The Sports Composites Market Size was valued at US$ 4.2 billion in 2021 and is projected to reach at US$ 5.90 billion by 2028, with a healthy CAGR of 5.0%.
Pune, Maharashtra -- (SBWIRE) -- 07/19/2022 -- Sports Composites Market 2022 Overview:
In contrast to other conventional materials like titanium, alloy, high tensile strength steels, and others, the composites offer great strength-to-weight characteristics, enabling the development of increasingly effective and diverse designs. Sports composites are fibers that are used to make sports equipment that is stronger, lighter, and more affordable. Sports equipment is made of composite materials, which are a combination of two or more materials. It is frequently utilized as a raw material in the production of sporting goods due to its outstanding shock absorbing capabilities.
As per the recent market research report published by the SNS Insider, the sports composites market is expected to reach USD 5.90 billion by 2028, with a CAGR of 5.0% during the forecast period of 2022–2028.
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Drivers, Restraints, Opportunities, and Challenges
Entry barriers are significant since the industry is defined by the existence of established firms with solid financial foundations. Additionally, since substantial initial investments are needed to remain competitive, the threat of new entrants is anticipated to be modest. Due to ongoing R&D efforts by the big corporations, the sports composites market has enormous potential. Due to their excellent qualities and wide range of applications in sectors like aerospace, automotive, electronics, building, and energy, composites are expected to become more and more popular.
Resin prices have climbed sharply as a result of rising freight, logistics, and packaging expenses, as well as rising costs for raw and secondary components. Compared to general-purpose or commodity items, specialty products compete more on the basis of performance than price. The sports composites market's expansion is anticipated to be constrained by rising glass fiber prices.
Impact of the Russia-Ukraine Conflict
The unusual happenings in Ukraine are putting supply networks to the test. Supply chain disruptions can no longer be considered as isolated episodes as businesses scramble to limit the impact on their operations and maintain the flow of goods, money, and information along the supply chain. The majority of businesses now need more robust supply networks because of the conflict in Ukraine.
Sports Composites Market Segmentation Analysis 2022
The segment for glass fiber composites is anticipated to experience the quickest growth throughout the projected period in terms of fiber type. These fibers are frequently used in industrial applications due to their advantageous qualities, which include high stiffness, strong chemical resistance, minimal thermal expansion, and low weight.
As demand for hockey sticks are increasing substantially, the polyamide resin category is anticipated to experience the fastest growth rate among all resin types. Demand is also anticipated to increase because to the qualities of polyamide that include enhanced energy transmission.
The bicycle application segment is anticipated to experience substantial growth in the sports composites market over the forecast period due to the rising demand for lightweight bicycles in both competitive sports and recreational activities. The segment for carbon-reinforced bicycle frames is also anticipated to rise in the next years as a result of cost reductions.
Major Segments and Sub-Segment of Sports Composites Market are Listed Below:
By Resin Type:
By Fiber Type:
- Carbon fiber
- Glass fiber
- Boron fiber
- Golf sticks
- Hockey sticks
- Skies and Snowboards
- Windsurfing masts and boards
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Asia Pacific is predicted to have the highest CAGR owing to the growing need for high-performance products in snowboard applications, the accessibility of cheap labor, and the expanding demand from golf stick uses in this region. The top producers of sports composite products in the Asia Pacific and the world are China and Taiwan. Because of technical improvements and expenditures made by both public and private enterprises in the electronics, automotive, and aerospace industries, it was predicted that the sports composites market in North America will account for a larger revenue share in the next years.
Competitive Landscape Outlook
Some of the leading companies involved in the sports composites market are Newell Brands, Rossignol, Ficher Sports, Prokennex, True Temper, Amer Sports, ALDILA, Inc., Fujikura Composites, Callway Golf, and Topkey Corporation.
Table of Contents -Major Key Points
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Sports Composites Market Segment, By Resin Type
9. Sports Composites Market Segment, By Fiber Type
10. Sports Composites Market Segment, By Application
11. Regional Analysis
12. Company Profile
13 Competitive Landscape
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