NEW YORK, Jan. 18, 2017 /PRNewswire/ -- The global ballistic protective equipment market is anticipated to reach USD 5.75 billion by 2025, according to a new report by Grand View Research, Inc. Increasing tensions between nations and across borders have heightened the demand for ballistic protection products like headgear, bulletproof vests, shields, armored car, eyewear, and missiles among different end-users.
Technological proliferation is pivotal in the industry, and the market is witnessing a high demand for innovative gears such as DEFCON, liquid body armor, and dragon skin. Furthermore, the escalating need for ensuring the safety of soldiers and military personnel is leading to a large-scale procurement of armor wear by government agencies.
A rise in military conflict is increasing the need for protective gear for safeguarding the armed forces mainly in the emerging economies such as China and India. These military super powers are continuously focusing on the replacement of the legacy military product and also consequently rising their spending in the defense sector. Such modernization activities are creating tremendous opportunities for expansion of ballistic protective equipment market.
Ultra-high molecular weight polyethylene (UHMWPE) products are anticipated to witness the fastest growth over the forecast period at a CAGR of 4.6% over the next nine years. Several government initiatives are encouraging the usage of such lightweight and durable materials for developing ballistic suits, which are anticipated to increase the UHMWPE material demand over the forecast period.
Further key findings from the report suggest:
Head protection gear is anticipated to emerge as the fastest growing end-use and is expected to reach USD 1,449 million by 2025
North America emerged as the leading regional segment and accounted for 38.1% of the total revenue share in 2015
Europe was the second major consumer globally. Russia, France, UK, Italy, and Germany were key demand centers primarily due to a significant chunk of defense spending centered towards advanced military protective gears. Russia dominated the regional demand accounting for over 22% of the revenue generated in Europe in 2015
China demand for aramid fiber-based armor wear was valued at USD 42.7 million in 2015 and is estimated to grow at a CAGR of 6.2% from 2016 to 2025 to reach a net worth exceeding USD 77 million by 2025
Major players operating in the global ballistic protective equipment market include MKU, 3M Company, BAE Systems Plc, EnGarde, PSP, Inc., and Tencate
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