(MENAFN- GlobeNewsWire - Nasdaq) Rockville , June 06, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, The demand for ballistic composites in the global market is estimated to reach a valuation of US$ 1.8 billion in 2023 and is likely to expand at a CAGR of 6.1% from 2023 to 2033.
The ballistic composites market is experiencing significant growth due to the increasing demand for lightweight materials, such as aramid fibers and high-performance polyethylene, which offer excellent ballistic protection while reducing weight. This trend is particularly prominent in the defense, aerospace, and sporting goods industries, where weight reduction is crucial for enhanced performance.
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Further, the market is benefiting from growing defense expenditure worldwide. Governments are investing in advanced military equipment and personnel protection systems, which rely on ballistic composites for lightweight and effective protection. Additionally, ballistic composites are finding expanded applications in law enforcement, security, and sports sectors. Technological advancements, such as advanced production techniques and the integration of nanotechnology, are driving innovation in the market. These advancements are aimed at improving the performance and cost-efficiency of ballistic composites, thus, driving market growth in the long run.
Report Attributes
| Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2032) | US$ 3.2 Billion |
| Growth Rate (2023-2032) | 6.1% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 112 Tables |
| No. of Figures | 93 Figures |
Key Takeaways from Market Study
The global market for ballistic composites was valued at US$ 1.7 billion in 2022 Between the years 2023 and 2033, the expected demand for ballistic composites is likely to rise at a CAGR of 6.1% The primary factor driving the demand for ballistic composites is the expanding investment in defense expenditure In 2022, North America was responsible for nearly 40.0% of the global demand for ballistic composites Global ballistic composites manufacturers hold about 45.0% market share in the global market indicating a slightly consolidated market condition
“Technological Advancements Propel the Ballistic Composites Market towards Unprecedented Performance and Cost Efficiency” says a Fact.MR analyst.
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Ballistic Composites Market Players Strategies
Prominent ballistic composites manufacturers are ArmorSource, BAE Systems, Barrday Corporation, DSM, DuPont, Elmon, FY Composites OY, Gaffco ballistics, Gurit, Honeywell International Inc., MKU Limited, Morgan Advanced Materials, PRF Composite Materials, Royal Ten Cate NV, Southern States LLC, Teijin Limited and others.
Continuous research and development efforts are leading to technological advancements in the ballistic composites market. Manufacturers are investing in advanced production techniques, such as resin infusion and automated lay-up processes, to enhance the performance and cost-efficiency of ballistic composites. Additionally, the integration of nanotechnology and the development of multi-functional composites are opening up new opportunities for the industry and creating wide space for existing market players to curb the demand pool and for new ones to penetrate the market and gain high-profit margins.
Segmentation of Ballistic Composites Industry Research Report
By Fiber : Polymer Matrix Composites Polymer Ceramic Metal Matrix
By Matrix : Aramid Fiber UHM-PE Glass
By Application : Vehicle Armour Body Armour Helmets and face protection
By Region : North America Latin America Europe East Asia South Asia & Oceania MEA
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Key Questions Covered in the Ballistic Composites Market Report
What will be the estimated size of the Market in 2023?
At what rate will the global Ballistic Composites Market sales grow until 2033?
Which are the factors hampering the Ballistic Composites Market demand?
Which region will spearhead the growth in the global industry during 2023-2033?
Which are the factors driving sales in the Ballistic Composites Market during the forecast period?
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global ballistic composites market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of fiber (polymer matrix composites, polymer ceramic, metal matrix), matrix (aramid fiber, UHM-PE, glass), application (vehicle armour, body armour, helmets, and face protection), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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