Over 40% Demand for Ballistic Composites Stimulated for Vehicle Armour Use: Fact.MR Study
Published : 21 Jul 2021 Industry: Chemical & Materials
Fact.MR – a market research and competitive intelligence provider, projects the global ballistic composites market to have a positive outlook, expanding at a CAGR of above 6% across the 2021-2031 forecast period.
Ballistic composites are raw substances used in myriad defense applications such as vehicle armours, vests, and helmets. These materials absorb the impact energy caused as a result of explosives, mainly utilized by defense and law enforcement agencies. Ballistic composites are used in protective gear and other advanced defense equipment.
Rising need for lightweight and high strength composites coupled with increasing requirement for personal protection due to growing security threats is set to propel sales of ballistic composites over the coming years.
Key Takeaways from Market Study
- Global ballistic composites market to top US$ 2.5 Bn by 2031.
- Aramid fibers are projected to reach around US$ 300 Mn by 2031.
- Glass fibers are projected to record above 4% CAGR over the next 10 years.
- The market in Japan to record 3% CAGR over the forecast period of 2021- 2031.
- China forecast to reach a projected market size above US$ 490 Mn by 2031.
- Market in Canada projected to expand at above 4% CAGR over the next 10 years.
“Escalating requirement for protective equipment with constant technological breakthroughs will pave the way for expansion of the ballistic composites industry in the years to come,” says a Fact.MR analyst.
Companies leverage strategic collaborative initiatives to increase their market share and profitability. They are also acquiring start-ups working on technologies to strengthen their product capabilities.
- In 2017, DSM expanded the research & development capabilities of its Dyneema ballistic materials specifically for application in helmets. With this expansion, the company had demonstrated its commitment to support global armour manufacturers who are looking to manufacture next-generation hug performance, lightweight helmets.
- In 2020, Honeywell announced the newest addition to its innovative Spectra Shield 6000 series for high-performing ballistic materials to meet strict requirements for protective equipment and growing global demand for lightweight protection. Spectra Shield® 6166, which further expands Honeywell’s suite of high-performing hard armour products for militaries and law enforcement, was introduced at the SHOT Show at the Sands Expo Center in Las Vegas.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the ballistic composites market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of matrix (polymer matrix composites, polymer-ceramic, and metal matrix), fiber (aramid fibers, UHMPE, and glass), and application (vehicle armor, body armor, and helmets and face protection), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Chemicals and Materials
Our chemical and material consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the chemical and material sector. Our expertise in recognizing the challenges and trends impacting the global chemical and material industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Consultant – Chemicals and Materials