The global Composite Materials in Renewable Energy Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Fiber (Fiber-Reinforced Polymers (FRP), Carbon-Fiber-Reinforced Polymers (CFRP), Glass-Reinforced Plastic (GRP), Others), By Application (Solar Power, Wind Power, Hydroelectricity, Others).
Composite materials play a significant role in renewable energy technologies by enabling the development of lightweight, durable, and efficient components for various applications in 2024. In the renewable energy sector, composite materials are used in wind turbine blades, solar panels, hydroelectric turbines, and other renewable energy systems to enhance performance, durability, and energy conversion efficiency. Wind turbine blades, for example, are often manufactured using composite materials such as fiberglass or carbon fiber reinforced polymers (CFRP) to withstand the harsh environmental conditions and aerodynamic forces encountered during operation. Similarly, composite materials are used in the construction of lightweight and durable frames and supports for solar panels, contributing to increased energy capture and system longevity. Additionally, composite materials are employed in the fabrication of hydroelectric turbine components, such as runners and guide vanes, to improve efficiency and reduce maintenance requirements. With ongoing advancements in composite material technology, including new resin formulations, fiber reinforcements, and manufacturing processes, composite materials to drive innovation and performance improvements in renewable energy systems, supporting the transition to a more sustainable and resilient energy infrastructure.
The market report analyses the leading companies in the industry including Changzhou Tiansheng New Materials Co. Ltd, EPSILON Composite Tous droits reserves, EURO-COMPOSITES, Evonik Industries AG, Gurit, Hexcel Corp, JEC GROUP, Norco Composites & GRP, Plastic Reinforcement Fabrics Ltd, Solvay SA, Teijin Ltd, Toray Industries Inc, and others.
A prominent trend in the market for composite materials in renewable energy is the increasing integration of composites in the construction and maintenance of renewable energy infrastructure, including wind turbines, solar panels, and hydroelectric facilities. With the global shift towards renewable energy sources to mitigate climate change and reduce reliance on fossil fuels, there is a growing demand for lightweight, durable, and corrosion-resistant materials that can withstand harsh environmental conditions and optimize energy production. Composite materials offer advantages such as high strength-to-weight ratio, design flexibility, and resistance to corrosion, fatigue, and degradation, making them ideal for applications in wind turbine blades, solar panel frames, and hydroelectric components. This trend is driving market growth and innovation, with manufacturers developing advanced composite formulations, manufacturing processes, and structural designs tailored to the specific requirements of renewable energy projects, enabling increased efficiency, reliability, and longevity of energy generation systems.
The primary driver fueling the demand for composite materials in renewable energy is the expansion of renewable energy capacity and investment worldwide, driven by government incentives, policy support, and technological advancements. With increasing awareness of the environmental impacts of fossil fuels and the urgency to transition to cleaner energy sources, there is a growing deployment of wind, solar, and hydroelectric projects to meet energy demand and achieve sustainability goals. Composite materials play a critical role in enabling the growth of renewable energy infrastructure by providing lightweight and durable solutions that enhance the performance, efficiency, and durability of energy generation systems. As governments and utilities invest in expanding renewable energy capacity and modernizing existing infrastructure, the demand for composite materials is expected to rise, driving market expansion and investment in research, development, and manufacturing of advanced composites for renewable energy applications.
An emerging opportunity within the market for composite materials in renewable energy lies in the development of specialized solutions for offshore wind farms to address the unique challenges of marine environments and deep-sea conditions. Offshore wind energy represents a significant and rapidly growing segment of the renewable energy market, offering abundant wind resources and the potential for large-scale electricity generation close to population centers. However, offshore wind turbines are exposed to harsh marine conditions, including high winds, saltwater corrosion, and wave-induced loads, requiring robust and corrosion-resistant materials that can withstand long-term exposure to the elements. Composite materials, with their lightweight, corrosion-resistant properties, and design flexibility, offer advantages for offshore wind turbine components such as blades, nacelles, and support structures. By developing advanced composite formulations, manufacturing techniques, and installation methods tailored to offshore wind applications, manufacturers can address the unique challenges of offshore wind energy and capitalize on the growing market demand for reliable and cost-effective solutions for renewable energy generation at sea.
