Wind Power Coatings Market: Introduction
· The global wind power coatings market was valued at US$798 Mn in 2018 and is anticipated to expand at a CAGR of approximately~10% during the forecast period
· Theglobal wind power coatings market is driven by the increase in investments inoffshore wind power generation
· AsiaPacific accounts for a major share of the global wind power coatings market,led by the rise in focus on reducing greenhouse gas emissions in the region
Key Drivers of Wind Power Coatings Market
· Increasein greenhouse gas emissions is a major cause of global warming. Thermal powergeneration accounts for a prominent share of the global CO2 Severe impact ofenvironmental degradation has fueled global interest in wind power renewableenergy, as it is environment-friendly.
· Awarenessabout environment is increasing. Governments across the globe are striving todecrease carbon emissions. For instance, the Government of India plans toincrease its wind power capacity to 60 GW by 2022. China aimsto have 210 GW of grid-connected wind energy capacity by theend of 2020. In 2018, China led the total global wind power capacity witharound 187 GW, followed by 89 GW generated by theU.S., and 56 GW generated by Germany.
· The U.S.,Germany, and Denmark are also striving to increase their wind power capacity.In 2018, the U.S. started commercial operation of its first offshore wind farm,The Block Island wind farm, which was completed at a total cost of US$ 290 Mn.
· Demand forlong lasting and maintenance-free systems is high in the wind energy industry.Thus, demand for long-lasting coatings for rotor blades has been increasing.Wind power plants work at high speeds; hence, they require specialized androbust paint systems. This is expected to significantly increase the servicelife of blades. Thus, governmental plans to promote wind energy are anticipatedto drive the wind power coatings market.
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High Demand for Wind Power Coatings in OffshoreApplication
· Powergeneration from offshore wind energy has emerged as a promising alternative forvarious countries to expand their portfolio of renewable energy and provide animpetus to transform the future of sustainable energy. In offshore wind power,blades erode rapidly due to rain and harsh weather. Therefore, demand for windpower coatings has been rising in offshore wind power generation.
· Globally,investments in offshore wind power development are expected to risesubstantially in the next few years. Europe leads in terms of investments indevelopment of the wind power industry. According to WindEurope, Europeinvested US$ 8.7 Bn in the development of offshore wind powerin 2018. Countries in Europe such as the U.K., Germany, France, and Italy haveinvested significantly in the development of offshore wind power.
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Difficulties Countered During Coating Process toHamper Market
· Blades ofwind mills are exposed to severe humidity due to salinity, intensive exposureto UV light, wave actions, and presence of splash zone areas. This causes highcorrosive stress, leading to rapid corrosion of wind blades. Blades need to becoated, as pitting can roughen their surface to create imbalance in rotatingblades. This can decrease turbine efficiency and augment maintenance costs.
· Paintingof turbines and blades is considerably expensive, owing to heavy equipmentneeded to access the blades, which are 130-170 meters long incase of large wind farms. Painting offshore is more expensive vis-à-vispainting onshore, due to various factors such as logistics of getting men andmaterials at job sites and limited access to structures created by offshoreweather conditions. Wind mills are located in areas that experience strongwinds. Coating of blades at offshore locations requires skilled labor. Thus,difficulties in application of coatings on blades is estimated to hamper thewind power coatings market in the near future.
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Asia Pacific a Leading Consumer of Wind PowerCoatings
· AsiaPacific is a leading consumer of wind power coatings. China is the prominentproducer and consumer of wind power coatings in the region. Asia Pacific isexpected to lead the global wind power coatings market, in terms of volume andvalue, during the forecast period.
· AsiaPacific is anticipated to offer lucrative opportunities to the wind powercoatings market in the near future, due to the increase in governmentinvestments in new wind farms and plans to decrease greenhouse gas emissions inthe region
· NorthAmerica has one of the largest wind power capacities in the world. Increase ingovernment focus on the renewable energy sector in North America and decreasein cost of offshore wind power are estimated to fuel the wind power coatingsmarket in the region over the next few years.
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High Degree of Competition in Global Market
The global wind power coatings market is oligopolistic. A small numberof large- and medium-sized players operate in the global wind power coatingsmarket. The top three players - Hempel Fonden, PPG Industries, Inc., andTeknos Group Oy - accounted for collective share of approximately 77% ofthe global wind power coatings market in 2018. Among these, Hampel Fonden helda major share of the wind power coatings market in 2018. The company has a widedistribution network and operates across all major regions. Hampel Fondenfocuses on developing new wind power coatings solutions.
· In November 2018, Hempel A/S commenced operations at its new R&D facility for thedevelopment of coating products in the field of passive fire protection. Thenew facility would strengthen development activities and widen the range ofpassive fire protection coating solutions.
· In October 2017, Hempel A/S launched Hempadur Avantguard 860, atwo-component zinc-rich epoxy primer, used for corrosion protection in windpower, oil & gas, and infrastructure sectors. Introduction of the newproduct is projected to strengthen the company’s product portfolio.
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