Rising Demand for Lightweight Sporting Equipment Drives Growth in the Sports Composites Market
Sports composites are materials used to make athletic equipment and accessories like bats, golf clubs, and racquets. These composites are made from a variety of materials, including polymers, plastics, carbon fibers, and metals. These materials are combined to form a strong, lightweight material that resists wear and tear. The use and demand for sports composites are increasing as athletes seek lighter, stronger equipment and accessories that allow for more power and control. Furthermore, the need for more environmentally friendly materials that can be recycled or reused is driving the use and demand for these composites.
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The global sports composites market size is estimated to be USD 4.1 billion in 2021 and is projected to reach USD 5.1 billion by 2026, at a CAGR of 4.8% between 2021 and 2026. The new developments across the sports composite’s ecosystem such as the expansion of production capacity by various players, new players entering the market with low-cost carbon fibers, and demand from various sports activities are bolstering the market, globally.
This growth is attributed to the increasing demand for lightweight, corrosion-resistant, and high-strength materials such as composites. The rising number of capacity expansions among the raw material suppliers and novel product launches are driving the market. For instance, in January 2020, ALDILA Inc., launched ROGUE White 130 M.S.I. made of graphitic carbon fiber material. This product offers superior stability combined with an unsurpassed feel.
The sports composites market is expected to witness significant growth during the forecast period. Composites have demand from the skis & snowboards, hockey sticks, rackets, bicycles, and golf sticks application segments. Composites are lightweight, offer good mechanical performance, variety in designs, strength, and stiffness which make them useful in various other applications such as bicycles, rackets, hockey sticks, fishing rods, shoe sole paddles, windsurfing masts, and others.
The top players in the sports composites market have implemented various strategies in the market. For instance, in March 2021, as part of its broader investment plan to drive innovation and growth in its specialty product lines, Hexion Inc. plans to expand its Portland, Oregon, manufacturing site. The first automated production line has become operational at the end of the first quarter of 2021 and the second automated line is expected to start by the end of 2021. This initiative by the company is a step forward in the manufacture of sports goods composites.
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Asia Pacific is expected to dominate the sports composites market, accounting for the majority of market share. Increased sports and recreational activities, rising disposable incomes, and a growing emphasis on lightweight and high-performance materials in sporting equipment manufacture are driving the region's growth. Countries such as China and India are experiencing rapid growth in the sports industry, which is increasing demand for composites in applications such as athletic gear, bicycles, and sports cars. Furthermore, the development of sports infrastructure and the use of innovative materials in sports equipment production strengthen Asia Pacific's position as a prominent participant in the sports composites market.
Amer Sports (Finland), ALDILA, Inc. (US), Jarden Corporation (US), ProKennex (Taiwan), Fischer Sports GmbH (Austria), Topkey Corporation (Taiwan), Rossignol (France), and others are the key players in the sports composites market. Some of the raw material suppliers have also been profiled in the report and include Toray industries Inc. (Japan), SGL Group (Germany), Teijin Limited (Japan), Hexcel Corporation (US), Hexion Inc. (US), and E. I. Du Pont De Nemours and Company (US). These players have adopted new product developments/launches, expansions, and agreements as the major strategies for enhancing their business revenues and market share.
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