August 31, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD
LONDON, Aug. 31, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the sports composites market, the rising sports industry is expected to propel the growth of the sports composites market going forward. The sports industry refers to an industry in which people, activities, and organizations are involved in producing, facilitating, promoting, or organizing any activities that are focused on sports. Sports composites are used to make lightweight sports equipment. For instance, in 2021, according to GroupM ESP, an India-based media investment management company, in 2021, the Indian sports business invested $1.22 billion, representing a 62% increase over the previous year. In addition, media spending on cricket climbed by 8.1% in 2021 to $728.6 million, up from $673.8 million in 2019. Therefore, the rising sports industry is driving the growth of the sports composites market.
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The global sports composites market size is expected to grow from $3.01 billion in 2021 to $3.25 billion in 2022 at a compound annual growth rate (CAGR) of 8%. The global sports composites market growth is expected to reach $4.11 billion in 2026 at a CAGR of 6.1%.
Technological advancements have emerged as a key trend gaining popularity in the sports composite market. Major companies operating in the sports composites sector are focused on introducing new technological products to sustain their position. For instance, in 2020, Aldila, a US-based company that manufactures sports equipment, launched ALDILA ASCENT, an ultra-light golf shaft series. This model delivers an easy, high launch angle and also helps in controlling spin and face deflection for a higher ball flight with long descent roll out. It also has FlyDrive Technology, which is a full-length Visco-Elastic Isolation Layer (VEIL) that boosts the shaft's resistance to ovaling while improving overall strength and feel.
Major players in the sports composites market are Ficher Sports, Topkey Corporation, Toray Industries, Teijin Ltd., Hexion Inc., SGL Carbon SE, Fujikura Composites, Callway Golf, True Temper, Prokennex, Newell Brands, Sree Industrial Composite Products, EPP Composites, and Bucci Composites.
The global sports composites market analysis is segmented by fiber into carbon, glass, other fibers; by resin type into epoxy, polyamide, polyurethane, polypropylene; by application into golf sticks, rackets, bicycles, hockey sticks, skis and snowboards.
North America was the largest region in the sports composites market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global sports composites market during the forecast period. The regions covered in the global sports composites market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Sports Composites Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide sports composites market overviews, sports composites market analyze and forecast market size and growth for the whole market, sports composites market segments and geographies, sports composites market trends, sports composites market drivers, sports composites market restraints, sports composites market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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