Global Wind power coatings Market Anticipated to reach US$ 1,801.1 Mn by 2025

Transparency Market Research has released a new market report titled “Wind power coatings Market (Type, Crop Type, Compound, and Region) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast -– 2017–2025.According to this report, the Wind power coatings market was valued at US$ 644.2 Mn in 2016 and is projected to reach US$ 1,801.1 Mn by 2025, at a CAGR of 12.3% from 2017 to 2025.

Easy availability of raw materials for the production of wind power coatings has been the primary driver of the global wind power coatings market. Increasing demand for energy all across the globe and rise in greenhouse gas emission across the globe are anticipated to boost the wind power coatings market. Decreasing levelized cost of electricity (LCOE) of onshore and offshore wind power is expected to fuel the growth for the wind power coatings market.

The wind power coatings market has been segmented on the basis of type and applications. Based on type, the market has been classified into polymer coatings, metal coatings, and ceramic coatings. Among these, polymer coatings accounted-for the highest share of the market in 2016 while the segment is also anticipated for the fastest growth during the forecast period. Based on applications, the market has been classified into onshore and offshore. Onshore segment accounted-for the highest share of the market in 2016 while offshore segment is anticipated for the fastest growth during the forecast period

Asia Pacific held the largest share of the global wind power coatings market in 2016. Growth in this region can be primarily attributed to increasing use of wind power coatings in the onshore wind turbine. Moreover, Middle East & Africa is the fastest growing market for wind power coatings during the forecast period. Easy availability of feed stock and increasing investment in the renewable industry in the region is estimated to boost the wind power coatings market in the region. China is the leading consumer of wind power coatings in Asia Pacific market owing to the large number of wind farms in the country.

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Europe has significant share in the wind power coatings market due to the strong infrastructure for wind power in this region. Similarly, North America, and Latin America are also expected to witness remarkable growth during the forecast period.

Key players 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, among others.