The sports composites market size is estimated to be USD 4.1 billion in 2021 and is projected to reach USD 5.1 billion by 2026, at a CAGR of 4.8% between 2021 and 2026. The new developments across the sports composite’s ecosystem such as the expansion of production capacity by various players, new players entering the market with low-cost carbon fibers, and demand from various sports activities are bolstering the market, globally.
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This growth is attributed to the increasing demand for lightweight, corrosion-resistant, and high-strength materials such as composites. The rising number of capacity expansions among the raw material suppliers and novel product launches are driving the market. For instance, in January 2020, ALDILA Inc., launched ROGUE White 130 M.S.I. made of graphitic carbon fiber material. This product offers superior stability combined with an unsurpassed feel.
The sports composites market is expected to witness significant growth during the forecast period. Composites have demand from the skis & snowboards, hockey sticks, rackets, bicycles, and golf sticks application segments. Composites are lightweight, offer good mechanical performance, variety in designs, strength, and stiffness which make them useful in various other applications such as bicycles, rackets, hockey sticks, fishing rods, shoe sole paddles, windsurfing masts, and others.
The top players in the sports composites market have implemented various strategies in the market. For instance, in March 2021, as part of its broader investment plan to drive innovation and growth in its specialty product lines, Hexion Inc. plans to expand its Portland, Oregon, manufacturing site. The first automated production line has become operational at the end of the first quarter of 2021 and the second automated line is expected to start by the end of 2021. This initiative by the company is a step forward in the manufacture of sports goods composites.
Asia Pacific is expected to dominate the sports composites market, accounting for the majority of market share. Increased sports and recreational activities, rising disposable incomes, and a growing emphasis on lightweight and high-performance materials in sporting equipment manufacture are driving the region's growth. Countries such as China and India are experiencing rapid growth in the sports industry, which is increasing demand for composites in applications such as athletic gear, bicycles, and sports cars. Furthermore, the development of sports infrastructure and the use of innovative materials in sports equipment production strengthen Asia Pacific's position as a prominent participant in the sports composites market.'
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In October 2021, Finland-based Amer Sports, which owns the outdoor brands Salomon, Arc’teryx, and Atomic, proposed a USD 30 million upgrade to its warehouse and distribution center in the Business Depot Ogden, as part of an expansion plan which is expected to create up to 155 jobs over ten years. The upgrade is expected to take the form of interior renovations and the installation of new fixtures and equipment.
In January 2021, SGL Carbon, which is a graphite and carbon composites materials supplier, is launching a USD 4.5 million expansion project at its Arkadelphia, AR plant with a plan to increase its capacity for carbon composites. The expansion is expected to become operational by the end of the year. SGL Carbon operates 31 production facilities in Europe, Asia, and North America. This expansion is expected to boost the growth of the sports composites market.
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