Wind Power Coating Market
Wind Power Coatings Market (Type - Polymer Coatings, Metal Coatings, and Ceramic Coatings; Application - Onshore (Onshore Blade, Onshore Tower, Onshore Interior) and Offshore (Offshore Blade, Offshore Tower, and Offshore Interior)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
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Global Wind Power Coatings Market: Snapshot
Wind blades and towers are often subjected to corrosive and erosive environments owing to their placement amid harsh conditions on land and at sea. This can severely affect the overall efficiency of wind power equipment and result in reduced efficiency of the overall setup. These elements can also lead to a massive deterioration of the strength, reliability, lifespan, and economic value of wind power structures. To avert this, a number of coating are applied on structure and components to protect them from the harsh environment. The global market for wind coatings has witnessed massive expansion in the past few years in terms of the variety of products available, the technologies put to use, production capacities of leading vendors, and the set of applications that the market serves.
The demand for coatings for wind turbines is expected to rise at a promising pace in the next few years owing to a promising rise in adoption of wind and photovoltaic (PV) systems, growth in focus on decreasing the maintenance costs, and improvement in efficiency. This is expected to drive the wind power coating market. The wind power coatings market is expected to grow during the forecast period due to increasing demand for energy from across the globe. The key factors driving the wind power coatings market across the globe are decreasing levelized cost of electricity (LCOE) of onshore and offshore wind power and increasing greenhouse gas emissions, which is prompting countries to increase their renewable energy output to produce clean energy. This, in turn, is anticipated to boost the wind power coatings market.
Polymer Coatings to Remain Most In-demand Product Variety
In terms of type, the wind power coatings can be classified into polymer coatings, metal coatings, and ceramic coatings. The most common polymers used for coatings include epoxy resins, polyurethane, acrylic resins and many more. Polymer coatings have excellent corrosion resistance, toughness, and durability, which makes these coatings a favorable choice for applications where the surface is prone to corrosion due to adverse environmental conditions.
In terms of the application, the wind power coatings market can be classified on the basis of onshore and offshore. The onshore segment dominated the global wind power coatings market due to increased demand of these coatings in onshore wind farms across the globe. While offshore segment is anticipated to grow at the significant rate in the near future due to decreasing cost of the offshore wind installation and decreasing land availability for onshore wind farms.
Rising Investments in Wind Power Sector in India and China to Make Asia Pacific Leading Regional Market
Geographically, the wind power coatings market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia pacific dominates the market for wind power coatings in terms of demand and revenue, followed by Europe and North America. Consumption of wind power coatings in India is growing at a significant pace owing to increased investments in the wind power sector and China is a leading consumer of wind power coatings owing to the large number of wind farms in the country. Middle East & Africa is anticipated to be the fastest growing market for wind power coatings, thanks to the easy availability of feed stock and increasing investment in the renewable industry in the region.
Key players operating in the global wind power coatings market include Akzo Nobel N.V., Hempel Fonden, PPG Industries, Inc., Jotun Group, Teknos Group Oy, 3M Co., The Sherwin-Williams Company and others.
Global Wind Power Coatings Market: Overview
This report analyzes and forecasts the market for wind power coatings at the global and regional level. The market has been forecast based on revenue (US$ Mn) and volume (Kilo Liters) from 2017 to 2025. The study includes drivers and restraints of the global wind power coatings market. It also covers the impact of these drivers and restraints on demand for wind power coatings during the forecast period. The report also highlights opportunities in the wind power coatings market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global wind power coatings market. Porter’s Five Forces model for the wind power coatings market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications are benchmarked based on their market size, growth rate, and general attractiveness.
Global Wind Power Coatings Market: Scope of the Report
The study provides a decisive view of the global wind power coatings market by segmenting it in terms of type, and applications. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for wind power coatings in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual type and applications in all the regions.
The study includes profiles of major companies operating in the global wind power coatings market. Key players in the wind power coatings market include Akzo Nobel N.V., Hempel Fonden, PPG Industries, Inc., Jotun Group, Teknos Group Oy, 3M Co., The Sherwin-Williams Company and others. Market players have been profiled in terms of attributes such as company overview, overall revenue, business strategies, and recent developments.
The report provides the estimated market size of wind power coatings for 2016 and forecast for the next eight years. The global market size of wind power coatings has been provided in terms of revenue and volume. Market numbers have been estimated based on type and applications segments of wind power coatings market. Market size and forecast for each major type, applications have been provided in terms of global and regional markets.
Global Wind Power Coatings Market: Research Methodology
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, webcasts specific to companies operating in the market, American Chemical Society, International Council of Chemical Associations, 4m Associations, and European Union. Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, type, and applications across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
The report segments the global wind power coatings market as follows: