The global sports composites market size is estimated to be worth USD 5.74 billion by 2027, according to a new report by Million Insights. The market is anticipated to witness a substantial growth with a CAGR of 6.46% due to the rising demand for high-performance items for producing rigid and lightweight sporting goods.
The increasing replacement of conventional steel with light-weight carbon fiber in sports clubs like golf clubs owing to higher commuting distance is likely to augment market growth from 2016 to 2027. Moreover, growing investment by players for the manufacturing of durable composites in producing sports equipment is anticipated to stimulate growth.
Carbon fiber is anticipated to observe the fastest growth by 2027 owing to its higher adoption for producing sports goods like rackets and hockey sticks. Advanced properties like impact absorption, weight reduction, durability and high tensile strength of the equipment provided by these materials are expected to boost demand in the near future.
Epoxy-based composites are likely to observe the fastest growth in the resin segment due to the high resistant characteristics which ensure its incorporation in snowboards and rackets manufacturing. These resins are extensively used with carbon fiber for producing bicycles, rackets and skis parts.
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Further key findings from the report suggest:
• Golf clubs held the largest share of above 40.0% based by revenue in 2019. Increasing popularity of the sport as a recreational activity along with easy and affordable access to golf courses is expected to augment demand from 2020 to 2027.
• Glass fiber composites are likely to observe substantial growth due to the increasing demand for snowboards and skis applications. Lower friction, superior performance and better strength in salty seawater scenarios are the major factors propelling sports composites market demand.
• Carbon composites are anticipated to witness significant growth with a CAGR of above 6.0% over the forecast period due to the surging demand for producing surfboards, skis, and bicycle frames.
• Asia Pacific is expected to register a CAGR exceeding 6.5% over the forecast duration.The growth can be attributed to the increasing popularity of sports like badminton, golf, and tennis. Moreover, industrialization along with the easy availability of raw materials and low labor cost is expected to propel the market growth during the projected period.
• Germany is estimated to hold considerable share in the market owing to the higher use of glass and carbon composite materials for producing premium sports equipment like polo sticks and bicycles. The existence of key manufacturers in this region like Puma and Adidas Group is expected to create lucrative opportunities for the product in the next eight years.
• Major players include Jarden Composites, Aldila Inc., ProKennex, Amer Sports, Rossignol, Topkey Corporation, and Fischer Sports GmbH. Few raw material distributors include Toray Industries Inc., Hexion Inc.,SGL Group., and E. I. du Pont de Nemours and Company.
Million Insights has segmented the global sports composites market on the basis of resin, material, application and region:
Sports Composites Resin Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
Sports Composites Material Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
Sports Composites Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• Golf Clubs
• Hockey Sticks
• Skis and Snowboards
Sports Composites Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa