Sports Composites Market Estimated to Touch a Valuation of US$ 5.1 Billion by 2026, Says MarketsandMarkets™
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 composites ecosystem such as the expansion of production capacity by various players, new players entering into the market with low-cost carbon fibers, and demand from various sports activities are bolstering the market, globally.
The glass fiber segment accounts for the largest share in the sports composites market in terms of volume. Glass fiber composites are made by mixing glass fibers with a polymer matrix. These fibers are commonly used as a reinforcing element in composites. Owing to their superior attributes such as strength, flexibility, durability, stability, low weight, and resistance to heat, temperature, and moisture, glass fiber is used for various applications in the sports industry. Glass fiber is majorly utilized in skis & snowboards, hockey sticks, fishing rods, and others.
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The epoxy resin type segment accounted for a larger share, in terms of value and volume, of the global sports composites market in 2020. The high share is attributed to the provision of increased efficiency, thereby reducing the overall weight of the equipment. In addition, it also provides better fatigue resistance, corrosion resistance, and improved quality for various applications such as golf clubsgolf sticks, rackets, bicycles, hockey sticks, skis & snowboards, fishing rods, and others.
Skis & snowboards accounted for the largest share in terms of volume and value. The high demand is attributed to various sports activities such as snowboarding, cross-country skiing, alpine skiing, speed skating, ice-skating, and others which are played during winter in North America and the European regions.
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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.
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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.
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