The global ballistic protection materials market was valued at $8.8 billion in 2015, and it is expected to grow at a CAGR of 5.2% during 2016 - 2022. The factors driving the growth of the global market includes increasing terrorist activities, growing social tension, increasing concern for VIP security, and growth in regional economies.
Ballistic protection materials are protective clothing, which is used to defend individuals or soldiers from bullets, ammos and fragments of exploded materials. Additionally, the development of new and more lethal weapons has resulted into requirement for light weight protective clothing, which can increase the mobility, agility of human body, and protect it from severe injuries.
Due to increasing demand for better protective clothing and soft armors, the global companies are investing largely in R&D activities to develop and manufacture innovative material, which can be used in the manufacturing of ballistic protective equipment.
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In 2015, North America held the largest share (40.2%) in the global ballistic protection materials market. The ballistic protection materials market in the region is anticipated to grow significantly during the forecast period.
The major reasons behind the growth of the ballistic protection materials market is due to increasing internal threats and increasing demand for vehicle armor in commercial vehicle. Europe held the second largest share in global market.
Moreover, the demand for ballistic protection materials in Asia-Pacific is expected to increase rapidly, owing to increasing armed conflicts and crossed border threats. Additionally, the defense modernization program implemented by various countries, such as China, India, Philippines, and Malaysia is further boosting the demand of ballistic protection materials.
Among the various end-uses of ballistic protection materials, the defense segment held the largest share in the global market in 2015, and it also expected to grow significantly during 2016-2022. The increasing anti-social and terrorism activities have increased the concern for soldier’s safety; therefore, the defense suppliers are developing new techniques and equipment to increase the survival rate of soldiers.
The commercial application segment is emerging as the major contributor in the global ballistic protection materials market. Owing to increase in riot and violence incidents, the commercialization of security business is growing at rapid pace, as industrialists, VIP’s and known celebrities are spending heavily on personal security.
The information and data in the publication “Global Ballistic Protection Materials Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of bottom-up and top-down approach has been used to calculate the market size.
P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
Some of the major competitors operating in the global ballistic protection materials market include Teijin Limited, Honeywell International, BAE systems, ArmorWorks Enterprises LLC, Royal TenCate Corporate EMEA, DuPont, Morgan Advanced Materials PLC, Armorsource LLC, Australian Defence Apparel Pty Ltd., and Rheinmetall AG.
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