The global Wind Power Coatings Market is expected to be valued at USD 1.46 billion in 2023. With the rising demand for energy owing to rapid urbanization and industrialization across the globe, coupled with surging environmental concerns associated with conventional methods of energy generation, the overall demand for wind power coatings is projected to record a CAGR of 10.8% between 2023 and 2033, totaling around USD 4.08 billion by 2033.
Wind power coatings have been formulated for blades, towers, bolts, and magnets. Most coatings are for blades because they constantly move in the air and are exposed to the weather. Blades need coatings because their pitting can roughen the surfaces enough to create unstable harmonics that decrease a turbine's efficiency, thereby increasing maintenance and repair costs.
Installation of wind power plants is growing at a significant pace. Rising environmental concerns associated with conventional power production methods are accelerating the demand for clean energy. Besides this, awareness regarding renewable energy sources is expected to bolster the demand for wind power over the analysis period.
According to GWEC, about 60.8 GW of wind power was installed globally in 2019, which expanded to around 93 GW in 2020. This new installation rate is expected to grow, and around 112.2 GW capacity is expected to be installed by 2025. With the robust rise in turbines across the globe, demand for wind power coatings is expected to grow in tandem with an increasing focus on the maintenance of wind turbines.
| Attribute | Details |
|---|---|
| Global Wind Power Coatings Market Valuation in 2022 | USD 1.32 billion |
| Estimated Global Market Share in 2023 | USD 1.46 billion |
| Forecasted Global Market Size by 2033 | USD 4.08 billion |
| Projected Global Market Growth Rate from 2023 to 2033 | 10.8% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 10.1% CAGR |
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The global demand for wind power coatings rose at a CAGR of 10.1% during the historical period between 2018 and 2022, reaching a total value of USD 1.32 billion in 2022, according to a report from Future Market Insights (FMI).
According to Future Market Insights, a market research and competitive intelligence provider, the market was valued at USD 1.09 billion in 2021. The erosion and corrosion of wind towers & blades and harsh environmental conditions encountered at sea & on land are expected to drive the market in the forthcoming years.
Moreover, the growing demand for wind power is expected to fuel the growth of the market during the forecast period. In addition, the rising construction of wind power plants and the increasing concerns of corrosion in onshore & offshore applications are anticipated to boost the market demand during the analysis period.
Countries in Southeast Asia, such as Indonesia, the Philippines, Thailand, Vietnam, Malaysia, Laos, and Myanmar offer significant opportunities to the wind power coatings market. This can be ascribed to the rise in demand for energy, driven by economic expansion, an increase in population, and a surge in urbanization.
Asia is estimated to add 5 GW to 7 GW of new offshore installations per year after strong government policies and investments are implemented. This is also estimated to offer significant opportunities to the market in the near future.
Increased Use of Graphene Additives to Escalate the Market Growth
Companies in the wind power coatings market are boosting their credibility credentials by developing greener corrosion protection coatings. Apart from gaining stability in polymer-based coatings, manufacturers are increasing efforts to gain trust and reliability in the global market landscape by developing eco-friendly coatings. This goal is being achieved with the help of graphene additives.
The exceptional mechanical strength and thermal conductive properties of graphene are gaining increased popularity in the market for wind power coatings. Hence, manufacturers are combining the properties of graphene with solvent- and water-based coatings to develop eco-friendly coatings.
Furthermore, manufacturers are increasing production capabilities to develop water-based coatings to address the growing concerns of corrosion in onshore and offshore applications. Companies are experimenting by combining graphene with other corrosion-protection pigments to offer anti-corrosion function in coatings.
Advancements in Technologies to Accelerate the Market Growth
Growing atrocities of unpredictable weather conditions have triggered the demand for efficacious wind power coatings. Manufacturing companies are aiming to expand their product portfolio of polymer coatings for wind towers and blades that are witnessing an increase in demand.
Hence, manufacturers are innovating in new polymer coatings. For instance, a German supplier of high-tech polymer materials, Convestro, has gained expertise in PUR (Polyurethanes)-based topcoats that offer lasting corrosion protection for wind towers.
