February 25, 2020
As per the report titled ‘Ballistic Protection Materials & Equipment Market Size By Material (Aramid, Carbon Fiber Composites, Glass Fiber & Thermoplastic, Ceramic), By Application (Defense, Homeland Security & Law Enforcement, Commercial), By Equipment (Helmet, Protective Vests & Jackets, Shields & Panels), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, the global ballistic protection materials & equipment market is projected to surpass USD 2.4 billion by the year 2025.
Increasing incidences of terrorism across the globe and Naxalite uprising are driving the growth of ballistic protection materials & equipment market. Increasing investments by several governments in defense sector coupled with rising product demand for providing better safety to security forces in order to counter terrorism, Naxalite movement, and subdue internal and external conflicts, will drive the demand for ballistic protections, hence aiding market expansion during the forecast period. However, stringent regulatory norms for volatile organic compound (VOC) emissions will negatively impact the production of ballistic protection materials and equipment, thereby hampering industry share in the coming years.
Based on the material, aramid segment is presumed to witness a growth of 5.5% over the analysis period. The segment growth can be attributed to the favorable properties of aramid including high strength and low flammability, making it an ideal choice for ballistic protection. Kevlar, Nomex, and Twaron are the most widely used aramid fiber brands.
Speaking of the application scope, the industry is categorized into commercial, homeland security & law enforcement, and defense. As per the report, the latter two segments combinedly held the majority market share in 2018 and is projected to expand with 5% CAGR over the forecast period.
Elaborating on the equipment spectrum, protective vests & jackets segment presently dominates the ballistic protection materials & equipment market and is expected to see considerable growth in the coming years. Increasing demand from homeland security & law enforcement and defense sectors in conjunction with its ability to provide protection from bullets, fired projectiles, and shrapnel are driving the segment growth.
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Considering the geographical landscape, ballistic protection materials & equipment market in North America was worth USD 600 million in 2018 and is slated to grow with a CAGR of 4.5% during the predicted timeframe. Inflowing investments in defense sector is the major growth driver, cites the report.
Prominent players of ballistic protection materials & equipment market include Teijin Limited, Honeywell International, Inc., DuPont, Armorsource LLC, Texas Armoring Corp., Homeland Security Group Intl, DSM, Protective Enterprises LLC, Armor Holdings, Rabintex Industries Ltd., Magellan Systems International, Protech Solutions, Inc., Toyobo, Waco Composites, and Evolution Amor.
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