Global Energy Sector Composite Market Size By Type (Glass Fibre (GFRP) Composites, Carbon Fibre (CFRP) Composites), By Application (Wind Power, Oil & Gas), By Region, And Segment Forecasts, 2023 to 20...

The Global Energy Sector Composite Market was valued at USD 5.7 billion in 2023 and is projected to reach USD 9.4 billion by 2031, growing at a CAGR of 6.8% during the forecast period from 2023 to 2031. The demand for composite materials in the energy sector is rising due to their strength-to-weight ratio, corrosion resistance, and durability. These characteristics are increasingly essential as renewable energy installations, like wind turbines, and traditional energy infrastructure modernize to reduce operational costs and environmental impact.

Drivers:

Expansion of Renewable Energy Projects: As renewable energy sources such as wind and solar power grow, the need for advanced materials to enhance energy efficiency and durability is increasing.

Demand for Lightweight and Durable Materials: Composite materials provide a cost-effective solution to weight and durability challenges in both conventional and renewable energy sectors, improving energy output and operational lifespans.

Restraints:

High Initial Costs: The manufacturing costs of advanced composite materials remain a challenge, particularly for smaller energy projects.

Complex Recycling Processes: Disposal and recycling of composite materials can be complicated, especially in regions with strict environmental regulations.

Opportunity:

Growing Investment in Offshore Wind Energy: Offshore wind farms, especially in Europe and North America, are expected to drive the demand for composites that can withstand harsh marine environments.

Development of Smart and Sustainable Composites: Innovation in eco-friendly composites is a promising growth area as companies seek to enhance sustainability in energy production.

Market by System Type Insights:

Based on system type, Glass Fiber Composites dominated the market in 2023, owing to their widespread use in wind turbine blades and other energy infrastructure applications. Carbon Fiber Composites are expected to witness the highest growth rate due to their superior strength-to-weight ratio, which is increasingly valued in high-performance applications, especially in offshore wind energy.

Market by End-Use Insights:

In terms of end-use, Renewable Energy accounted for the largest revenue share in 2023. The demand for composite materials is particularly robust in the wind energy sector, where durability and lightweight characteristics are crucial. The Oil & Gas segment is also experiencing growth as companies modernize infrastructure with materials that resist corrosion and reduce maintenance needs.

Market by Regional Insights:

North America led the market in 2023 due to the region's strong renewable energy projects and technological advancements in composites. Asia-Pacific is anticipated to register the highest growth rate, supported by the rapid expansion of renewable energy infrastructure in countries like China and India and substantial investment in modernizing traditional energy facilities.

Competitive Scenario:

Key players in the Global Energy Sector Composite Market include Owens Corning, Hexcel Corporation, Teijin Limited, Toray Industries, Inc., Mitsubishi Chemical Corporation, and TPI Composites, Inc. These companies focus on research and development, partnerships, and acquisitions to strengthen their positions. Recent developments include Owens Corning’s investment in sustainable composite production in 2023, aimed at enhancing durability and reducing environmental impact.

Scope of Work – Global Energy Sector Composite Market

Key Market Developments

2023: Owens Corning expanded its composite manufacturing facilities to meet the demand for sustainable, high-performance materials in renewable energy.

2024: TPI Composites announced a partnership with a major wind turbine manufacturer to produce next-generation turbine blades with enhanced durability.

2025: Hexcel Corporation introduced a line of bio-based composites targeting sustainable solutions for offshore wind projects.

FAQs:

What is the current market size of the Global Energy Sector Composite Market?

The Global Energy Sector Composite Market was valued at USD 5.7 billion in 2023.

What is the major growth driver of the Global Energy Sector Composite Market?

The expansion of renewable energy projects, particularly in wind energy, is a significant growth driver.

Which is the largest region during the forecast period in the Global Energy Sector Composite Market?

North America held the largest market share in 2023; however, Asia-Pacific is expected to grow the fastest.

Which segment accounted for the largest market share in Global Energy Sector Composite Market?

The Glass Fiber Composites segment accounted for the largest market share in 2023.

Who are the key market players in the Global Energy Sector Composite Market?

Key players include Owens Corning, Hexcel Corporation, Teijin Limited, Toray Industries, Inc., Mitsubishi Chemical Corporation, and TPI Composites, Inc.