Sports Composites Market to Hit $6.2 billion by 2031, growing at a CAGR of 4.9%, says Coherent Market Insights

BURLINGAME, Calif., July 4, 2024 /PRNewswire/ -- The global Sports Composites Market, valued at $4.73 billion in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to $6.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031, as per a recent report by Coherent Market Insights. Growing demand for high performance sports equipment has led to increased adoption of composites in various sports equipment like golf shafts, tennis rackets, bicycles, fishing rods etc. Composites allow equipment designers to tailor the strength, weight and flexibility requirements as per the needs of different sports. This has helped in developing sports equipment with enhanced performance capabilities.

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Market Dynamics:

The global sports composites market is primarily driven by rising sports participation and growing demand for lightweight sporting goods. According to the Sporting Goods Manufacturers Association, sports participation has increased significantly in recent years. Sports such as golf, tennis, cycling, and other racket sports have witnessed increased participation. In addition, growing health awareness among consumers has propelled participation in sports like running and adventure sports. The demand for innovative, high-performance, and durable sporting goods has increased correspondingly. Sports composites offer advantages such as lightweight, strength, durability, and custom design flexibility, making them preferred material for manufacturing various sporting goods.

Sports Composites Market Report Coverage

Market Trends:

Increasing adoption of bio-based composites: Owing to rising environment concerns, bio-based and sustainable materials are gaining traction in the sports composites market. For example, Toray Industries has developed Torayca T1100G, a carbon fiber made from renewable raw materials for manufacturing golf club shafts and bicycle frames. Similarly, Anthropic has launched a line of bio-based prepreg tapes made from recycled materials for 3D printed components.

Growing demand for customized sports gear: 3D printing technology is enabling on-demand customization of sports gear and equipment. Companies such as Carbon offer digital manufacturing of customized mountain bike frames, helmets, and other gear using 3D printing. Players can get sports gear tailored to their exact body measurements and preferences. This trend is expected to drive the demand for customized sports composites in the coming years.

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Market Opportunities:

The growing popularity of golf is driving demand for high-performance golf club shafts. Carbon fiber and other composite materials allow shaft manufacturers to precisely engineer shafts for specific swing characteristics, like extra stiffness or torque. This results in straighter shots and more distance off the tee. Advanced composite shafts are increasingly replacing steel and graphite shafts. The lightweight and high strength properties of composites improve club head speed and power transfer. Over the forecast period, new composite formulations and production technologies will continue optimizing shaft performance. This will attract more amateur and professional golfers to premium shaft options.

Carbon fiber has largely displaced wood in hockey sticks due to its strength, lightweight, and flex properties. It allows for sticks with thinner walls that are more durable yet responsive. Composite sticks also last longer than wood before cracking or splintering. Hockey players continue demanding sticks that deliver more velocity on shots. Manufacturers are answering this with new composite layups and treatments that tune the flex profile of sticks. Top players endorse sticks engineered specifically for their shot, further popularizing high-performance composites. Increased popularity of indoor ball hockey and street hockey also drives demand for affordable composite sticks.

Key Market Takeaways

The global sports composites market is anticipated to witness a CAGR of 4.9% during the forecast period 2024-2031, owing to steady innovations enabling advanced performance and equipment durability.

On the basis of resin, the polyurethane segment is expected to hold a dominant position, owing to its high strength and flexibility making it well-suited for sticks, shafts and bicycles requiring energy transfer.

On the basis of material, the glass fiber segment is expected to hold a dominant position over the forecast period, due to its low cost and adequate mechanical properties for many applications like hockey sticks and bicycle frames.

On the basis of application, the hockey sticks segment is expected to hold a dominant position over the forecast period, due to the growing popularity of field and ball hockey and modern sticks offering more velocity on shots.

By region, North America is expected to hold a dominant position over the forecast period, due to its large consumer base for golf and hockey and presence of major OEMs.

Key players operating in the sports composites market include Amer Sports, Rossignol, and Zoltek Carbon Fiber. Through intensive R&D, these companies continue developing more innovative composites to enhance sports equipment performance.

Recent Developments:

In January 2021, Amer Sports agreed to sell Precor to Peloton Interactive Inc.

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Market Segmentation

By Resin Type:

• Acrylic
• Epoxy
• Polyamide
• Polyurethane
• Others (Polypropylene, etc.)

By Fiber Type:

• Glass
• Carbon
• Other Fiber Type

By Application:

• Golf Shafts
• Hockey Sticks
• Rackets
• Bicycles
• Others (Skis and Snowboards, etc.)

By Regional:

North America:

• U.S.
• Canada

Latin America:

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Europe:

• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe

Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific

Middle East:

• GCC Countries
• Israel
• Rest of Middle East

Africa:

• South Africa
• North Africa
• Central Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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SOURCE Coherent Market Insights

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