Within the Composite Materials in Renewable Energy market, the Fiber-Reinforced Polymers (FRP) segment is the largest, primarily due to its versatility, affordability, and widespread applicability across various renewable energy technologies. FRP composites consist of a polymer matrix reinforced with fibers, typically glass or aramid, offering a balance of strength, durability, and cost-effectiveness. These materials find extensive use in renewable energy applications such as wind turbine blades, solar panel components, hydroelectric systems, and tidal energy structures. The versatility of FRP composites allows manufacturers to tailor material properties to specific performance requirements, ensuring optimal performance in diverse environmental conditions. Moreover, FRP materials are lightweight and corrosion-resistant, reducing installation and maintenance costs while extending the service life of renewable energy infrastructure. Additionally, the scalability and mass production capabilities of FRP composites make them a preferred choice for large-scale renewable energy projects, contributing to their dominance in the market. As the global transition towards renewable energy sources accelerates, driven by environmental concerns and policy incentives, the demand for FRP materials in renewable energy applications is expected to continue growing, solidifying the leading position of this segment in the Composite Materials in Renewable Energy market.
Within the Composite Materials in Renewable Energy market, the Wind Power Application segment is the fastest-growing, fuelled by the rapid expansion of wind energy capacity worldwide. Wind power has become a leading source of renewable energy, with significant investments in wind farm development across regions. Composite materials play a critical role in wind turbine construction, particularly in the manufacturing of turbine blades. These blades require materials with high strength-to-weight ratios, durability, and resistance to fatigue and corrosion to withstand the harsh operating conditions encountered in wind farms. Composite materials, such as fiberglass and carbon fiber reinforced polymers (CFRP), offer these essential characteristics, enabling the production of longer, lighter, and more efficient turbine blades. Additionally, advancements in composite manufacturing processes, such as resin infusion and automated lay-up techniques, have further enhanced the performance and cost-effectiveness of wind turbine blades. As countries set ambitious renewable energy targets and invest in wind power infrastructure to reduce carbon emissions and transition towards sustainable energy sources, the demand for composite materials in wind power applications is expected to experience exponential growth, driving the overall expansion of the Composite Materials in Renewable Energy market.
By Fiber
Fiber-Reinforced Polymers (FRP)
Carbon-Fiber-Reinforced Polymers (CFRP)
Glass-Reinforced Plastic (GRP)
Others
By Application
Solar Power
Wind Power
Hydroelectricity
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Changzhou Tiansheng New Materials Co. Ltd
EPSILON Composite Tous droits reserves
EURO-COMPOSITES
Evonik Industries AG
Gurit
Hexcel Corp
JEC GROUP
Norco Composites & GRP
Plastic Reinforcement Fabrics Ltd
Solvay SA
Teijin Ltd
Toray Industries Inc
*- List Not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Composite Materials in Renewable Energy Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Composite Materials in Renewable Energy Market Size Outlook, $ Million, 2021 to 2032
3.2 Composite Materials in Renewable Energy Market Outlook by Type, $ Million, 2021 to 2032
3.3 Composite Materials in Renewable Energy Market Outlook by Product, $ Million, 2021 to 2032
3.4 Composite Materials in Renewable Energy Market Outlook by Application, $ Million, 2021 to 2032
3.5 Composite Materials in Renewable Energy Market Outlook by Key Countries, $ Million, 2021 to 2032
4 Market Dynamics
4.1 Key Driving Forces of Composite Materials in Renewable Energy Industry
4.2 Key Market Trends in Composite Materials in Renewable Energy Industry
4.3 Potential Opportunities in Composite Materials in Renewable Energy Industry
4.4 Key Challenges in Composite Materials in Renewable Energy Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Composite Materials in Renewable Energy Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Composite Materials in Renewable Energy Market Outlook by Segments
