SAN FRANCISCO, July 1, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled «Sports Composites – Global Market Trajectory & Analytics». The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 9; Released: April 2021
Executive Engagements: 449
Companies: 38 – Players covered include Aldila, Inc.; Amer Sports Oyj; DuPont de Nemours, Inc.; Entropy Resins, Inc.; Fischer Sports GmbH; Hexion Inc.; Protech Composites; Rockwood Composites Ltd.; Saint-Gobain Vetrotex; SGL Carbon SE; Topkey Corporation; Toray Industries, Inc.; ZOLTEK Corporation and Others.
Coverage: All major geographies and key segments
Segments: Fiber Type (Carbon, Glass, Other Fiber Types); Application (Golf Sticks, Bicycle, Rackets, Hockey Sticks, Skis & Snowboards, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Sports Composites Market to Reach $3.7 Billion by 2026
Sports composites are advanced fibers widely used in sports equipment for enhancing strength, reducing weight and lowering costs. Representing a blend of multiple materials, fiber-reinforced composite materials help manufacturers to achieve design flexibility, make sports equipment lightweight, and ensure easy forming and processing characteristics. Rising physical activity for health reasons is one of the major drivers for composites demand in sports goods. Increasing adoption of durable materials for skis, hoverboards and rackets along with development of advanced products is bolstering the market expansion. The increasing reliance on continuous processing to manufacturer glass reinforced plastics (GRP) is likely to boost production of various sports equipment like snowboards, skis and longboards, creating new revenue streams for vendors.
Amid the COVID-19 crisis, the global market for Sports Composites estimated at US$2.7 Billion in the year 2020, is projected to reach a revised size of US$3.7 Billion by 2026, growing at a CAGR of 5.3% over the analysis period. Carbon, one of the segments analyzed in the report, is projected to record a 5.6% CAGR and reach US$2.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Glass segment is readjusted to a revised 5% CAGR for the next 7-year period. The carbon fibers segment occupies major share due to extensive use of the material in bicycle frames, rackets and golf clubs. The segment’s growth is also favored by increasing adoption of carbon fibers as textiles and prepreg in sports applications.
The U.S. Market is Estimated at $537.3 Million in 2021, While China is Forecast to Reach $758.8 Million by 2026
The Sports Composites market in the U.S. is estimated at US$537.3 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$758.8 Million by the year 2026 trailing a CAGR of 6.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 4.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR. The Asia-Pacific region represents a key market, driven by increasing sales of bicycles, golf sticks and high-performance products for several other applications. The market growth is bolstered by large-scale bicycle production in India and China. The regional market is benefitting from expansion of the manufacturing industry due to availability of cheap labor and easy access to raw materials. In addition, growing popularity of sports like badminton, golf and tennis is anticipated to further push the market expansion in the coming years. Growth in the European market is augmented by increasing popularity of hockey and tennis in countries such as Germany and France along with robust demand for bicycles across Norway, the Netherlands and Sweden.
Glass (Fiber Type) Segment to Reach $1.2 Billion by 2026
Glass fiber composites are lightweight and flexible. Glass fibers are mainly used in kayaks, skis, longboards and snowboards to enhance sliding properties and offer superior strength at the time of landing. In the global Glass (Fiber Type) segment, USA, Canada, Japan, China and Europe will drive the 4.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$674.7 Million in the year 2020 will reach a projected size of US$934.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$163.6 Million by the year 2026, while Latin America will expand at a 5.6% CAGR through the analysis period. More
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SOURCE Global Industry Analysts, Inc.