PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235924
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235924
According to Stratistics MRC, the Global Ballistic Composites Market is accounted for $1.72 billion in 2022 and is expected to reach $2.67 billion by 2028 growing at a CAGR of 7.6% during the forecast period. The essential organs of a person can be protected by using contemporary ceramic and ceramic-based materials, which are light and strong and offer a suitable level of protection against the penetration and impact of bullets by ballistic materials. The addition of armour to vehicles is now necessary due to modern trends, which eliminates the need for hefty mass weights and excessive bulk steel utilisation. A higher level of ballistic protection and weight reduction might be achieved by swapping out the armoured steel for new ballistic materials, which would also improve mobility and make it easier to mount more battle gear which provides an encouraging growth for the market.
According India's Ruling Govt. Initiatives such as Housing for all the government's flagship scheme PMAY launched in June 2015 aims to build 20 million urban homes and 30 million rural houses by 2022. This is expected to fuel the growth of the Urban Infrastructure and construction development.
The need for ballistic body and vehicle armour for use by political elites, businesspeople, bureaucrats, prominent athletes, entertainment personalities, and others is being driven by an increase in crimes and terrorist operations. There has been a spike in the market for matrix composites in personal protection apparel and transportation as ballistic composite armour is lighter and meets the strictest international safety standards. Several businesses are concentrating on integrating composite armour to luxury passenger cars made for civilian use is propelling the market growth.
One of the key factors limiting the market's growth is the high cost of new technologies. To address the growing issues posed by lethal ammunition and pricey new goods and solutions that have led to limited industrial penetration, businesses are heavily investing in the development of ballistics composite products and solutions hinder the growth of the ballistic composites market.
Military research facilities are working with the integration of multipurpose ballistics garments into soldier protective gear. These materials have conductive qualities that could be used to track a soldier's heart rate. In order to make composite vests lighter, these research labs are attempting to integrate antenna communication right into the garments. Incorporating firms are working to improve the ballistic performance of composite materials which create a wide range of opportunities of the growth of the market.
Developing composite panels and armour that can offer a greater standard of toughness, fracture resistance, and psychometric protection without delaminating is the primary problem manufacturer's face when producing ballistics composites. Armoured vehicles should be able to withstand projectiles such as roadside bombs and shells fired from tanks, while vests must be made to deflect bullets from various sorts of weaponry hampering the growth of the market.
The COVID-19 outbreak has made the defence industry face a number of difficulties. Supply chains and production facilities are impacted. Defense-related goods and services are less in demand. One of the most obvious consequences of the pandemic's impact on the military industry may be supply side shocks. The pandemic's first casualties are businesses with headquarters in areas where the virus has spread widely or those that depend on supply chains with hubs in these areas. Hence, COVID-19 pandemic has hampered the market growth during the forecast period.
The ultra-high-molecular polyethylene segment is estimated to have a lucrative growth, due to the lightest and strongest fibres obtainable. Numerous high-performance polyethylene ballistic applications utilise its fibre composites. The chapter discusses the differences in mechanical characteristics found when thick composites were used instead of single filaments. Simple properties of the penetrating mechanism of composite sheets and panels are revealed. Increasingly complicated numerical modelling techniques and their sensitivity to how the mechanical properties of the fibre affect ballistic performance are examined which is growing the market share.
The Vehicle armour segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its high level of protection offered, ground, sea, and helicopter vehicles all have vehicle armour against ballistic hits and to give excellent safety for the lives of the military people within these vehicles, vehicle armour is fitted with ballistic composites. Due to the high level of safety these materials offer, they are frequently applied to vehicle armour since soldiers and security people constantly require easy mobility while donning protective vests and intensive protection. Construction of commercial and industrial buildings is likely to include these composite materials to protect them from small hazards which boost the market.
Asia Pacific is projected to hold the largest market share during the forecast period owing to the expanding product launches and other developments by leading market participants will also offer several opportunities for market expansion. The expanding product launches and other developments by leading market participants will also offer several opportunities for market expansion. In addition the rapid expansion of the market in the Asia Pacific area is attributed to rising military spending on maintaining security and strict US government rules that place a priority on the safety of the armed forces by enhancing the market.
Europe is projected to have the highest CAGR over the forecast period; owing to Developing nations in the area are eventually concentrating on improved combat solutions and new technology development as a result of a growing awareness of the lives of deployed soldiers and vehicles. The economic dynamics of nations like Germany and the UK continue to account for the majority of the economic activity in Europe, despite the fact that the current situation is changing as a result of a rise in foreign direct investment for the expansion of Europe's economy. In addition increasing R&D and mass production of ballistic composites in this region are driving the market.
Some of the key players profiled in the Ballistic Composites Market include: DuPont, DSM, Honeywell International Inc, Teijin limited, SOLVAY, TenCate Protective Fabrics, Morgan Advanced Materials, BAE Systems, MKU Limited, ArmorSource, LLC, Craig International Ballistics Pty Ltd., ELMON, JPS Composite Materials, MKU Limited, Gaffco Ballistics, Southern States, LLC and Barrday Inc.
In Jan 2023, Honeywell and Nexceris Strengthen Partnership to Improve Safety for Electric Vehicles, Honeywell and Nexceris will offer advanced automotive sensing technology to help prevent conditions leading to thermal runaway in EV batteries, a phenomenon that causes extremely high temperatures within the battery cell and can result in a fire.
In Oct 2022, Honeywell Launches Environmental Sustainability Index Showing Sustainability Leaders' Sentiment on Past Progress And Future Expectations Towards Corporate Environmental Goals. Two-thirds of the S&P 500 has set emission reduction targets of some kind, according to an August report from Harvard Business Review.
In Feb 2022, DuPont Announced Agreement to Divest Majority of Mobility & Materials Segment to Celanese to divest a majority of the Mobility & Materials segment including the Engineering Polymers business line and select product lines within the Performance Resins and Advanced Solutions
In Feb 2021, DuPont Acquires Core Matrix Technology™ from Tex Tech while increasing ballistic and fragmentation performance for military and law enforcement personnel. Financial terms of the agreement were not disclosed.
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