by Sports composites refer to advanced composite materials used in various sporting goods such as golf shafts, bicycle frames, fishing rods, hockey sticks etc. Sports composites offer advantages like light weight, durability, flexibility and strength properties over traditional materials. The growing demand for high performance and durable sports equipment has propelled the demand for sports composites globally. Carbon fibers are increasingly being used in sports composites owing to their excellent strength and stiffness properties.
The Global Sports Composites Market Share is estimated to be valued at US$ 6.62 Bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the sports composites are Toray Industries Inc., SGL Carbon, Fischer Sports Gmbh, TOPKEY CORPORATION, DUPONT DE NEMOURS, INC, Hexion, Inc, Toray Industries, Inc, SGL CARBON SE, Callaway Golf Company, Rockwest Composites, Arvind Composites, REIN4CED, Protech Composites, Protension Composites, Arevo, Inc, Entropy Resins. The growing popularity of composite sports equipment provides ample opportunities for both manufacturers and retailers in the market. Increased use of carbon fiber reinforcements and development of hybrid composite materials are the key technological advancements in the sports composites market.
Market drivers
Growing health awareness and rising participation in sports and fitness activities globally is a major growth driver for the sports composites market. Increasing disposable income and growing influence of celebrity endorsement is also fueling the sales of high-end composite sports equipment. Strategic partnerships between composite material manufacturers and sports goods producers ensure continuous product innovation and development of lightweight yet durable products. This helps augment the demand for sports composites significantly over the forecast period.
The global sports composites market is fragmented with the presence of several manufactures. Strategic collaboration between sports goods producers and advanced material manufacturers are expected to drive R&D for new composite material formulations. This ensures continuous product innovation and catering to the evolving needs of athletes and sports enthusiasts globally.
Sports Composites Market Challenges
The sports composites market faces various challenges like high capital investments for R&D and manufacturing process improvement. Also, availability of substitutes like metals pose threat for market growth. Sports composites requires advanced manufacturing technologies which increases production costs. Stringent environmental regulations for composite processing also hampers market expansion.
SWOT Analysis
Strength: Sports composites offers properties like high strength-to-weight ratio, corrosion resistance and durability. These materials helps improve performance of sports goods.
Weakness: High material and production costs of sports composites limits its use. Resin processing involves use of chemicals posing environmental challenges.
Opportunity: Growing popularity of various sports worldwide increases demand for high-performance sporting goods. Innovation in composite formulation boosts market potential.
Threats: Substitute materials like plastics and metals threatens market share of composites. Economic slowdowns impact sports industry and sales of composites.
Geographical Regions
In terms of value, North America holds major share in sports composites market owing to extensive R&D activities. Presence of leading composite manufacturers expands regional market. Europe and Asia Pacific also account for notable demand for sports composites due to growing participation in sports.
The Asia Pacific region is fastest growing market for sports composites. Rising health awareness and improving economic conditions fuel various sports industries in developing nations. This increases usage of high-performance materials like composites in manufacturing of sports goods. Countries like India, China and Japan contribute largely to regional market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