Companies in the market for wind power coatings are increasing their research activities to develop high-performance wind energy coatings. They are adding value to polymer coatings by offering exceptional gloss and color retention attributes.
Furthermore, companies in the wind power coatings market are increasing production capacities to manufacture PUR-based coatings to provide lasting mechanical performance and protection from abrasion for smooth functionality of turbine blades. Companies are helping stakeholders in onshore and offshore segments to achieve high productivity by increasing the availability of low-VOC content coatings.
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Difficulties in Application of Coatings to Limit the Market Growth
Choosing the right type of coating and technology is highly important, as blades are exposed to severe weather conditions. Consequently, difficulties in the application of coatings on the blades hamper the wind power coatings market. In addition, painting turbines and blades are expensive, owing to the heavy equipment needed to access the blades.
Lack of Skilled Labor to Restrain the Market Growth
Windmills are located in areas that experience strong winds. The application of offshore wind power coatings requires great precision and accuracy. There is no scope for rectifying any mistakes in offshore wind power coatings.
According to a study, rectification or maintenance of offshore wind power coatings costs 50 to 60 times more than application on new components. Such precision and accuracy require highly skilled labors for coating application. The availability of such struggles and their cost is a key concern for turbine manufacturers. This factor is expected to impede the market's growth during the forecast period.
Increased Demand for Wind Power Coatings in the Region to Fuel the Market Growth
The wind power coatings market in North America is expected to accumulate the highest market share of 50% in 2022, owing to the increase in demand for these coatings in offshore wind power plants in the region.
In 2021, the United States market is expected to grow by 9.8% year-on-year, bucking initial skepticism about how the market may perform during a global pandemic. Across North America, the total demand for wind power coatings is expected to reach 30 kilotons.
The United States is the second-leading consumer of wind power coatings. It has been recording high demand for energy owing to high industrialization and urban population in the country. To cater to this demand, the United States Government is consistently investing in the expansion of renewable energy capacity, including wind power.
Additionally, the rise in wind power installation is expected to elevate the demand for wind power coatings across the country over the analysis period.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| North America | 50% |
| Europe | 32.4% |
Rising Investments for Wind Power Coatings in the Region to Propel the Market Growth
The market in Asia Pacific is expected to accumulate a significant market share of 39% in 2022 and is expected to continue to maintain the trend over the forecast period as well, owing to higher investments in the market by countries like India, Japan, and China and the rising demand for wind power coatings in developing countries.
China is a dominant consumer of wind power coatings. The country is expected to consume the most wind power coating produced globally. The presence of one of the global leaders in the production of wind turbines, Goldwind, who caters to the global demand for wind turbines, has helped in sealing China's dominance in the global market.
Wind power installation rate is rising at a rapid pace in the country. China is constantly engaging in the development of renewable energy production capacity. About half of the global installations of new wind turbines were in China in 2020.
Nearly 93 GW of wind power capacity was installed globally in 2020, and China alone installed about 52 GW capacity turbines in 2020. This trend may continue in the country, positioning China as a global powerhouse.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| United States | 13.5% |
| Germany | 11.4% |
| Japan | 10.9% |
| Australia | 8.1% |
Increase in Installation of Offshore Wind Turbines in the Region
Europe's wind power coatings market is expected to accumulate a market share value of 32.4% in 2022. The United Kingdom is another leading consumer of wind power coatings, following Germany. It is consistently engaged in the installation of offshore wind turbines. It is expected to be a global leader in the production of energy through offshore winds.
The United Kingdom is the windiest country in Europe, owing to which the country is positively indulged in the expansion of wind power capacity. Over the forecast period, expansion in the country's wind power generation capacity is expected to fuel the demand for wind power coatings in the region.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 10.7% |
| China | 12.9% |
| India | 12% |
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Polymer Coatings Segment to Beat Competition in Untiring Market
On the basis of type, the global wind power coatings market is dominated by polymer coatings, which account for a share of 70%. This growth can be attributed to the excellent cost-to-performance ratio of polymer coatings, as compared to its substitutes.
