BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimates global ballistic composites market size at USD 1.82 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects global ballistic composites market size to grow at a significant CAGR of 11.4% reaching a value of USD 3.86 billion by 2028. The rising need and demand for lightweight, comfortable, and high-strength materials, the expansion of ballistic fiber research, development, and mass production, and the growing threat posed by expanding internal and external conflicts are the main drivers of the ballistic composites market's growth. The growing demand for personal protection products is driving the growth of the ballistic composites market. As defense and military equipment spending increase to strengthen the defense sector, the market for ballistic composites is expected to see additional lucrative growth opportunities. As combat weapon and explosives technology advances, so will the demand for ballistic composites. The growing demand for lightweight, flexible armor will drive up demand for ballistic composite.
Global Ballistic Composites Market – Overview
Ballistic composites are the primary components used to make the vests, helmets, and body and vehicle armor used by law enforcement. These have a high level of damage tolerance and are lightweight. The ballistic composites are only allowed for use by civilians in law enforcement forces. Additionally, ballistic composites are used in the projectile parts of rockets, bullets, tanks, and other projectiles. Comparatively speaking, ballistic composites perform better than ballistic materials. Additionally, compared to ballistic materials, these are lightweight.
The development of efficient raw materials is expected to play a significant role in improving product performance. Rising emphasis on increasing soldier survivability is probably going to be important. The industry is anticipated to grow because of rising defense spending and increased competition between regional economies to display their defense capabilities. The market growth is also anticipated to be fueled by rising defense spending due to the expanding regional economies and increased competition between nations to project their power. The market is anticipated to be driven by the rising demand for newer gadgets and devices because of ongoing technological advancement. It is expected that the growing demand for more modern gadgets and devices to keep up with ongoing technological advancement will fuel.
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Opportunity: Rising demand for personal protection products
The market expansion for ballistic composites is being driven by the rising demand for personal protection products. As a result of increased spending on defense and military equipment aimed at bolstering the defense industry, the market for ballistic composites will experience more lucrative growth opportunities. As combat weapon and explosives technology develops, the demand for ballistic composites will rise. Increasing demand for flexible, lightweight armor that allows for simple mobility will lead to an increase in the demand for ballistic composites.
Challenge: High cost of Ballistic Composites
During the forecast period, market growth is anticipated to be hampered by the high cost of ballistic protective equipment. High gear weight, which adversely affects soldier mobility, is also anticipated to impede industry growth. It is anticipated that increased use of better raw materials will open new market opportunities by reducing the weight of ballistic protective equipment.
Impact of COVID-19 on Global Ballistic Composites Market
COVID-19 pandemic posed several challenges for the defense industry. Manufacturing facilities and supply chains were affected. Defense equipment and related services were in short supply. Supply-side shocks were among the most visible consequences of the pandemic's impact on the defense industry. Companies located in virus-affected countries or those reliant on supply chains located in affected countries were the immediate victims of the pandemic. Countries had effectively closed their manufacturing units, putting pressure on equipment manufacturers. Major countries, such as the US and India, import raw materials and electronic components from China, affecting the supply chain of many equipment and product manufacturers. The market growth improved in 2021, with the market regaining its original traction by 2022.
Global Ballistic Composites Market – By Fiber type
The global ballistic composites market is classified into Aramid Fibers, UHMPE, Glass, and Others. Aramid fiber dominates the market in terms of volume and value. Because of its exceptional qualities, such as strength, flexibility, durability, stability, low weight, and resistance to heat, temperature, and moisture, aramid fiber is used for a variety of purposes in military and homeland security. It is used to make a variety of products, including face and body armor, vehicle body armor, and helmets. Aramid fiber-based ballistic composites are expected to witness an increasing demand, due to their lightweight and corrosion-resistance properties.
Competitive Landscape
Major players in global ballistic composites market include ENERSYS, EXIDE INDUSTRIES LTD., Saft, Amara Raja Group, GS Yuasa International Ltd., AEG Power Solutions, East Penn Manufacturing Company, FIRST NATIONAL BATTERY, FURUKAWA ELECTRIC CO., LTD, Hitachi Rail Limited, HOPPECKE Batteries GmbH & Co. KG, Hunan Fengri Power Electric Co., Ltd., Power & Industrial Battery Systems GmbH, SEC Battery, Microtex Energy Private Limited, TOSHIBA CORPORATION, BorgWarner Inc., DMS technologies, Shield Batteries Limited, and Leclanché SA. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global ballistic composites market.
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