The global ballistic protection materials market was valued at $8.8 billion in 2015, and it is expected to grow at a CAGR of 5.2% during 2016 - 2022.
The growth driving factors in the global ballistic protection materials market includes increasing terrorist activities, growing social tension, increasing concern for VIP security, and growth in regional economies. Additionally, the demand for light weight body armor and technological advancement in the field of protection materials is expected to further propel the demand of ballistic protection materials.
The ballistic protection materials market is increasing significantly and offering huge growth potential. Globally, the increasing violence, insurgency and terrorist activities are generating huge demand for ballistic protection materials. Ballistic protection materials are the protective clothing, used to protect the soldiers, law enforcement forces, and vehicles from bullets, falling glass materials, explosive materials, mines, mortar and other hazardous materials. The companies are investing heavily in R&D activities to develop and manufacture innovative material that can reduce the weight of the armors, to increase the ability, agility, and mobility of soldiers.
North America held the largest share (40.2% in terms of value in 2015) in the global ballistic protection materials market. The region is expected to witness significant growth during the forecast period, owing to the increasing internal and external threats and demand of vehicle armor in commercial vehicles.
Asia-Pacific is expected to witness the rapid growth during 2016 - 2022, in terms of value. Europe held the second largest share in global ballistic protection materials market, Owing to increasing armed conflicts and crossed border threats. Additionally, defence modernization programme implemented by various countries, such as China, India, Philippines, and Malaysia is further boosting the demand of ballistic protection materials. Africa has been exposed to long era of militancy and insurgency problems; which would offer ample growth opportunities for the global ballistic protection materials market. The region is expected to witness positive growth during the forecast period, due to the increasing demand for personal protective equipment and armored vehicles.
Some of the major competitors operating in the global ballistic protection material market include
- Teijin Limited
- Honeywell International
- BAE systems
- ArmorWorks Enterprises LLC
- Royal TenCate Corporate EMEA
- Morgan Advanced Materials PLC
- Armorsource LLC
- Australian Defence Apparel Pty Ltd
- Rheinmetall AG
For more information about this report visit http://www.researchandmarkets.com/research/v39kgb/global_ballistic
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