Additionally, the wide range of product availability and various advantages offered by polymer coatings, depending upon their application and consumer specification, is one of the crucial factors anticipated to fuel the growth of the market's segment in the near future.
| Category | By Type |
|---|---|
| Top Segment | Polymer Coatings |
| Market Share in Percentage | 76.5% |
| Category | By Application |
|---|---|
| Top Segment | Onshore |
| Market Share in Percentage | 82.8% |
Onshore Segment to Drive the Wind Power Coatings Market
Based on the application, the onshore segment is expected to witness a significant growth of 98% in 2022, and the trend is expected to continue during the forecast period, as it is the most appreciated renewable source of energy across the regions, owing to its low cost over offshore wind power.
Factors such as the extensive usage of these coatings in onshore wind turbines and the rise in demand for anti-corrosive coatings in onshore wind power plants are the key factors that are expected to boost the growth of the market's segment during the forecast period.
How are key Players Opening Frontiers for Future Growth?
Wind Power Coatings Markets such as Elemental Coatings, inerG, Inc., Orbital Traction, Horizon Wind Energy, equipcast, Ignite Solar, Surface Coating Solutions, Altura Wind Services, Dynamax, and DKRW Energy Partners, among others, are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base.
For instance,
Prominent players in this market are Hempel A/S, PPG Industries, Inc., Covestro AG, Akzo Nobel N.V., BASF, The Sherwin-Williams Company, Jotun Group, Teknos Group Oy, 3M, Sika AG, Thomas Industrial Coatings, Mankiewicz Gebr. & Co. (GmbH & Co. KG, Bergolin GmbH & Co. KG, and Duromar, Inc., among others.
Recent Developments:
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 10.8% from 2023 to 2033 |
| Market Value in 2023 | USD 1.46 billion |
| Market Value in 2033 | USD 4.08 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Coating Method, Application, Utilization, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; The Middle East and Africa (MEA) |
| Key Countries Profiled | United States, Canada, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC, South Africa, Israel |
| Key Companies Profiled | Hempel A/S; PPG Industries, Inc.; Covestro AG; Akzo Nobel N.V.; BASF; The Sherwin-Williams Company; Jotun Group; Teknos Group Oy; 3M; Sika AG; Thomas Industrial Coatings; Mankiewicz Gebr. & Co. (GmbH & Co. KG; Bergolin GmbH & Co. KG; Duromar, Inc. |
| Customization & Pricing | Available upon Request |
In 2023, the market is predicted to be worth USD 1.46 billion.
By 2033, the market has the potential to be worth USD 4.08 billion.
The market in China is anticipated to thrive at a CAGR of 12.9%.
Market growth in India is projected, with a CAGR of 12%.
The United States market to develop at a CAGR of 13.5% through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Polymer Coatings 5.1.1. Epoxy 5.1.2. Polyurethane 5.1.3. Acrylic 5.1.4. Fluoropolymer 5.1.5. Others 5.2. Ceramic Coatings 5.3. Metal Coatings 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Coating Method 6.1. Spray 6.2. Roller 6.3. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Offshore 7.1.1. Offshore Blade 7.1.2. Offshore Tower 7.1.3. Offshore Interior 7.1.4. Offshore Turbine Foundation 7.2. Onshore 7.2.1. Onshore Blade 7.2.2. Onshore Tower 7.2.3. Onshore Interior 7.2.4. Onshore Turbine Foundation 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Utilization 8.1. OEM 8.2. Maintenance 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Hempel A/S 19.2. PPG Industries, Inc. 19.3. Covestro AG 19.4. Akzo Nobel N.V. 19.5. BASF 19.6. The Sherwin-Williams Company 19.7. Jotun Group 19.8. Teknos Group Oy 19.9. 3M 19.10. Sika AG 19.11. Thomas Industrial Coatings 19.12. Mankiewicz Gebr. & Co. (GmbH & Co. KG) 19.13. Bergolin GmbH & Co. KG 19.14. Duromar, Inc. 20. Assumptions & Acronyms Used 21. Research Methodology
Chemicals & Materials
February 2024
REP-EU-82
333 pages
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Wind Power Coatings Market
