Sports Composites Market Share, Size, Growth & Industry Analysis Report, 2020-2027
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Sports Composites Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The factors supporting the growth of the global sports composites market include the surging use of composite materials in several applications and the huge demand for lightweight sports equipment materials. The increasing demand for durable materials used in the production of rackets, hoverboards, and skis is another factor that aids in market growth. Moreover, manufacturers worldwide are producing advanced sports equipment to ensure the safety of end-users from occupational health hazards.
The trend to adopt a healthy and fit lifestyle is directly accelerating the demand for sports equipment used at the time of physical exercise, thereby augmenting the market's growth opportunities in the near future. The leading manufacturers are engaged in innovations to expand their product portfolios with lightweight and better-strength products, thus attracting many new customers in the market. Also, the growing use of carbon fiber in textile and prepreg in various sports applications will further propel the market growth.
However, the high cost of composites compared to other materials, like plastics, metals, and other polymers may hinder the growth of the global sports composites market. Furthermore, the widespread COVID-19 pandemic, originated in China, is suppressing the market growth owing to the cancellation or suspension of different sports events and professional leagues to be held around the world.
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Application Segment Drivers
Based on the application, golf stick is anticipated to lead the market during the forecast period, attributed to the rising use of composites to design golf shafts and reduce the shaft mass. On the other hand, the bicycle application is also predicted to grow at a faster CAGR because of the huge demand for lightweight bicycles competitive sports and recreation activities over the forecast period. The expanding demand for carbon-reinforced bicycle frames because of the reduction in the cost will further bolster the market growth.
On the basis of region, North America is anticipated to dominate the market over the forecast period because of the growing demand for artificial turf for American football, basketball courts, and golf and the use of composites in many sports equipment, including lacrosse sticks and polo sticks. On the other edge, the Asia-Pacific region is projected to expand at a higher CAGR in the global sports composites market due to the availability of low-cost labor, rising demand for superior performance products in the snowboard applications and increasing demand for golf stick applications in this region. Moreover, the easy availability and expansion of raw materials will further boost the Asia-Pacific region's sports composites market.
Sports Composites Market’s leading Manufacturers:
• Teijin Limited
• Jarden Corporation
• Aldila Inc.
• Fischer Sports GmbH
• E. I. du Pont de Nemours and Company
• SGL Group
• Toray Industries Inc.
• Topkey Corporation
• Hexion Inc.
Sports Composites Market Segmentation:
Segmentation by Resin:
Segmentation by Application:
• Golf Clubs
• Hockey Sticks
• Skis & Snowboards
Segmentation by Fiber Type:
• Carbon Fiber
• Glass Fiber
Segmentation by Region:
• North America
o United States of America
• Asia Pacific
o Rest of APAC
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
o Rest of the world (remaining countries of the LAMEA region)
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GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company's large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird's eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.
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