The ballistic composites market was valued at USD 1.20 billion in 2015 is projected to reach USD 1.80 billion by 2021 at a CAGR of 7.12% from 2016 to 2021. In this study, 2015 has been considered as the base year, while the forecast period is from 2016 to 2021.
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Some of the key global players in the ballistic composites market are Honeywell International Inc. (U.S.), Royal Ten Cate NV (Netherlands), BAE Systems (U.K.), DSM (Netherlands), Gurit (Switzerland), DuPont (U.S.), Teijin (Japan), Morgan Advanced Materials (U.K.), CoorsTek Inc.(U.S.), Southern States LLC (U.S.), Barrday Corporation (Canada), Solvay (Belgium), and 3M (U.S.), among others. These players have strong business strategies and product offerings for the ballistic composites market.
- Rising demand in personal protection
- Increasing threat from growing internal and external conflicts
- Need for lightweight, comfortable, and high strength materials
- Increasing R&D and mass production of ballistic fibers
- Evolution and adoption of new technologies and products
- Developing durable ballistic composite according to different threats
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Growing demand for protection materials due to increasing threat from external and internal disturbances is supporting the growth of ballistic composites across the world
The vehicle armor is the largest application for ballistic composites market. Ballistic composites are significantly utilized for the manufacturing of vehicle armors as these composites provide 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.
Major Market Developments
- In September 2015, BAE Systems (U.K.), signed a supply agreement with the U.S. army and provided the army with its lightweight and high performance ballistic products for safeguarding soldiers.
- In September 2016, Morgan Advanced Materials (U.K.), signed a reseller agreement with Level Peaks Associates (U.K.). As a part of the agreement, the products made by Morgan Advanced Materials (U.K.) will be sold by Level Peaks Associates (U.K.) to the military and Defence market.
- In June 2016, Morgan Advanced Materials (U.K.), manufactured new ballistic shields for military and law enforcement applications. The product is light in weight and offers protection to unprotected parts of soldiers.
Note1: Micromarkets are the subsegments of the ballistic composites market included in the report
Note2: Core competencies of companies are determined in terms of their key developments, SWOT analysis, and key strategies adopted by them to sustain in the market
In this report, market sizes have been derived from various research methodologies. In the secondary research process, different sources have been referred to, to identify and collect information for this study on the ballistic composites market. These secondary sources include Factiva, Hoovers, Manta, annual reports, press releases, investor presentations of companies and associations and white papers, certified publications, and articles from recognized authors. In the primary research process, sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information for this report. The bottom-up approach has been used to estimate the market size, in terms of value. The top-down approach has also been implemented to validate the market size, in terms of value. With the data triangulation procedure and validation of data through primaries, exact values of the sizes of the overall parent market and individual markets have been determined and confirmed in this study.
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