Ballistic Protection Material Market projected to reach USD 25.5 Billion by 2030, growing at a CAGR of 7.6% during the forecast period of 2023-2030 - says MarketDigits in its latest study
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PIONEERING MARKETDIGITS CONSULTING AND ADVISORY PRIVATE LIMITED
The Global Ballistic Protection Material Market was valued USD 15.3 Billion in 2023 and projected to reach USD 25.5 Billion by 2030, growing at a CAGR of 7.6% during the forecast period of 2023-2030
Richmond, Feb. 19, 2024 (GLOBE NEWSWIRE) -- According to a research report "Ballistic Protection Material Market”, byType (Ballistic nylon, Para-aramids, Ultra high molecular weight polyethylene, Polyphenylene-2, polycarbonate, polyurethane, Acrylic, Cabon Fiber, Glass-ceramics, Others), By Armor Type (Hard Body Armor, Soft Body Armor), By Application (Private Estate, Embassies, Government Buildings, Power Plants, Shooting Ranges, Companies, Banks, Hotels, Ships, Vehicles, Others) By End-use Industry (Military and Law Enforcement, Private Security Firms, Others) and Region - Global Forecast to 2030.
Global Ballistic Protection Material MarketReport Scope:
Report
Details
Market size value in 2023
USD 15.3 Billion
Market size value in 2030
USD 25.5 Billion
CAGR (2023-2030)
7.6%
Forecast Period
2023–2030
Historic Data
2019
Forecast Units
Value (USD Million/USD Billion)
Segments Covered
Type, Armor Type, Application, End User and Region
TOC Covers in Depth & Breath on Ballistic Protection Material Market 170 - Market Data Tables 65 - List of Figures 225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities and product Offerings / Mapping), Technology Assessment (Developments and economic Impact), Partner and customer Ecosystem (Product Services, Proposition and key Features) Competitive Index & Regional Footprint by MarketDigits.
Market Overview
The Global Ballistic protection material market is having robust growth due to the military and defence sector standing as the primary consumer of ballistic protection materials, commanding a significant portion of the market share. Globally, nations are prioritizing the modernization of their military assets, fuelling demand for upgraded body armour, vehicle armour, and aircraft armour, thus driving the need for advanced ballistic protection materials. Similarly, law enforcement agencies and private security firms are contributing to this demand due to ongoing concerns regarding crime rates and terrorism threats. Consequently, there is a growing emphasis on equipping police officers and security personnel with effective protection against ballistic threats. Ongoing research and development endeavours have resulted in the creation of innovative ballistic protection materials boasting improved performance attributes, such as lightweight properties and enhanced ballistic resistance. Utilization of technologies like nanotechnology, advanced fibres, and composite materials is increasingly prevalent in the production of high-performance Armor solutions.
Major Vendors in the Global Ballistic Protection Material Market:
3M, ARGUN s.r.o, Armor VCI, Central Lake Armor Express Inc., Condor Outdoor Product Inc., Dupont, ELMON SA, Engrade body armor, ESPANOL, Hard shells U.S., Honeywell, Kavro soldier protection, MARS Armor, MKU Limited, NT Cera, Ballistic Protection group, Rochling, Seyntex NV, Stanford advanced materials, U.S. Armor Corporation and Others.
One of the primary drivers for the global Ballistic protection material market is the innovations in armor material and technology. Soft body armor worn for ballistic protection of the torso and extremities is meticulously developed to adhere to stringent standards and specifications, ensuring optimal performance and reliability against ballistic and fragment threats. The primary objectives for ballistic protection equipment include preventing projectile penetration, minimizing blunt trauma to the body upon ballistic impact, ensuring thermal and moisture comfort, as well as maintaining lightweight and flexible designs to preserve wearer mobility. Transparent ballistic protection devices utilize materials such as glasses, glass ceramics, single and polycrystalline ceramics, and polymer composites. Glass ceramics, which offer a cost-effective and versatile alternative to traditional transparent ceramics, are generally characterized by superior hardness, stiffness, toughness, and strength compared to conventional glasses. Additionally, they can be tailored to be either transparent or opaque based on the specific requirements of the protective system.
Market Dynamics
Drivers:
Innovations in armor material and technology
Rising government investment in defence and military sectors
Opportunities:
Rising political chaos in developing nations
Demand for materials that offer comfort, lightweight properties, and high strength.
Rising Political Chaos in Developing Nations
Rising Political Chaos in Developing Nations plays a crucial role in driving the growth of the Ballistic protection material market. Political instability often results in escalated violence such as armed conflicts, civil unrest, and terrorism. In such turbulent environments, there is a heightened need for ballistic protection materials to safeguard individuals, law enforcement personnel, and military forces from ballistic threats. Governments in developing nations may respond to this turmoil by increasing their allocation of resources to the defence and security sectors. Consequently, this upsurge in spending can result in larger procurement budgets for ballistic protection materials, encompassing body armor, vehicle armor, and fortifications. Furthermore, international organizations and foreign governments may intervene by deploying peacekeeping forces or offering security assistance to quell conflicts and stabilize volatile regions. These interventions typically entail the deployment of personnel and equipment, including ballistic protection materials, thereby further fueling the demand for such products.Top of Form
North America dominates the market for Ballistic protection materials market
North America stands out as the dominating region in the Ballistic protection material market. The forecast period anticipates significant growth in the ballistic protection materials market across key regions including North America, Asia Pacific, and Europe, with particular emphasis on the USA and China. This growth is primarily attributed to the growing focus on personal safety, augmented military and defence spending, and continuous technological advancements. The dominant position of North America is anticipated due to its robust defence sector and substantial investments in Research and Development endeavours. Meanwhile, the Asia Pacific region is poised for substantial growth, fueled by the increasing defence budgets of nations such as India and China.
The Military and Law Enforcement Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global Ballistic protection material market, among the several segments end-use industries such as military and law enforcement agencies hold the largest share. Defence organizations, such as military forces and law enforcement agencies, typically allocate significant procurement budgets for acquiring ballistic protection materials. These budgets allow them to invest in top-quality protective gear to safeguard the safety and effectiveness of their personnel in combat scenarios. Operating within stringent safety standards and regulations, the defence sector requires advanced ballistic protection materials that not only meet but exceed these requirements. Consequently, defence agencies often serve as early adopters of state-of-the-art technologies and materials in the realm of ballistic protection. With applications ranging from body armor for soldiers and ballistic helmets to vehicle armor, fortifications, and protective gear for law enforcement personnel, ballistic protection materials see extensive use in various defence-related domains. This broad spectrum of applications ensures a steady demand for such materials within the defence sector.
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