According to Fact.MR, a market research and competitive intelligence provider, the global sports composites market is expected to register a CAGR of 5% through 2031, reaching a valuation of US$ 4 Bn.
Growing demand for durable materials in the production of rackets, skis, and hoverboards is expected to drive growth of the market. Furthermore, increasing use of carbon fiber sports composites in the form of prepreg and textiles in various sports applications is estimated to augment demand.
Key Points Covered in Sports Composites Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on Demand for Sports Composites and How to Navigate
- Recommendation on Key Winning Strategies
Consumption Analysis of Sports Composites from 2016 -2020 Vs, Future Market Outlook for 2021 - 2031
The sports composites market was estimated at nearly US$ 1.6 Bn in 2016, expanding at around 4% from 2016 to 2020. Increasing number of patents filed for composites-based sporting goods by global players, growing manufacturing industries, and continuous new product launches are key factors that have helped sustain market growth through the historical period.
Rising physical activity for health reasons is one of the major drivers for composites demand in sports goods. The increasing reliance on continuous processing to manufacturer glass reinforced plastics (GRP) is likely to boost production of various sports equipment like snowboards, skis and longboards, creating new revenue streams for vendors.
Why Has Demand for Composites in the Sports Industry Increased Over the Past Few Years?
Composites are fibers that are used for manufacturing of sports equipment to improve their strength, decrease their weight, and reduce the cost. Composite material is defined as a mixture of two or more materials differing in composition on a macro scale combined to form a structurally stable component. Fiber-reinforced sports composite materials facilitate light weight, easy processing, high degrees of freedom of design, and high strength in sports equipment.
Composites are able to meet varied design requirements with weight reduction as well as high strength-to-weight ratio as compared to traditional materials. Composites such as carbon, epoxy and glass have replaced metals used in sports equipment.
Maximum sports equipment relies on humans to make the movement. In this aspect, fiber-reinforced composites have an incomparable advantage. Golf rods made of carbon fiber-reinforced materials have improved mechanical properties. They weigh 30%–50% less than the metal rods.
Composite materials have good damping shock absorption capacity, which is one of the primary reasons for their use as a raw material in the manufacture of sports equipment.
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How Has Rising Popularity of Golf Impacted Demand for Sports Composites?
Over the past few years, golf has emerged as a new sport of interest among people across the world. The number of people playing golf as a recreational sport has fairly increased across the globe.
Therefore, the growing interest in golf among people has been boosting the demand for golf shafts, which is further propelling the demand for the market studied.
The two important considerations that influence the use of shaft materials for design of golf shaft and club performance are swing and strike. Therefore, the use of composites in the manufacturing and production of golf club, shafts and club heads has been aided, as these materials offer lighter weight, a high-tech image to a rather affluent market, and variety of design options that are not available with traditional steel material.
In addition, change in rules of the United States Golf Association (USGA) allows golfers to purchase multiple and interchangeable shafts for a single club, thereby enabling an easy change to a shaft design that offers the desirable characteristic. This is why golf sticks is projected to be the fastest-growing application in the said market. Hence, use of sports composites in golf sticks is expected to rise further over the coming years.
What is the Regional Demand Outlook for Sports Composites?
North America accounts for over 35% of the revenue share owing to high technological advancement leading to increasing use of composites for various sports equipment such as polo sticks and lacrosse sticks.
Growing demand for artificial turf for American football, basketball courts, and golf is expected to drive growth over the forecast period.
In Europe, demand for sports composites expanded at a CAGR of 4% from 2016-2020. The region is driven by the presence of a large number of sports composites manufacturers, thus increasing the widespread availability of the products at a competitive price.
In addition, increasing adoption of hockey and tennis in European countries such as Germany and France is expected to drive growth over the forecast period.
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What are the Market Insights for Sports Composites across Major Economies?
The U.S. sports composites market is estimated at US$ 538 Mn in the year 2021. The market in China, is forecasted to reach a projected size of US$ 759 Mn by the year 2031 expanding at a CAGR of 6.5% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 5%, respectively, over the analysis period. Also, due to the presence of major manufacturers of composite-based sporting goods, Japan will further nudge market growth over the coming years.
Within Europe, demand for carbon fiber sports composites in Germany is forecast to expand at approximately 4.2% CAGR across the forecast period.
Market growth is also bolstered by large-scale bicycle production in India and China. The market is benefitting from expansion of the manufacturing industry due to availability of cheap labor and easy access to raw materials in these countries.
