Sports Composites Market Report 2024 (Global Edition)

Current scenario of the sports composites market

Key drivers of the sports composites market 

• Demand for lightweight materials in sporting goods equipment is driving the market growth

Composite materials have long been used in sports goods because to their increased efficiency and reduced weight, which both improve athletic performance and reduce the risk of injury. Furthermore, when compared to other conventional materials like titanium, alloys, high tensile strength steels, and others, composites offer excellent strength-to-weight ratios, which contributes to the creation of designs that are more efficient and diverse. Because of their strength, stiffness, strength, variety of designs, low weight, and outstanding mechanical performance, carbon fiber and glass fiber are being considered as viable alternatives to these conventional materials. Manufacturers of sporting products are using carbon fiber more and more.

Advanced 3D printing solutions are made by 9T Labs, a Swiss technical start-up. Products create excellent carbon fiber composites by combining sophisticated simulation and design technologies. It also offers the 3D printing tools needed to create the intended composites. Manufacturers could accelerate the time it takes for their carbon fiber composite products to hit the market by utilizing 9T Labs' technology.

www.9tlabs.com/

An approximate global average carbon fiber demand of 92.0 kt was established for the reporting year 2021. With an observation horizon spanning over 10 years , this translates to a compound annual growth rate (CAGR) of +9.77%.

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In lieu of these conventional materials, carbon fiber and glass fiber are prized for their strength, rigidity, variety of designs, low weight, superior mechanical performance, and other attributes. Manufacturers of athletic goods are using carbon fiber more frequently.

• Growing adoption of golf's across the globe is driving the market demand

People all throughout the world have been interested in golf in the last few years. Worldwide, the number of persons participating in golf as a recreational activity has somewhat increased. The estimated global reach of golf is 123 million. In 2023, over one-third of American adults over the age of five played golf (either on or off the course), watched golf on television or the internet, read about the game, or listened to a podcast on golf. Since 2016, this has increased by 30%.
Despite the fact that 22.4 million individuals did not play golf in 2023, they said they would be "very interested" in doing so. NGF refers to this metric as "latent demand." The rise in popularity of off-course golf has contributed to a 45% increase in this pool of potential golfers since 2019. "Lapsed golfers"—those who have played on a course in the past but not within the last year—make up nearly half of this unmet demand, with the remaining players having never played on a course.
A change in United States Golf Association (USGA) rules allows golfers to purchase many interchangeable shafts for a single club, making it simple to swap to a shaft design that provides the desired feature. Thus, it is anticipated that during the next few years, golf sticks made of sports composites would become more common.

People's increasing interest in golf is driving up demand for golf shafts, which in turn is driving up demand for sports composites. The market is expanding due to the growing use of composites in the manufacture of club heads and golf shafts. Thus, during the next few years, it is anticipated that the use of sports composites in golf sticks will increase.

Restraints for the global sports composites market

• Price increases for auxiliary & raw materials, glass fiber and composite resin is restricting market growth

Growing prices for auxiliary and raw commodities. Industry insiders and secondary sources report that in 2021, composite resin costs have gone up dramatically. The first three quarters of 2021 saw a steady rise in the cost of raw and auxiliary materials, as well as higher freight, logistics, and packaging expenses. As a result, the price of resins skyrocketed.

Nylon can be costly for purposes other than specialized packaging, even with its good barrier qualities. It is a relatively expensive material. One use for this material is in cheese packaging, where it reduces bulging by blocking O2 while allowing any CO2 generated inside the package to pass through. Specialty items are more expensive than general-purpose ones. When comparing specialty products to general-purpose or commodity products, the focus is more on performance than pricing. It is anticipated that the rising costs of glass fiber will limit the market's expansion. For example, glass fiber costs have gone up due to the actions of corporations like Owens Corning and Certex. It is anticipated that glass fiber prices will decline as a result of continuous improvements made to the manufacturing process in tandem with the growth in glass fiber production.  www.thomasnet.com/articles/plastics-rubber/all-about-polyamide-resins/

Opportunities for the global sports composites market

• Increasing demand for composite materials for unique applications in sporting goods

Depending on the sport, sports goods must be made in a variety of sizes and shapes. Sports items including tennis rackets, golf shafts, fishing poles, skis, snowboards, hockey sticks, and bicycle frames can be made from composite materials because of their high tensile modulus, low density, and lightweight nature. Composite materials are finding new applications in a wide range of sports goods products, including wheel-tire systems, exercise equipment, helmets, softballs, bats, baseballs, cycling shoes, boots, clothes for both alpine and Nordic skiing, safety gear, footwear, and more. This is because composite materials are lightweight, extremely durable, and provide compressive and lateral stability.
For instance, Topkey Corporation (Taiwan) has used the UDPP technique to create safety products including helmets and other items made of composite materials.

Impact of COVID-19 on the Global Sports Composites Market

• The COVID-19 outbreak had a serious impact on world economies. One of the main businesses impacted by COVID-19 is sports. The spread of COVID-19 caused a decline in the market for sporting goods, which in turn caused a decline in the market for sports composites. Manufacturers were compelled to lower their output.
• The sports industry suffered significant financial losses due to the unexpected global spread of the COVID-19 virus. Club closures, postponed events, and sharply reduced apparel and sporting goods sales were all consequences. It came as a huge shock to the sports business. Everything related to sports has been impacted, including players, teams, sponsorships, and media attention. As COVID-19 expanded over the world, the 2020 Tokyo Olympic and Paralympic Games were eventually rescheduled for 2021. Despite the significant financial, human, and energy costs incurred by the Olympic organizers, the 2020 Olympics were not fiscally feasible for the Japanese.
• www.ncbi.nlm.nih.gov/pmc/articles/PMC9335069/#:~:text=The%20sudden%20emergence%20of%20the,shock%20for%20the%20sports%20industry.
• The sporting-goods sector saw widespread improvement in 2021. Globally, the sportswear market nearly fully rebounded to pre-COVID-19 sales in 2021, driven primarily by customers in China (growth of 23% from 2020 to 2021) and the US (15%). Overall, growth in 2021 of 14% over the previous year.
• Additionally, the market's supply networks were hampered by trade and movement restrictions. But as COVID-19 instances start to decline in the middle of 2021 and limitations start to be lifted, sporting events are being planned all over the world. It will cause the demand for sport composites to rise even more.

The primary factor propelling the worldwide sport composites market is growing consumer recognition of the value of sports combined with a rise in the demand for lightweight sporting goods. The value of athletics in leading a stress-free and healthy lifestyle has come to the forefront of public consciousness since the early 21st century. This has caused a rise in the market for various sporting goods. Composite-based sporting items have a high strength to weight ratio and improve performance. It also lessens the chance of getting hurt. In addition to being corrosion-resistant, composites come in a range of designs, can be made stiffer, and have other qualities customized. The global market for sports composites will have a promising future as a result of all these aspects.

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