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
·
The
global wind power coatings market is driven by the increase in investments in
offshore wind power generation
·
Asia
Pacific 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
·
Increase
in greenhouse gas emissions is a major cause of global warming. Thermal power
generation accounts for a prominent share of the global CO2 Severe impact of environmental degradation has
fueled global interest in wind power renewable energy, as it is
environment-friendly.
·
Awareness
about environment is increasing. Governments across the globe are striving to
decrease carbon emissions. For instance, the Government of India plans to
increase its wind power capacity to 60 GW by
2022. China aims to have 210 GW of
grid-connected wind energy capacity by the end of 2020. In 2018, China led the
total global wind power capacity with around 187 GW, followed by 89
GW generated by the U.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
for long 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 and robust paint systems. This is expected to significantly
increase the service life of blades. Thus, governmental plans to promote wind
energy are anticipated to drive the wind power coatings market.
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High Demand for Wind Power Coatings
in Offshore Application
·
Power
generation from offshore wind energy has emerged as a promising alternative for
various countries to expand their portfolio of renewable energy and provide an
impetus to transform the future of sustainable energy. In offshore wind power,
blades erode rapidly due to rain and harsh weather. Therefore, demand for wind
power coatings has been rising in offshore wind power generation.
·
Globally,
investments in offshore wind power development are expected to rise
substantially in the next few years. Europe leads in terms of investments in
development of the wind power industry. According to WindEurope, Europe
invested US$ 8.7 Bn in the development of
offshore wind power in 2018. Countries in Europe such as the U.K., Germany,
France, and Italy have invested significantly in the development of offshore
wind power.
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Difficulties Countered During
Coating Process to Hamper Market
·
Blades
of wind mills are exposed to severe humidity due to salinity, intensive
exposure to UV light, wave actions, and presence of splash zone areas. This
causes high corrosive stress, leading to rapid corrosion of wind blades. Blades
need to be coated, as pitting can roughen their surface to create imbalance in
rotating blades. This can decrease turbine efficiency and augment maintenance
costs.
·
Painting
of turbines and blades is considerably expensive, owing to heavy equipment
needed to access the blades, which are 130-170 meters
long in case of large wind farms. Painting offshore is more expensive vis-à-vis
painting onshore, due to various factors such as logistics of getting men and
materials at job sites and limited access to structures created by offshore
weather conditions. Wind mills are located in areas that experience strong
winds. Coating of blades at offshore locations requires skilled labor. Thus,
difficulties in application of coatings on blades is estimated to hamper the
wind power coatings market in the near future.
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Asia Pacific a Leading Consumer of
Wind Power Coatings
·
Asia
Pacific is a leading consumer of wind power coatings. China is the prominent
producer and consumer of wind power coatings in the region. Asia Pacific is
expected to lead the global wind power coatings market, in terms of volume and
value, during the forecast period.
·
Asia
Pacific is anticipated to offer lucrative opportunities to the wind power
coatings market in the near future, due to the increase in government
investments in new wind farms and plans to decrease greenhouse gas emissions in
the region
·
North
America has one of the largest wind power capacities in the world. Increase in
government focus on the renewable energy sector in North America and decrease
in cost of offshore wind power are estimated to fuel the wind power coatings
market in the region over the next few years.
High Degree of Competition in
Global Market
The global
wind power coatings market is oligopolistic. A small number of large- and
medium-sized players operate in the global wind power coatings market. The top
three players - Hempel Fonden, PPG Industries, Inc., and Teknos Group Oy
- accounted for collective share of approximately 77% of
the global wind power coatings market in 2018. Among these, Hampel Fonden held
a major share of the wind power coatings market in 2018. The company has a wide
distribution network and operates across all major regions. Hampel Fonden
focuses on developing new wind power coatings solutions.
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·
In November 2018, Hempel A/S commenced operations
at its new R&D facility for the development of coating products in the
field of passive fire protection. The new facility would strengthen development
activities and widen the range of passive fire protection coating solutions.
·
In October 2017, Hempel A/S launched Hempadur
Avantguard 860, a two-component zinc-rich epoxy
primer, used for corrosion protection in wind power, oil & gas, and
infrastructure sectors. Introduction of the new product is projected to
strengthen the company’s product portfolio.
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