PUBLISHER: The Business Research Company | PRODUCT CODE: 1392923
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392923
“Sports Composites Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on sports composites market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for sports composites? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The sports composites market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Sports composites are fibers utilized to enhance the strength, reduce the weight, and lower the cost of sports equipment. They play a crucial role in reducing the weight of protective gear like helmets for motorcyclists, contributing to the enhancement of sports equipment and the safeguarding of athletes against injuries.
The primary types of fibers employed in sports composites include carbon, glass, and others. Carbon sports composites, also known as graphite fibers, are extensively used in manufacturing sports equipment such as sticks and rackets due to their exceptional qualities, including being lightweight, possessing a high strength-to-weight ratio, increased resistance, and stiffness. Various resin types, such as epoxy, polyamide, polyurethane, and polypropylene, find applications in diverse sports equipment like golf sticks, rackets, bicycles, hockey sticks, as well as skis and snowboards.
The sports composites market research report is one of a series of new reports from The Business Research Company that provides sports composites market statistics, including global market size, regional shares, competitors with a sports composites market share, detailed sports composites market segments, market trends and opportunities, and any further data you may need to thrive in the sports composites industry. This sports composites market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The sports composites market size has grown strongly in recent years. It will grow from $3. 54 billion in 2023 to $3. 81 billion in 2024 at a compound annual growth rate (CAGR) of 7. 6%. The growth observed in the historical period can be attributed to factors such as weight reduction, the high strength-to-weight ratio offered by sports composites, and an overall increase in sports participation.
The sports composites market size is expected to see strong growth in the next few years. It will grow to $5. 14 billion in 2028 at a compound annual growth rate (CAGR) of 7. 7%. The anticipated growth in the forecast period can be attributed to factors including the escalating demand for carbon fiber composites, a heightened focus on sustainability, emerging trends in sports, and an increase in investments in the sports industry. Prominent trends expected in the forecast period encompass advancements in materials, customization of sports composites, and the adoption of innovative manufacturing technologies.
The anticipated growth in the sports industry is set to drive the expansion of the sports composites market. The sports industry involves individuals, activities, and organizations dedicated to producing, facilitating, promoting, or organizing sports-related activities. Sports composites, known for their lightweight properties, are extensively used in the manufacturing of sports equipment. According to GroupM ESP, an India-based media investment management company, the Indian sports business invested $1. 22 billion in 2021, marking a significant 62% increase from the previous year. Notably, media spending on cricket also rose by 8. 1% in 2021, reaching $728. 6 million, up from $673. 8 million in 2019. Consequently, the burgeoning sports industry is a key driver of growth in the sports composites market.
The growth of sports activities is expected to play a pivotal role in propelling the sports composites market. Sports activities encompass organized physical endeavors, games, or exercises with competitive elements, pursued for purposes such as recreation, entertainment, physical fitness, or competition. Sports composites, tailored to enhance performance, safety, and durability, find application in various sports. According to the Department of Health and Aged Care, a department of the Australian Government, over 90% of Australian adults participated in sports in January 2023. With three million youngsters and almost 13 million adults engaging in athletics annually, and 3. 1 million Australians volunteering in sports and active leisure, the growing prevalence of sports activities is contributing significantly to the expansion of the sports composites market.
Product innovation is emerging as a prominent trend in the sports composites market, with major companies striving to introduce novel products to maintain their market positions. Teijin Ltd., a Japan-based composites manufacturer, exemplifies this trend by launching Tenax PW (power series) and Tenax BM (beam series) brands of carbon fiber intermediate materials for sports applications in February 2021. Tenax PW, an advanced aircraft-quality material, enhances power and speed due to its exceptional endurance and toughness. Constructed with high-tenacity, high tensile modulus resin, Tenax PW maintains higher compressive strength than regular carbon fiber prepregs while mitigating and localizing damage after impact. Additionally, Tenax BM, another cutting-edge material, is ideal for applications requiring flexibility and resistance to thermal expansion, thanks to its high stiffness, straightness, operability, and stability.
Major companies in the sports composites market are focusing on introducing an advanced range of solutions to maximize their profits. Technological advancements in sports composites involve innovations in materials and manufacturing processes to enhance the performance, durability, and weight of composite materials. Hexcel Corporation, a US-based industrial materials company, launched the HexPly Nature Range in May 2022, offering material solutions for automotive, wind energy, marine, and winter sports applications by combining Hexcel resin systems with natural fiber reinforcements developed from biotechnology. The Nature Range products, containing epoxy resin derived from plants, maintain outstanding mechanical performance and consistent processing features, showcasing the ongoing commitment to technological advancements in the sports composites market.
In April 2022, Kordsa, a Turkey-based provider of reinforcement technologies, acquired the majority of shares in Microtex Composites for €24. 6 million euros ($25. 2 million). This strategic acquisition aims to diversify Kordsa's product offering, expand its client base, and enhance its service offering in the automotive and motorsport industries. Microtex Composites, an Italy-based company specializing in composite production, including carbon fiber for automotive, motorsport, marine, and transport, aligns with Kordsa's vision for growth in the sports composites market.
Major companies operating in the in the sports composites market report are Fischer Sports GmbH, Callaway legally Topgolf Callaway Brands Corp., Skis Rossignol S. A., Rockman Cycles limited, Rock West Composites Inc., Mitsubishi Chemical Carbon Fiber and Composites Inc., Jarden Corporation, Hexcel Corporation, Exel Composites Oyj, EPSILON Composite SA, Du Pont De Nemours Inc., Dexcraft Sp. z o. o., Composite Technology Development Inc., Composite Horizons LLC, Composite Engineering Inc., Composite Advantage LLC, Celanese Corporation, Carbon Composites e. V., Amer Sports, ALDILA Inc., Fiberon LLC,True Temper Sports, Toray Industries Inc., Topkey Corporation, Teijin Limited, SGL Carbon Pvt. Ltd., ProKennex, Newell Brands Inc., Hexion Inc., Fujikura Composites Inc.,
North America was the largest region in the sports composites market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sports composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the sports composites market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The sports composites market consists of sales of polymer matrix composites (PMCs), metal matrix composites (MMCs), ceramic matrix composites (CMCs), and carbon matrix composites (CAMCs). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.