Analysis of Ballistic Composites Market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to Fact.MR, the ballistic composites market was valued at around US$ 1.5 Bn in 2020, and is projected to expand 1.7X to top US$ 2.5 Bn by 2031. Increasing need and demand for lightweight, comfortable, and high strength protective equipment, mass production of ballistic fibers, and growing demand for environment-friendly components are factors expected to drive market expansion at a CAGR of above 6% through 2031.
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As per Fact.MR – a market research and competitive intelligence provider, over the last 5 years, the global market for ballistic composites expanded at close to 3% CAGR. In 2020, the market was valued at around US$ 1.5 Bn.
Ballistic composites are raw materials used for several military applications such as law enforcement vests, helmets, and body and vehicle armours. Efforts and expenditure for developing effective raw materials to improve product performance and rising focus to improve soldier’s survivability are likely to play a key role in market expansion.
Growing defense expenditure along with rising competition between regional economies to showcase their defense capability and increasing need for better protective equipment are expected to drive market growth.
All these factors create an ideal environment for ballistic composites across the world, and the market is expected to top a valuation of US$ 2.5 Bn by 2031.
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Rising demand for ballistic composites in personal protection due to their lightweight and high strength properties is a major driver for the growth of the market. Soldiers are now better protected against new ballistic threats, and the overall weight of body protection has been reduced while comfort has increased.
New military vehicles are no longer purely armoured with steel, and are instead lined with lightweight ballistic materials that increase the distance they can travel without refueling, and also improve maneuverability. Lightweight ballistic composites from fiber manufacturing to commercial products and testing helps in reduction of the weight of military vehicles, providing ease and convenience in mobility. This factor will drive market growth over the coming years.
A lot of research and development on ballistic composites is conducted at the U.S. Army Natick Soldier Research center in collaboration with fiber and ceramics companies, academic institutions, and other entities, with the goal of developing ever-lighter, higher-performance materials that can improve soldiers’ mobility, performance, and comfort.
Ballistic composite layers of fabric are stacked by using only heat and pressure; the outer layers melt and fuse the stack together into flat panels and moulded parts that have very good impact properties.
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The Asia Pacific (APAC) region dominates the market with a share of more than 40%. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India. But with growing foreign direct investments for economic development in South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the automotive sector.
Increase in global automobile production is a major factor leading to high demand for ballistic composites in terms of volume across the globe. The Asia Pacific region is expected to emerge as the fastest-growing regional market over the next ten years. Developing countries in the region are focusing on high-end combat solutions and new technology developments to protect the lives of deployed soldiers and vehicles.
The market in the U.S was valued at US$ 410 Mn in 2020. The U.S. is the growth engine of the market owing to having the world’s largest defense spending, significant investment towards research and development, and presence of a large number of ballistic composite suppliers.
Increased amount of expenditure by the military on the maintenance of security and stringent regulations by the U.S. government prioritizing the safety of the defense forces are behind rapid growth in the country.
Furthermore, many of the military programs such as the Joint Light Tactical Vehicle (JLTV) and Armored Multipurpose Vehicle (AMPV) carried out by U.S. authorities will spearhead market scope over coming period.
By 2031, China is expected to have a market value of roughly US$ 490 Mn. Escalating tensions in the South China Sea between China, Taiwan, the Philippines, Vietnam, Malaysia, and Brunei have led to increased defense spending, which has further boosted growth of the ballistic composites industry.
Induced focus on high-end combat solutions and new technology development are some of the key factors that have driven demand for ballistic composites in China.
Polymer matrix composites accounted for the largest market share of around 50% in 2020, and are expected to experience significant growth on account of their low cost and simple fabrication methods. Their significance lies in the ability to grow fatter and shorter upon being heated.
Features such as low weight, high friction, and temperature resistance properties make polymer an extensively used product. Polymer matrix composites are employed in applications such as protective garments, helmets, and body vests. Polymer matrix composites are widely used due to their low cost and simple fabrication methods.
Most car manufacturers have executed investigations to insert natural fiber polymer composites in their products. Polymer matrix composites, on being exposed to heat, expand a little instead of melting. The advantageous properties offered by polymer matrix composites account for their significant share in the ballistic composites market.
Vehicle armours go into ground vehicles, sea vehicles, and helicopters. Vehicle armours are equipped with ballistic composites to ensure high-level protection against ballistic impacts and to provide high protection to the lives of the military personnel in these vehicles. Soldiers and security personnel are in constant need of easy mobility while wearing protective vests, coupled with intensive protection.
Owing to the high level of safety provided using these materials, they are widely utilized for vehicle armour application. Commercial and industrial building constructions are likely to include these composites in buildings to secure them from minor threats.
Increasing warfare across the world is driving demand for military vehicles required in warships, which is likely to increase demand for vehicle armours over the years to come.
The COVID-19 outbreak has exposed several challenges for the defense sector. Production facilities and supply chains have been affected. Demand for defense equipment and related services are down. Supply-side shocks are perhaps some of the most visible effects of the pandemic’s impact on the defense sector.
Companies that are located in countries badly affected by the virus or those that are dependent on supply chains located in affected countries are the immediate victims of the pandemic.
Countries have effectively shut down their production units, putting a strain on equipment manufacturers. Major countries such as the U.S. and India procure raw materials and electronic components from China, and the supply chain of many equipment and product manufacturers have been affected. 2021 is projected to be better, with the market regaining its original traction by 2022.
Major players with a prominent share in the market are focusing on expanding their customer base.
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The global ballistic composites market is worth around US$ 1.5 Bn at present, according to Fact.MR.
Sales of ballistic composites are projected to rise at a CAGR of over 6% during 2021 – 2031.
The global market increased at a CAGR of close to 3% during 2016 – 2020.
Increasing demand for lightweight, comfortable, and high strength materials around the world is largely expected to shape market expansion.
Over the forecast period, vehicle armours are likely to be a major demand driver for ballistic composites.
Ratings on the basis of market share, market reach, clientele, etc., reveal that the top 5 key suppliers of ballistic composites account for around 40% share in the global market.
Top 5 countries driving demand for ballistic composites are the U.S., China, Japan, Canada, and Germany.
North America accounts for around 40% of global ballistic composite demand, and will continue to flourish over the years ahead.
The European market for ballistic composites is projected to expand at a CAGR of more than 4% during 2021 – 2031.
The market in South Korea and Japan is set to expand at around 3% CAGR each over the next ten years.
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