Consumption of ballistic protection materials is projected to remain high in the body armor application. The latest ballistic protection material market analysis estimates the target segment thrives at a 7.1% CAGR during the assessment period.
The Global Ballistic Protection Material Market value is forecast to increase from US$ 15,330.8 million in 2023 to US$ 31,135.2 million by 2033. Over the assessment period, global ballistic protection material demand is projected to surge at a CAGR of 7.4%.
The market for ballistic protection materials is predicted to expand around 2.0X through 2033. This growth is attributed to increasing cross-border tensions and conflicts in numerous countries.
Demand remains exceptionally high for aramid fibers like Kevlar, owing to their excellent properties, including lightweight and high strength. The target segment is anticipated to register a CAGR of 7.9% during the forecast period.
The expanding defense budgets globally serve as a driving force for the ballistic protection material market. Similarly, increasing the allocation of funds toward enhancing military capabilities propels the demand for advanced armor solutions.
Global civilian safety equipment demand is rising due to growing concerns about threats from terrorists and criminals. This, in turn, is expected to drive the growth of the ballistic protection material market.
Civilians are increasingly proactive in protecting themselves, leading to expansion in the market for body armor, helmets, and vehicle armor. This trend signifies a global societal shift towards prioritizing personal safety and security.
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The growing need for ballistic protection in the defense sector offers substantial opportunities for market expansion. This is propelled by a surge in defense spending and increasing national conflicts.
A variety of ballistic protection equipment, such as shields, gloves, helmets, protective vests, shoes, and jackets, are employed to enhance defense operations against chemical explosions. Rising products and usage of these equipment are set to uplift demand for ballistic protection materials.
Key Takeaways from the Report
"The ballistic protection material industry is poised to rise robustly amid growing geopolitical tensions and the evolving threat of terrorism. Military modernization programs and the imperative for law enforcement agencies to enhance officer safety will also contribute to the increasing demand for ballistic protection materials," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Following are the leading manufacturers of ballistic protection materials profiled in the full version of the report.
Key players are focusing on developing innovative materials with enhanced features like lightweight and high strength to boost their sales. They also adopt strategies like facility expansions, mergers, collaborations, partnerships, and acquisitions to expand their presence and stay ahead of the competition.
Recent Development-
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More Insights into the Ballistic Protection Material Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global ballistic protection material market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the report is segmented based on material type, armor type, application, end-use, and region.
Ballistic Protection Material Market Segmentation
By Material Type:
By Armor Type:
By Application:
By End-use:
By Region:
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
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Feb 07, 2024
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