The Sports composites Market comprises of materials such as carbon fiber, glass fiber and natural-fiber based composites providing significant benefits such as lightweight, corrosion resistance and high strength that help improve performance. Sports composites are making sporting goods such as bicycles, golf club shafts, rackets, skis and hockey sticks more durable and efficient thereby enhancing the experience of professionals as well as passionate amateurs. Sports composites are used in tennis rackets, bicycle frames, hockey sticks and more as it offers strength and stiffness which enhances control, feel and weight savings.
The Global Sports Composites Market Share was valued at US$ 24 Bn in 2020 and 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. Sports composites manufacturers are increasingly focusing on developing innovative products with support from continuous R&D investments. Growing popularity of various sports globally and rising health awareness among population has been fueling the demand for high-performance sporting goods incorporating advanced composites materials. Leading manufacturers are focusing on strategic collaborations and regional expansions to leverage the lucrative growth opportunities.
The growing demand for high-performance, durable and lightweight sporting goods has been a key driver for sports composites adoption. Sports composites offer unmatched strength to weight ratio providing enhanced control, durability and feel. In addition, growing popularity of sports like cycling, golf, tennis among population globally is fueling the sales of high-end composites incorporated sporting goods. Furthermore, stringent regulations regarding carbon emissions from automotive industry has been diverting the demand towards eco-friendly composites.
Market drivers
Increasing R&D investments by leading players to develop innovative product designs and materials is a key growth driver. Sports composite manufacturers are investing heavily in developing performance-centric products focused on feel, control and consistency. In addition, the growing popularity of professional and amateur sporting leagues globally has been generating higher demand for technologically advanced equipment. Furthermore, increasing consumer preference towards active lifestyles and involvement in various sports and fitness activities is fueling the demand for high-quality and durable sporting goods incorporating advanced materials.
Current Geopolitical Situation's Impact on Sports Composites Market Growth
The ongoing geopolitical tensions and conflicts in many parts of the world are negatively impacting the growth of the global sports composites market. The Russia-Ukraine war has severely disrupted international trade and supply chains for composites and related raw materials. Both Russia and Ukraine are major suppliers of carbon fibers and resins to many sporting goods brands worldwide. With trade restrictions in place, brands are facing raw material shortages and increased supply costs. This is forcing some brands to raise product prices or pause new product launches. The rising raw material prices are also shrinking profit margins for manufacturers. Additionally, macroeconomic headwinds like inflation and lower consumer spending in many countries impacted by higher energy costs are dampening the demand for high-end sporting goods made from composites. To sustain growth, sports composites companies need to diversify their raw material sourcing by establishing partnerships in other regions like Asia Pacific and the Americas. They should also invest in developing alternative materials and localized manufacturing capabilities.
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