In addition, growing popularity of sports such as badminton, golf, and tennis is anticipated to further push market expansion over the coming years.
Why is Demand for Carbon Fiber High in the Sports Industry?
Carbon fiber accounts for a majority of the market share owing to increasing use of the fiber in golf clubs, bicycle frames, and rackets.
Easy raw material availability coupled with advanced manufacturing techniques used in the production of carbon composites is expected to drive demand growth over the coming years.
Why is Demand for Polyamide Resins High in the Market?
The polyamide resin segment is expected to witness high growth owing to increasing demand for hockey sticks. Furthermore, properties of polyamide including improved energy transfer are expected to propel demand over the next ten years.
Polyamide resin is used as a reinforcement material in the blades of hockey sticks, as it protects the blade from damage by high impact collisions, keeping the weight of the stick to a minimum.
Hence, demand for polyamide resin sports composites will further increase over the next ten years.
How is the Strength & Durability of Polyurethane Resin Sports Composites Nudging Overall Sales?
The polyurethane resin segment accounted for over 15 % of the overall volume share in 2016. Increasing use of the resin in reinforcing equipment such as polo sticks and hockey sticks owing to improved strength and durability is expected to drive demand.
Furthermore, increasing use of the resin in court floors imparts more strength to the floor and provides for easier cleaning and maintenance of the floor. The increasing use of artificial turf for sports such as hockey, American football, and rugby is expected to drive the demand for polyurethane resins over the forecast period.
Why is Demand for Sports Composites in Bicycle Frame Manufacturing Expected to Remain High?
The bicycles segment is expected to witness high growth over the forecast period, owing to increasing demand for lightweight bicycles in competitive sports as well as recreation activities. Also, significant weight reduction improves bike control due to the use of carbon composites in the bicycle frames.
Furthermore, increasing demand for carbon-reinforced bicycle frames due to decrease in cost is expected to drive demand in future.
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The global industry is characterized by continuous product innovations. Top composite-based sporting goods manufacturers are focusing on mergers & acquisitions, and capacity increases.
Some of the key developments are:
- In March 2014, Toray Industries Inc, a Japanese manufacturer of sports composites acquired Zoltek, thus establishing itself as a market leader in terms of production volumes.
- Germany-based SGL Carbon announced the increase of the capacity of their Moses Lake facility by 3000 tons which is expected to result in an increase of their market share.
- In 2018, Toray Industries Inc. developed TORAYCA® MX Series carbon fibers with high tensile modulus and high compressive strength to introduce prepreg to a variety of applications.
Sports Composites Market Report Scope
Market forecast value in 2031
USD 4 Billion
CAGR of 5% from 2021 to 2031
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Market Segments Covered in Sports Composites Industry Analysis
- Epoxy Resin-based Sports Composites
- Polyamide Resin-based Sports Composites
- Polyurethane Resin-based Sports Composites
- Polypropylene Resin-based Sports Composites
- Carbon Fiber Sports Composites
- Glass Fiber Sports Composites
- Sports Composites for Golf Sticks
- Sports Composites for Rackets
- Sports Composites for Bicycle Frames
- Sports Composites for Hockey Sticks
- Sports Composites for Skis, Snowboards, and Kayaks
- FAQs -
The global sports composites market is projected to expand at a CAGR of 5% over the next ten years.
The market in Asia Pacific is expected to expand at the highest CAGR over 2021- 2031.
North America holds the highest market share as of 2020.
Dupont, SGL Carbon, Rock West Composites, Topkey, and Fujikura Composites Inc. are prominent manufacturers of sports composites.
Market valuation in the year 2020 was estimated at US$ 2.7 Bn.
The market is expected to reach a valuation of US$ 4 Bn by the year 2031.
Dow Chemical, Yangnong Kumho, and Anhui Shanfu are top suppliers of epoxy resin-based sports composites in China.
Owing to their use in fishing rods, tennis racquets, spars/shafts for kayak paddles, and windsurfing masts, sales of glass fiber sports composites in Austria are rising.
Demand for carbon fiber sports composites in rising in Germany primarily due to their advanced properties such as lightweight, high strength to weight ratio, improved resistance, and stiffness.
SHIMANO, YONEX, and MIZUNO are the top manufacturers of composite-based sporting goods in Japan.
Using carbon fiber composites for manufacturing sports goods is the latest trend in the industry.
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