Newark, July 05, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global sports composites market is expected to grow from USD 4.62 billion in 2021 to USD 6.92 billion by 2030, at a CAGR of 4.6% during the forecast period 2022-2030.
Sports composite is a material that has been designed to be more challenging, lightweight, and more resilient than standard materials. They blend the qualities of polymers with those of natural fibers such as carbon fibre or glass fibre so that they outperform their component elements when used alone. Golf balls, hockey sticks, flippers, and skateboards are among the athletic equipment that employs sports composites. They have also been used in equipment such as seats, desks, and barstools, watercraft, violins, guitars and drums, rifle components and other gun attachments, as well as binoculars and hunting knives, bicycling framesets, headgear for motorcycle riders, kart racing vehicles (CART), and so on.
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Over the projected period, growth is likely to be driven by rising demand for robust materials used in the manufacture of tennis racquets, skis, and skateboards. Moreover, increasing investment in launching innovative products that improve the stiffness and drive of wooden sticks and golf balls while lowering overall weight is likely to boost carbon composites consumption. Additionally, the growing usage of carbon fiber in the shape of liquid resin and fabric in various sporting applications is expected to increase demand.
Key players operating in the global sports composites market are Zoltek Carbon Fibers, Protech Composites, Rockwood Composites Limited, Saint-Gobain Vetrotex, Entropy Resins Inc., among others. To enhance their market position in the global sports composites market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In 2021, polyurethane accounted for the largest share of the market, with 32.63%.
The resin type segment is divided into polyamide, epoxy, polypropylene, and polyurethane. In 2021, polyurethane accounted for the largest share of the market, with 32.63% and a market revenue of 1.5 billion. The increased use of this resin in strengthening equipment such as hockey sticks and polo sticks because of its enhanced durability and hardness is expected to drive demand. Furthermore, increased usage of the section in court floors lends strength to the floor and simplicity of maintenance and upkeep. The growing use of artificial grass for sports such as American football, rugby, and hockey is expected to increase demand for resin.
In 2021, carbon fibres accounted for the largest share of the market, with 58%.
The fiber type segment is divided into glass and carbon. In 2021, the carbon fibers segment accounted for the largest share of the market with 58% and a market revenue of 2.6 billion because of the growing usage of the material in golf clubs and tennis racquets. The widespread availability of raw materials, together with enhanced manufacturing processes utilized in the manufacture of carbon composites, is projected to boost development. The general availability of raw materials, together with improved manufacturing processes used in the production process, is anticipated to increase growth.
In 2021, the bicycles segment accounted for the largest share of the market.
The application segment is divided into hockey sticks, golf sticks, bicycles, rackets, skis & snowboards. In 2021, the bicycles segment accounted for the largest share of the market, with 28% and a market revenue of 1.2 billion, because of the growing demand for ultralight bicycles in competing sports and recreational activities. In addition, the usage of composite structures in bicycle frames reduces weight significantly, which enhances bike handling. Furthermore, rising demand for fuel bike frames due to cost reductions is likely to increase demand.
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Regional Segment Analysis of the Sports Composites Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global sports composites market, with a market share of around 35.5% and 1.64 billion of the market revenue in 2021. Due to several significant players in this region, Asia-Pacific is the greatest contributor in terms of market revenue. This increase is due to the predicted high volume of bicycle manufacture in China and India. Furthermore, the availability of cheap labor, a developing manufacturing base, and the expanding popularity of sports like golf, basketball, and badminton are a few reasons that are anticipated to boost the market for sports composites.
About the report:
The global sports composites market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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