Albany, NY -- (SBWIRE) -- 09/06/2018 -- The global wind power coating market is projected to exhibit a positive growth trajectory in the coming years, as reported by Transparency Market Research (TMR). The market's competitive ecosystem comprises of a large pool of small- and medium-sized vendors, with increasing focus on product differentiation through introduction of innovative products and technology. The market features intense competition between the players, and the rivalry levels are slated to keep rising in the coming years. Prominent vendors in the global wind power coating market are Teknos Group Oy, Hempel Fonden, Jotun Group, PPG Industries, Akzo Nobel N.V., and 3M Co.
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According to TMR's analysts, the global market for wind power coatings was evaluated to be at US$644.2 mn in 2016, and is prognosticated to rise to US1, 801.1 mn by 2025. Over the forecast period 2017 to 2025, the wind power coatings market is predicted to exhibit a 12.3% CAGR.
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.
Asia pacific dominates the global market for wind power coatings in terms of demand and revenue, on account of the consumption of wind power coatings in India, which is growing at a significant pace. Additionally, China is a leading consumer of wind power coatings owing to the large number of wind farms in the country.
Easy Application of Coatings to Boost Market Growth
The wind industry has developed rapidly from a natural awareness and expects to add to change the global emery supply structure towards a really practical energy future in light of non-contaminating and sustainable changes. Prepared specialists can apply the coating rapidly and with little gear. There are no showers, solvents, or blending so the surface quality isn't in danger from human errors and the workplace is far more secure.
Adding a coating in a piece and powder frame, or a high temperature safe thermoplastic, has a higher chance of hydroxyl ends to make it polyether sulfide, compatible with superior epoxy saps. Composites in view of such high temperature-safe epoxy saps typically remain fragile unless altered with warm safe effect modifiers. An ongoing powder shape permits utilizing it all the more effectively in a gum. Additionally, its utilization requires no solvents, making it easier to process. This is a key factor fuelling the growth of the global wind power coatings market.
Rising Awareness of Maintaining Ecological Levels to Propel Market
Holding fast to stringent duties to acquire a prominent lessening the measure of ozone depleting substance radiated from their separate ventures, government and non-government bodies have begun focusing more towards clean energy industries. The subsequent advancement of the global wind power industry has prompted the development and positive extension of a few united enterprises, for example, the wind power coatings industry. The global market for wind power coatings is expect to rise in moderation with the positive development of the world wind power industry.
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PV Systems to Emerge as Key Market Trend
The demand for coatings for wind turbines is predicted to ascend at a promising pace in the following couple of years inferable from a promising ascent in selection of wind and photovoltaic (PV) systems, focus on reduction of overhead costs, and change in productivity. This is expected drive the wind power coating market to a large extent in the forthcoming years.