DUBLIN--(BUSINESS WIRE)--The "Sports Composites Market - Industry Trends, Opportunities and Forecasts to 2023" report has been added to ResearchAndMarkets.com's offering.
The global sports composites market was valued at US$3.528 billion in 2017 and is projected to reach US$4.708 billion in 2022 exhibiting a CAGR of 4.93% during the forecast period.
High adoption rate for a healthy and fit lifestyle will give a boost to this market in the coming years. Good quality sports composites are essential in a win-lose games. Better quality sports composites increase the shelf life of the products and hence are reliable. The market is projected to sail high in the next five years owing to the increasing demand for good sporting products and increasing purchasing power of consumers across the globe. Also, the demand for customized sporting products is increasing on a global note further augmenting the demand for sport composites globally.
On the basis of raw material used, the market is segmented as polyethylene, polyamide, polyurethane, epoxy, and others. On the basis of product type, the market is segmented as carbon, glass, and others. Sports composites that use epoxy as raw material are likely to grow at a phenomenal rate owing to their heat resistive properties and durability. Epoxy is used extensively in manufacturing of snowboards, bicycle parts, and rackets.
Sports composites have a wide range of applications which include hockey sticks, golf sticks, bicycles, skis and snowboards, and others. Increasing investment in the manufacturing of high quality and durable sports composites will lead to an increase its market in the coming years across the globe. Their application in the manufacturing of golf sticks has fuelled its market covering the largest market share in its segment. However, increasing cost of raw materials used in the sports composites has resulted in an increase in cost of final sports products which in turn is constraining its growth rate. The sports composites are expensive as compared to their substitutes which include metals, plastics, and other inexpensive polymer.
Geographically, sports composites market can be segmented as North America, South America, Europe, Middle East and Africa, and Asia-Pacific. Asia-Pacific is anticipated to dominate over the global sports composites market with highest growth rate and market share owing to the increasing sporting events, entrance of multi-national players in manufacturing, easy availability of raw materials, and low labor cost.
By Raw Material
By Product Type
- Hockey Sticks
- Skis and Snowboards
- SGL Group
- Toray Industries
- Fischer Sports GmbH
- Amer Sports
- Topkey Corporation
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