Global wind power coatings market was valued at US$644.2 mn in 2016 and is projected to rise to US$1,801.1 mn by 2025, exhibiting a CAGR of 12.3 percent from 2017 to 2025, says a new report from Transparency Market Research.
The market is witnessing the entry of an increasing number of small- and medium-scale companies, as well as a steady rise in the number of innovative products and technologies.
The intensity of competition is rising and is likely to rise in the next few years as well, the research further said.
Prominent players in the wind power coatings market include Akzo Nobel N.V., Hempel Fonden, PPG Industries, Jotun Group, Teknos Group Oy, 3M, and The Sherwin-Williams Company.
Of the key varieties of coatings used in the wind energy sector, including polymer coatings, metal coatings, and ceramic coatings, the segment of polymer coatings segment held the dominant share in the market in 2016 primarily due to the ease of availability and excellent cost to performance ratio. The segment is also likely to outpace other segments over the forecast period and remain the key revenue contributor to the overall market.
Geographically, Asia Pacific held the dominant share of the global wind power coatings market in 2016, thanks to the rising demand for wind power coatings in the region’s steadily expanding onshore wind turbine industry.
China is the leading consumer of wind power coatings in Asia Pacific market owing to the large number of wind farms in the country.
The Middle East and Africa regional segment is expected to be the most promising regional market in terms of growth pace during the forecast period. Factors such as the easy availability of feed stock and increasing investment in the renewable sector in the region are estimated to boost the wind power coatings market in the region.
The global market for wind power coatings is likely to witness expansion in coherence with the positive expansion of the world wind power industry.
Other factors working in favor of the market include the decreasing levelized cost of electricity (LCOE) of onshore and offshore wind power. Factors such as technological advancements and rise in investments in research and development of wind power coatings are also projected to provide promising growth opportunities for wind power coatings market.
While easy availability of raw materials for the production of wind power coatings is also a key driver of the market, volatility in prices of raw materials could emerge as a key restraint for growth. The final price of the product increases substantially with the rise in processing and development costs. Wind power coatings are manufactured from crude oil. The complex manufacturing process and high cost of processing have spiked the cost of these products.