7.1 Composite Materials in Renewable Energy Market Outlook by Segments, $ Million, 2021- 2032
By Fiber
Fiber-Reinforced Polymers (FRP)
Carbon-Fiber-Reinforced Polymers (CFRP)
Glass-Reinforced Plastic (GRP)
Others
By Application
Solar Power
Wind Power
Hydroelectricity
Others
8 North America Composite Materials in Renewable Energy Market Analysis and Outlook To 2032
8.1 Introduction to North America Composite Materials in Renewable Energy Markets in 2024
8.2 North America Composite Materials in Renewable Energy Market Size Outlook by Country, 2021-2032
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Composite Materials in Renewable Energy Market size Outlook by Segments, 2021-2032
By Fiber
Fiber-Reinforced Polymers (FRP)
Carbon-Fiber-Reinforced Polymers (CFRP)
Glass-Reinforced Plastic (GRP)
Others
By Application
Solar Power
Wind Power
Hydroelectricity
Others
9 Europe Composite Materials in Renewable Energy Market Analysis and Outlook To 2032
9.1 Introduction to Europe Composite Materials in Renewable Energy Markets in 2024
9.2 Europe Composite Materials in Renewable Energy Market Size Outlook by Country, 2021-2032
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Composite Materials in Renewable Energy Market Size Outlook by Segments, 2021-2032
By Fiber
Fiber-Reinforced Polymers (FRP)
Carbon-Fiber-Reinforced Polymers (CFRP)
Glass-Reinforced Plastic (GRP)
Others
By Application
Solar Power
Wind Power
Hydroelectricity
Others
10 Asia Pacific Composite Materials in Renewable Energy Market Analysis and Outlook To 2032
10.1 Introduction to Asia Pacific Composite Materials in Renewable Energy Markets in 2024
10.2 Asia Pacific Composite Materials in Renewable Energy Market Size Outlook by Country, 2021-2032
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Composite Materials in Renewable Energy Market size Outlook by Segments, 2021-2032
By Fiber
Fiber-Reinforced Polymers (FRP)
Carbon-Fiber-Reinforced Polymers (CFRP)
Glass-Reinforced Plastic (GRP)
Others
By Application
Solar Power
Wind Power
Hydroelectricity
Others
11 South America Composite Materials in Renewable Energy Market Analysis and Outlook To 2032
11.1 Introduction to South America Composite Materials in Renewable Energy Markets in 2024
11.2 South America Composite Materials in Renewable Energy Market Size Outlook by Country, 2021-2032
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Composite Materials in Renewable Energy Market size Outlook by Segments, 2021-2032
By Fiber
Fiber-Reinforced Polymers (FRP)
Carbon-Fiber-Reinforced Polymers (CFRP)
Glass-Reinforced Plastic (GRP)
Others
By Application
Solar Power
Wind Power
Hydroelectricity
Others
12 Middle East and Africa Composite Materials in Renewable Energy Market Analysis and Outlook To 2032
12.1 Introduction to Middle East and Africa Composite Materials in Renewable Energy Markets in 2024
12.2 Middle East and Africa Composite Materials in Renewable Energy Market Size Outlook by Country, 2021-2032
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Composite Materials in Renewable Energy Market size Outlook by Segments, 2021-2032
By Fiber
Fiber-Reinforced Polymers (FRP)
Carbon-Fiber-Reinforced Polymers (CFRP)
Glass-Reinforced Plastic (GRP)
Others
By Application
Solar Power
Wind Power
Hydroelectricity
Others
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
Changzhou Tiansheng New Materials Co. Ltd
EPSILON Composite Tous droits reserves
EURO-COMPOSITES
Evonik Industries AG
Gurit
Hexcel Corp
JEC GROUP
Norco Composites & GRP
Plastic Reinforcement Fabrics Ltd
Solvay SA
Teijin Ltd
Toray Industries Inc
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Fiber
Fiber-Reinforced Polymers (FRP)
Carbon-Fiber-Reinforced Polymers (CFRP)
Glass-Reinforced Plastic (GRP)
Others
By Application
Solar Power
Wind Power
Hydroelectricity
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Global Composite Materials in Renewable Energy Market Size is valued at $18.5 Billion in 2024 and is forecast to register a growth rate (CAGR) of 8.9% to reach $36.6 Billion by 2032.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Changzhou Tiansheng New Materials Co. Ltd, EPSILON Composite Tous droits reserves, EURO-COMPOSITES, Evonik Industries AG, Gurit, Hexcel Corp, JEC GROUP, Norco Composites & GRP, Plastic Reinforcement Fabrics Ltd, Solvay SA, Teijin Ltd, Toray Industries Inc
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2032; Currency: Revenue (USD); Volume