Understanding COVID-19's Impact on the Sports Composites Market- Latest Report by 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% during the forecast period. The demand for carbon fibers is very high in carbon frames, golf sticks, and rackets manufacturing due to excellent performance properties such as high-strength, good grip, anti-corrosion properties, and lightweight.
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 sports composites 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.
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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.
Companies operating in the sports composites market have strengthened their position by adopting expansions and new product/technology launches from 2016-2020. Expansions, joint ventures, acquisitions, and new product launches were among the key growth strategies adopted by the market players between January 2015 and November 2020. Amer Sports (Finland), ALDILA, Inc. (US), Jarden Corporation (US), ProKennex (Taiwan), Fischer Sports GmbH (Austria), Topkey Corporation (Taiwan), Rossignol (France), and others are some of the key players in the sports composites market.
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.
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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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