Wind 'to spur adhesives sector'
The global market for epoxy, polyurethane and other industrial adhesives is forecast to rise to $220m in the next five years spurred by the growth of the wind power sector and its increasing use of modular rotor blades, according to US research outfit Lucintel.
Total worldwide adhesive demand in the wind energy industry, which slipped in key countries including the US, India, and other countries as construction of new development projects last hear slowed, is expected to bounce back with a compounded annual growth rate of 8.8% between 2014-2019, led by the Asia Pacific region.
“Significant installation of wind turbines with increasing prevalence of modular blades is likely to drive the consumption of adhesive in wind energy industry,” says Lucintel in its report, Growth Opportunities for Adhesives in Global Wind Energy Industry.
“[Asia Pacfic] 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.”
The report also highlights the potential pitfalls to the adhesive sector in global wind energy industry including changeability in government support mechanisms and grid connectivity issues slowing project roll-out, “which ultimately impact the adhesives market”.