Global Structural Composites Market

Structural Composites Market Size, Share, Growth Analysis, By End-user(Manufacturing, Transportation), By Type(Carbon Fiber Composites, Glass Fiber Composites) - Industry Forecast 2024-2031

Report ID: SQMIG25F2003 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 63 | Figures: 75

Structural Composites Market News

  • April 2023: The city of San Francisco, California, announced that it will be installing a new vacuum waste system in its downtown core. The system is expected to be completed in 2025 and will be one of the largest vacuum waste systems in the United States. 
  • May 2023: The government of India announced that it will be providing financial assistance to municipalities to install vacuum waste systems. The program is expected to help improve waste management in India and reduce pollution. 
  • June 2023: The European Union announced that it will be investing €1 billion in the development of new vacuum waste technologies. The investment is part of the EU's Green Deal, which is a plan to make Europe climate neutral by 2050. 
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Vacuum Waste Systems Market size was valued at USD 1.51 Billion in 2022 and is poised to grow from USD 1.65 Billion in 2023 to USD 3.33 Billion by 2031, at a CAGR of 9.2% during the forecast period (2024-2031).

The competitive landscape in the vacuum waste systems market is characterized by a diverse array of companies offering innovative waste management solutions. These companies are engaged in research and development efforts to enhance the efficiency, reliability, and sustainability of vacuum waste systems. 'Hexcel Corporation - United States', 'Owens Corning - United States', 'Toray Industries - Japan', 'Teijin Limited - Japan', 'SGL Carbon - Germany', 'Mitsubishi Chemical Holdings - Japan', 'Gurit Holding AG - Switzerland', 'Solvay S.A. - Belgium', 'Axiom Materials, Inc. - United States', 'Cytec Solvay Group (now part of Hexcel) - United States', 'Hyosung Advanced Materials - South Korea', 'Henkel AG & Co. KGaA - Germany', 'TPI Composites, Inc. - United States', 'Park Aerospace Corp - United States', 'Gurit Group - Switzerland', 'Tencate Advanced Composites (now part of Toray) - Netherlands', 'Renegade Materials Corporation - United States', 'Mitsubishi Rayon Co., Ltd. (now part of Mitsubishi Chemical) - Japan', 'Huntsman Corporation - United States', 'SABIC (Saudi Basic Industries Corporation) - Saudi Arabia'

Governments, municipalities, and businesses worldwide are increasingly focused on reducing their environmental footprint and achieving waste reduction targets. Vacuum waste systems offer a more eco-friendly waste collection and disposal method by reducing emissions from waste transportation vehicles, minimizing landfill usage, and promoting recycling. This alignment with sustainability goals and environmental regulations drives the demand for vacuum waste systems as a greener alternative to conventional waste management methods. 

Increasing Adoption in Aerospace and Automotive Industries: Structural composites, such as carbon fiber-reinforced composites, were experiencing growing adoption in the aerospace and automotive industries. These materials are known for their high strength-to-weight ratio, which makes them attractive for applications were reducing weight while maintaining strength is crucial. In the aerospace sector, composites were used in aircraft components like wings and fuselages, while in the automotive sector, they found use in body panels and chassis components.

Asia Pacific currently dominates the vacuum waste systems market. This dominance can be attributed to rapid urbanization, population growth, and increasing infrastructure development in countries like China and India. The rising demand for efficient waste management solutions in densely populated urban areas has spurred the adoption of vacuum waste systems.

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Global Structural Composites Market

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