Ballistic composites market projected to grow at a CAGR of 7.12%
The global ballistic composites market is projected to reach USD 1.80 billion by 2021, at a CAGR of 7.12% from 2016 to 2021. The major drivers stimulating the growth of the global ballistic composites market are, the increasing demand for low weight, high strength, withstanding high temperatures, and durable materials. However, issues related to higher costs, stringent standards for the manufacture of ballistic composite products and the complexity of ballistic composite designing are the major restraints in the growth of the ballistic composites market.
Vehicle armor application accounted for the largest market share in the ballistic composites market, by value in 2015.
The vehicle armor application leads the ballistic composites market in terms of value. Ballistic composites are majorly utilized for the manufacture of vehicle armor as these composites provide protection against ballistic threats. Vehicle armor is equipped with ballistic composites to ensure high level protection against ballistic impacts. Ballistic composites also offer resistance against UV rays, increased protection of vehicles from extreme and unfavorable weather conditions, convenience in mobility of the vehicles and resistance against corrosion caused to naval military vehicles due to their contact with sea water. These excellent performance properties are leading to an increasing demand for ballistic composites in tanks, bullet proof cars, submarines, and aircraft, among others.
Asia-Pacific is the fastest-growing market for ballistic composites.
The Asia-Pacific is expected to be the fastest-growing market for ballistic composites during the forecast period. Governments in Southeast Asian countries are targeting the defense industry as a part of their economic development strategy to increase value-added manufacturing activity. This growth of the defense industry is expected to lead to a high demand for ballistic materials such as ballistic composites in defense applications.
Further, there is a high demand for ballistic composites in the region due to the increasing military power and expenditure in emerging superpowers such as China and India. These countries are expanding their count of military aircraft, submarine, and tank fleets at a high rate. This is expected to provide an opportunity for vehicle armor manufacturers to expand the use of ballistic composites.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By Company type- Tier 1- 35%, Tier 2- 25%, and Tier 3- 40%
- By Designation- C Level- 25%, Director Level- 35%, and Others- 40%
- By Region- North America- 29%, Europe- 24%, Asia-Pacific- 33%, Latin America- 9% and Middle East & Africa- 5%
The report provides a comprehensive analysis of company profiles, which include:
- Honeywell Spectra (U.S.)
- DSM Dyneema (Netherlands)
- BAE Systems (U.K.)
- Royal Tencate (Netherlands)
- Morgan Advanced Materials (U.K.)
- DuPont Protection Technologies (U.S.)
- Solvay (Belgium),
- Gurit (Switzerland)
- Rheinmetall AG (Germany)
- 3M (U.S.)
- CoorsTek (U.S.)
- Teijin Limited (Japan)
The report covers the global ballistic composites market and the usage of ballistic composites in various applications such as vehicle armor, body armor, helmets and face protection, personal transportation, and commercial spaces. It aims at estimating the market size and future growth potential of this market across different segments such as application, matrix type, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Reasons To Buy the report:
The report will help market leaders/new entrants in this market by providing them the closest approximations of the revenues for the overall ballistic composites market and the subsegments. This report will help stakeholders to better understand the competitive landscape and gain more insights, to better position their businesses and market strategies. The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.