According to a report,"Sports Composites Market Analysis By Resin (Epoxy, Polyurethane, Polyamide, Polypropylene), By Material (Carbon, Glass), By Application (Golf Clubs, Hockey Sticks, Rackets, Bicycles, Skis & Snowboards) And Segment Forecasts To 2024", published by Grand View Research, Inc., the global sports composites market is expected to be valued at USD 4.58 billion by 2024. The market is expected to exhibit significant growth owing to increasing demand for high-performance materials for manufacturing lightweight as well rigid sporting goods.
Key Takeaways from the report:
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Golf clubs was the largest application for the market accounting for over 38.0% of the revenue share in 2015. Rising popularity of the sport as a leisure pursuit coupled with affordable and easy access to new golf courses is likely to propel demand over the forecast period.
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Glass fiber composites are expected to witness significant growth owing to its rising demand for skis and snowboards application. Better strength, lower friction and superior performance in salty seawater conditions are the key factors driving the market demand. Furthermore, increasing demand of skis & snowboards due to growing adoption of water sports is expected to have a positive impact on the industry growth over the next eight years.
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Carbon composites are expected to account for a significant share and are likely to grow at a CAGR of over 6.0% from 2016 to 2024 owing to their rising demand for manufacturing bicycle frames, surfboards, and skis. Moreover, decreasing prices, increased durability and weight reduction offered by these products are likely to drive demand.
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Asia Pacific is estimated to grow at a CAGR of more than 6.0% from 2016 to 2024 owing to growing popularity of various sports including tennis, badminton and golf. Rapid industrialization coupled with low labor cost and easy availability of raw materials in the region is anticipated to drive the industry growth over the forecast period.
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The industry in Germany is expected to reach over USD 297 million by 2024 due to increased adoption of carbon and glass composite materials for manufacturing premium sports goods such as bicycles and polo sticks. The presence of key sporting goods manufacturers in the region including Adidas Group and Puma are likely to open new avenues for the product market over the next eight years.
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Key players in the industry include Aldila Inc., Jarden Composites, ProKennex, Amer Sports, Fischer Sports GmbH, Rossignol, and Topkey Corporation. Some of the raw material suppliers profiled are Toray Industries Inc., E. I. du Pont de Nemours and Company, Hexion Inc., and SGL Group.
Germany sports composites market revenue, by material, 2013 - 2024 (USD Million)
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- Halloysite Market: Booming construction industry in Asia Pacific is leading to increase in the demand for ceramic products, which in turn, is expected to boost the growth of the market. The market exhibits a high degree of integration from raw material supply to processing and distribution of the product. All major manufacturers in the industry are involved in raw material extraction, which is directed wholly to captive consumption.
Growing replacement of traditional steel with light weight carbon fiber in golf clubs due to increased carry distance is expected to drive the market over the forecast period. Furthermore, increasing investment by manufacturers for the development of durable composites in manufacturing sports equipment is expected to bolster growth.
Carbon fiber is expected to witness the fastest growth over the forecast period due to its increasing use for manufacturing sports goods such as hockey sticks and rackets. Superior properties such as high tensile strength, impact absorption, durability, and weight reduction of the equipment offered by these materials are likely to drive demand over the projected period.
Epoxy based composites are expected to be the fastest growing resin segment in the market owing to its heat resistant properties which facilitate its use in rackets and snowboards manufacturing. Epoxy resins are widely used along with carbon fiber for manufacturing skis, rackets, and bicycle parts.
Grand View Research has segmented the sports composites market on the basis of resin, material, application and region:
Sports Composites Market Resin Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
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Epoxy
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Polyurethane
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Polyamide
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Polypropylene
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Others
Sports Composites Market Material Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
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Carbon
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Glass
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Others
Sports Composites Market Application Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
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Golf Clubs
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Hockey Sticks
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Rackets
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Bicycle
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Skis and Snowboards
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Others
Sports Composites Market Regional Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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UK
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Spain
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Asia Pacific
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China
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India
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Japan
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Latin America
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Brazil
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Middle East & Africa
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South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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