8.6% CAGR Anticipated: Ballistic Composites Market's Lucrative $3.1 Billion Opportunity

2023-09-17 11:14:53 UTC | Chemicals & Advanced Materials
8.6% CAGR Anticipated: Ballistic Composites Market's Lucrative $3.1 Billion Opportunity

The global ballistic composites market size is expected to grow from USD 2.0 billion in 2022 to USD 3.1 billion by 2027, at a CAGR of 8.6% during the forecast period. The high growth of ballistic composites can be attributed to substantial demand from military and defense applications. Increased threats from asymmetric warfare, regional conflicts, riots, and terrorism are increasing the need for protective clothing and safe vehicles for safeguarding armed forces, especially, in disputed regions across the globe. Therefore, military superpowers are continuously focusing on technological advancement and expansion of ballistic products by increasing their defense budget and investing in the production and R&D of ballistic composites. These factors are driving the growth of the global ballistic composites market

The major players active in the market are Honeywell International Inc (US), Koninklijke DSM N.V. (Netherlands), BAE Systems (UK), Royal Ten Cate (Netherlands), Morgan Advanced Materials (UK), DuPont de Nemours Inc. (US), Solvay (Belgium), Gurit (Switzerland), Teijin Limited (Japan), PRF Composites, Gaffco Ballistics (US), M Cube Technologies Inc. (US), FY-Composites Oy (Finland), and MKU Limited (India).

Get PDF Brochure for Research Insights at https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=217827442 

Ballistic composites are used mainly in applications such as military, homeland security, among others. The military segment dominated the market in 2021, in terms of value. Most casualties occur during military combat due to fragments caused by explosions and hence the military personnel need protection from these threats. The increase in geopolitical tensions in emerging economies is driving the demand for ballistic composites market. 

Based on platform, the ballistic composites are used across various platforms, including land, airborne, and marine. The land segment includes unmanned armored ground vehicles, soldiers & security personnel, and base stations. The land segment account for the highest share in terms of value in the global ballistic composites market in 2021, while the marine segment is estimated to account for the second-highest share of the market in the same year. 

Ballistic composites are segmented based on product type, namely, vehicle armor, body armor, helmet & face protection, and other applications, such as transportation and commercial spaces. Ballistic composites are high-strength materials and offer strong protection against ballistic threats. The vehicle armor product type leads the ballistic composites market. Ballistic composites are significantly utilized for the manufacturing of vehicle armors as these composites provide a high-level of protection against ballistic threats. Moreover, the use of ballistic composites in the manufacturing of vehicle armor provides them with lightweight and corrosion resistance properties, which helps in easy maneuverability and ease of maintenance of vehicle armors. 

Further, ballistic composites are classified based on matrix into polymer, polymer-ceramic, and other matrix types. Polymer matrix ballistic composites accounted for the highest share in terms of volume, of the overall market in 2021. Polymer matrix ballistic composites employ thermoset as well as thermoplastic resins reinforced with various ballistic fibers, such as aramid, UHMWPE, and S-glass. The resins used in the polymer matrix and polymer-ceramic ballistic composites constitute about 20% of the overall structure of these composites. 

Get Customized Reports at https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=217827442 

Fibers used in ballistic composites are lightweight and possess exceptionally high energy absorption characteristics. Based on fiber type, the ballistic composites market is segmented into Aramid, UHMWPE glass, S-glass, and others. Other fibers include M5 and hybrid ballistic fibers. Aramid fibers and UHMWPE are the most extensively used fibers in the ballistic composites market. 

North America is the largest ballistic composites market due to the rising demand for ballistic composites from military and law-enforcement sectors and heavy spending on research and military programs. The presence of a large number of ballistic composites manufacturers makes the region the most promising market for ballistic composites. These factors are expected to continue to drive the ballistic composites market in North America between 2022 and 2027.

About MarketsandMarkets™ 

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441