PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1404031
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1404031
Fairfield Market Research, a renowned market analysis firm, has unveiled a comprehensive report on the Ballistics Composite Market, projecting remarkable growth in the industry. According to their latest findings, the global sales of Ballistics Composite Market in 2024 reached a staggering US$ 1.92 Billion, with Aramid-based Ballistics Composites Fiber type expected to dominate the market from 2024 to 2031.
The burgeoning demand for Ballistics Composites is attributed to its impressive properties, including impact resistance, anti-corrosion, tensile strength, lightweight characteristics, easy moldability, high strength, high modulus, low density, excellent resistance to fatigue, creep, creep rupture, wear, and low coefficient of thermal expansion. Key factors propelling demand include:
Ballistics Composites find extensive applications in Vehicle Armor, Body Armor, Helmets, and Face Protection for soldiers, policemen, and security personnel, thanks to their lightweight characteristic, fatigue resilience, and high rigidity. The rise in the number of military personnel accessories contributes significantly to the global Ballistics Composite Market growth.
The demand for personal safety measures, including the bulletproofing of vehicles, is also on the rise, driven by companies like Armormax and Minerva.
Despite its potential, Ballistic Composite manufacturing is a complex process, leading to high production costs. Additionally, stringent government regulations and the inability of defense technology to provide complete user safety can hinder market growth.
The Honeywell Corporation's Spectra Fiber, made from ultra-high molecular weight polyethylene, poses a potential threat to the Ballistic Composites Market. Spectra Fiber boasts exceptional strength and durability, making it a formidable competitor.
The report identifies Asia Pacific as the region offering significant opportunities in the Ballistics Composites Market, with more than 50% of the global market share. Rapid growth in the Automotive and Military sectors in Asian countries is expected to drive the market's expansion.
China is projected to be a significant player in the Ballistics Composite Market by the end of 2033. It is expected to experience substantial growth, driven by factors such as increased use of ballistic composites in the automotive and military sectors, as well as in the production of fireproof suits and gloves. Chinese government policies, as outlined in the "Military and security developments involving the People's Republic of China" document, also support the extensive utilization of ballistic composites, particularly in the Air Force, Navy, CNSA, People's Liberation Army, Missile Defense Agency, and other sectors.
The United States represents another important market for ballistic composites, expected to reach a significant market size by 2031. The market is projected to exhibit steady growth from 2024 to 2031, with a substantial absolute dollar opportunity. This growth is attributed to various applications and increasing demand for ballistic composites.
The United Kingdom is poised to witness notable growth in its Ballistics Composite Market, reaching a substantial valuation by 2031. With a promising compound annual growth rate (CAGR) during the forecast period, the market is expected to present a significant absolute dollar opportunity. This growth is driven by various factors contributing to the increased adoption of ballistic composites in the region.
Japan's Ballistics Composite Market is anticipated to experience steady growth, with a notable CAGR from 2024 to 2031. By 2031, it is expected to achieve a substantial market size and generate a significant absolute dollar opportunity. This growth is attributed to the rising demand for ballistic composites in various applications within the country.
These country-wise analyses demonstrate the increasing significance and potential of the Ballistics Composite Market in different regions, driven by unique factors and growth opportunities.
Prominent players in the Ballistic Composites Market include BAE Systems, Barrday Corporation, Honeywell International Inc., FY Composites OY, PRF Composite Materials, Morgan Advanced Materials, Southern States LLC, MKU Limited, Gaffco Ballistics, Gurit, ArmorSource, Royal Ten Cate NV, Elmon, Teijin Limited, DSM, and DuPont.