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Sports Composites Market
"Elevating Performance, Redefining Possibilities: Innovations, Sustainability, and Growth in the Dynamic Sports Composites Market."
TEXES, AUSTIN, UNITED STATES, April 17, 2024 /EINPresswire / -- The global sports composites market grow significantly, driven by the growing demand for lightweight materials in sports equipment. This trend is particularly evident in the production of golf clubs and rackets, where composites offer a significant advantage in terms of weight reduction and performance enhancement.
The SNS Insider report estimates that the Sports Composites Market Size was valued at USD 4.58 billion in 2023, and is expected to reach USD 6.73 billion by 2031, and grow at a CAGR of 5.0% over the forecast period 2024-2031.
Rising Demand for Performance-Enhancing Materials Drives Sports Composites Market
The global sports composites market is witnessing significant growth due to the rising demand for advanced materials in sports equipment. Traditional materials like metal and wood are being replaced by composites due to their superior properties. Composites offer a high strength-to-weight ratio, making sports equipment lighter and more maneuverable. This translates to enhanced performance for athletes and a more enjoyable sporting experience. Additionally, composites offer design flexibility, allowing for the creation of equipment with improved aerodynamics and impact resistance.
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The development of new composites with improved strength and reduced weight for hockey sticks and golf clubs is further propelling market growth. Furthermore, the increasing use of carbon fiber in various sports applications is contributing to market expansion. The development of new sports applications for composites presents significant growth opportunities. The rising cost of raw materials and stringent environmental regulations regarding composite disposal pose challenges to market growth. Additionally, difficulties associated with recycling composites need to be addressed.
Some of the Key Players Included are:
. Rossignol
. Ficher Sports
. Amer Sports
. Fujikura Composites
. True Temper
. Newell Brands
. Topkey Corporation
. Callway Golf
. ALDILA, Inc.
. Prokennex
. and Other
Several recent developments highlight the ongoing growth and innovation in the sports composites market:
. September 2022: Solvayinaugurated a new production line at its U.S. facility in South Carolina, doubling the production capacity of a key raw material for carbon fiber composites.
. April 2022: Saint-Gobainannounced a USD 32 million investment to increase production capacity and reduce the carbon footprint of its insulation plant in California.
. September 2021: Solvayannounced the completion of a new thermoplastics composites manufacturing facility in South Carolina, significantly enhancing its total production capacity.
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Segment Analysis
The sports composites market is be segmented by resin type, fiber type, and application.
. By Resin Type: Polyamide resinis the second-largest segment in 2023 due to its excellent chemical resistance, wear resistance, and high strength, making it suitable for various sports applications.
. By Fiber Type: Carbon fibers dominated the market with revenue share of more than 32% in 2023 due to their high tensile strength, low weight, and durability. Increased capacity expansions and technical innovations are expected to reduce prices and drive wider adoption.
. By Application: Golf sticksheld the second-largest share in 2023 due to the use of composites in shafts and club heads, offering lighter weight, a high-tech image, and a wider variety of design options compared to traditional materials.
By Resin Type
. Polyurethane
. Epoxy
. Polyamide
. Polypropylene
. Others
By Fiber Type
. Carbon fiber
. Glass fiber
. Boron fiber
. Others
By Application
. Golf sticks
. Hockey sticks
. Racquets
. Bicycles
. Skies and Snowboards
. Windsurfing masts and boards
. Others
Impact of Geopolitical Events and Economic Slowdown
The Russia-Ukraine war has disrupted supply chains and led to price fluctuations for raw materials used in composite production. This can potentially hinder market growth in the short term. Additionally, an economic slowdown can lead to decreased consumer spending on sports equipment, impacting market growth.
North America currently holds the largest market share due to its high level of technological advancement
North America held the largest revenue share in 2023 due to the increasing use of composites in various sports equipment. The growing demand for artificial turf for sports applications is expected to further propel market growth in the region.
Asia Pacific is anticipated to be the fastest-growing region due to the rising demand for composites in various sports applications and the presence of well-established sports manufacturing companies in the region.
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Key Takeaways:
. The sports composites market is experiencing significant growth driven by the demand for lightweight and high-performance sports equipment.
. The industry faces challenges regarding raw material costs and recyclability, but ongoing research and development are addressing these issues.
. Asia Pacific is expected to be the fastest-growing market due to rising sports participation and established manufacturing capabilities.
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About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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SNS Insider
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