APAC is anticipated to be the largest region for adhesives demand in wind energy industry during 2014-2019, says a new report from Research and Markets.
Total worldwide adhesive consumption in wind energy industry witnessed significant decline in 2013 as a result of reduced wind turbine installations in the US, India, and other countries.
The adhesive market is expected to recover during next five years and reach US $220 million by 2019 with a CAGR of 8.8 percent during 2014-2019.
The wind energy industry has been growing and is expected to continue as the world increasingly moves towards renewable energy.
All the major countries have set targets for generating a portion of their electricity through renewable sources in which wind turbines are anticipated to play a crucial role. Significant installation of wind turbines with increasing prevalence of modular blades is likely to drive the consumption of adhesive in wind energy industry.
APAC dominates the consumption of adhesive in wind energy industry due to huge installations of wind turbines in China and India driven by supportive government incentives, increasing clean energy demand, etc., the report said.