solvay Group, Evonik Industry Ag, Honeywell International Inc., Nippon Carbon Co Ltd. among others.
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