One of the key factors fueling the expansion of the market for special epoxy resin for wind turbine blades is the rising need for renewable energy on a global scale. Governments and utilities are investing in renewable energy sources like wind power in order to minimise carbon emissions and reliance on fossil fuels. As a result, there will be more wind turbine installations, which will raise demand for the epoxy resins required to make wind turbine blades. The market for epoxy resins for wind turbine blades is expanding as a result of increased energy prices as well as technological advancements. Additionally, leading companies are anticipated to raise their research and development spending in order to create new epoxy resins and cutting-edge production techniques, which will fuel market expansion.
Due to its extreme durability and superior adhesion capabilities, the Special Epoxy Resin for Wind Turbine Blades Market is crucial for usage in the construction of wind turbine blades. The resin is the perfect material to use in the construction of wind turbines because it is made to endure high winds and temperatures. In order to strengthen the security and dependability of the turbine's many components, it is also utilised to seal joints and spaces between them. The glue also aids in lowering rust, which can harm the electrical components inside the blade. Due to its excellent strength and durability, the Special Epoxy Resin for Wind Turbine Blades Market is also employed in other industries, such as aerospace and automobile manufacturing.
A type of epoxy resin called Special Epoxy Resin for Wind Turbine Blades was created especially for use in the manufacture of wind turbine blades. The high glass transition temperature (Tg) and strong thermal stability of these resins allow them to endure the high temperatures and dynamic stresses that the blades are subjected to while in operation. They also offer superior mechanical strength and adhesive qualities, as well as superior resistance to moisture, UV rays, chemicals, and other environmental factors. In order to maintain the structural integrity of the blades throughout a long service life, special epoxy resin is used in wind turbine blade construction.
During the forecast period of 2021–2031, the market for special epoxy resin for wind turbine blades is expected to grow at a CAGR of 6.5%, from a value of USD 6,829.7 million in 2021 to USD 11,200 million in 2031.
The market for specific epoxy resin for wind turbine blades is propelled by the rising need for renewable energy sources, particularly wind power because of its efficacy and affordability. The number of government initiatives for the building of wind turbines throughout various countries has increased as a result of rising environmental consciousness. This element is anticipated to fuel market demand.
There are various factors that limit the market for a particular epoxy resin for the blades of windmills. The high cost of these resins is one of the key barriers to the market's growth.
Additionally, businesses in this industry must contend with unstable costs for raw materials and strict environmental laws. Additionally, the usage of these resins raises health and safety issues that are impeding market expansion. The lack of knowledge of these resins' benefits by end users is another factor that is projected to hinder product demand. But during the course of the projected period, the advent of bio-based epoxy resins is anticipated to offer profitable prospects for the market's expansion.
DowDuPont Inc., Henkel AG & Co., Huntsman Corporation, Bostik SA, 3M Company, BASF SE, PPG Industries Inc., and Arkema Group are some of the key companies active in this sector. These businesses have implemented tactics including mergers and acquisitions and expansions to outperform their rivals. These businesses are also focusing on product innovation in order to introduce material removal products onto the marketplace.
The Hand Paste Resin Segment emerged as the Most Lucrative Type
The Hand Paste Resin, Perfusion Resin, Epoxy Structural Adhesive, and Other segments make up the Special Epoxy Resin for the Wind Turbine Blades market. Because of its exceptional adhesion qualities and flexibility, the Hand Paste Resin segment is predicted to experience profitable expansion during the projected period. This resin is employed in the production of wind turbine blades because it bonds strongly to a variety of materials, including glass fibres and carbon fibres.
The Most Prominent Application is the Below 2.0 MW Segment
The market is divided into four groups based on application: Below 2.0 MW, 2.0-3.0 MW, 3.0-5.0 MW, and Above 5.0 MW. Because of the increased demand for smaller-sized wind turbines due to their affordability and ease of installation, the Below 2.0 MW segment is anticipated to lead the market in terms of value and volume. The segment is also anticipated to experience significant growth over the course of the forecast period.
The Power Generation Category to emerge as the Most Promising End User
The market is segmented into the Power Generation, Manufacturing & Construction industries based on end-use industry. Due to rising global investments in renewable energy projects, the Power Generation segment of these two maintains a sizeable revenue share. To promote new investments in this sector, which will further fuel market expansion over the forecast period, several governments are now offering incentives and tax refunds on green energy projects.
The APAC Region to render Ample Financing Opportunities
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the regions into which the market can be divided. The biggest increase is anticipated in the Asia-Pacific region over the projection period as a result of rising demand for wind energy in nations like India, China, and Japan. Additionally, over the forecast period, rising investments in several renewable energy projects in these nations are projected to increase demand for specialised epoxy resins used in wind turbine blades.
COVID-19 Impact and Market Status
The wind turbine sector has also been significantly impacted by the COVID-19 pandemic's effects on the world economy. Due to the pandemic, a large fall in demand for specific epoxy resin for wind turbine blades is anticipated in 2020. The suspension or cancellation of significant projects in the wake of the pandemic is the main cause of the decline in demand for wind turbines. As a result, producers of special epoxy resin for wind turbine blades have seen a decrease in production and an increase in new orders.
In addition, prices for the resin have decreased as a result of the drop in demand. The global market for special epoxy resin for wind turbine blades is anticipated to rebound in 2021 and resume expansion over the projected period of 2021–2026, despite the constraints posed by the pandemic. Increased investment in renewable energy projects is anticipated to assist the industry as governments attempt to boost economic activity in the wake of the pandemic. Over the course of the forecast period, growth in the market is anticipated to be fueled by ongoing technological developments and cost reductions.
Recent Developments in the Special Epoxy Resin for Wind Turbine Blades Market
• A new epoxy resin for wind turbine blades was created by the German company Covestro, which specialises in specialised chemicals, in March 2021. The material is made to make rotors lighter and simpler, increasing their efficiency and lowering the cost of manufacturing. Additionally, it is more corrosion-resistant, extending the lifespan and lowering the maintenance requirements of both new and old wind turbines.
• A unique epoxy resin for wind turbine blades that are specifically made to be lightweight yet robust enough to provide improved strength and endurance in hostile settings was introduced by the American chemicals producer Hexion in April 2021. This device is anticipated to result in a 20% reduction in the costs of producing and installing large-scale wind turbines.
• A high-performance light-curing epoxy resin solution for wind turbine blades has been created by the Spanish chemical company Iberchem in May 2021. It provides exceptional protection against UV rays, temperature extremes, salt fog, impact cracking, and fatigue failure. The device is supposed to lower operational costs while also enhancing blade performance.
Special Epoxy Resin for Wind Turbine Blades Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 11,200 million|
|Growth Rate||CAGR of 6.5 % during 2021-2030|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||DowDuPont Inc., Henkel AG & Co., Huntsman Corporation, Bostik SA, 3M Company, BASF SE, PPG Industries Inc., and Arkema Group|
Key Segment of Global Special Epoxy Resin for Wind Turbine Blades Market
By Type Overview 2021-2031, (USD Million)
• Hand Paste Resin
• Perfusion Resin
• Epoxy Structural Adhesive
By Application Overview 2021-2031, (USD Million)
• Below 2.0 MW
• 2.0-3.0 MW
• 3.0-5.0 MW
• Above 5.0 MW
By End-User Overview 2021-2031, (USD Million)
• Power Generation
• Manufacturing & Construction industries
By Region Overview 2021-2031, (USD Million)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa