Impact of Outbreak of COVID-19 on Wind Power Coating Market

 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

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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.

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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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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.

• 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.

Global Wind Power Coatings Market: Research Scope

Wind Power Coatings Market, by Type

• Polymer Coatings
• Metal Coatings
• Ceramic Coatings

Wind Power Coatings Market, by Technology

• Water-based
• Solvent-based
• Powder
• UV-cured

Wind Power Coatings Market, by Application

• Onshore
  • Blade
  • Tower
  • Interior

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