Stratview Research delivers key insights into the global Ballistic Protection Market. According to Stratview Research, the market is segmented by Product Type (Personal Protective Equipment – Soft Armor, Hard Armor, Protective Headgear, and Vehicle Armor), by Material Type (Aramid Fiber, Glass Fiber, Glass, and Lexan), by Application Type (Defense, Homeland Security, and Commercial), by Region (NA, Europe, APAC, ROW).
Market Insights
The report suggests that the overall ballistic protection market is estimated at USD 12.8 billion in 2022 and is likely to grow at a CAGR of 4.64% during 2022-2028 to reach USD 16.81 billion in 2028.
The purpose of the ballistic protection products is to protect soldiers, army vehicles, and homeland security & law enforcement forces from bullets, explosive materials, mortar, mines, electrical shocks, heat, chemicals, and biohazards.
COVID-19 IMPACT
The covid-19 pandemic shook the whole world, and the impact was felt across almost every industry. The pandemic badly impacted the ballistic protection market in the year 2020.
Market Drivers
The growth of the ballistic protection market is primarily driven by-
- Increasing government spending in strengthening the defense sector,
- Increasing conflicts between countries,
- Rising terrorist & extremist activities.
Market Segments' Analysis
The market is segmented into two categories; Personal Protective Equipment and Vehicle Armor. Personal protective equipment is further segmented into three categories namely soft armor, hard armor, and protective headgear. Soft armor is expected to experience the fastest growth over the next five years, driven by increasing demand from defense and law enforcement forces. The government of many countries prefers soft armor that does not have technical challenges including weight. Major soft armor-producing companies are developing advanced soft armor which is lightweight, durable, and more comfortable for soldiers and law enforcement forces. This supplements companies in winning contracts and gaining a competitive advantage over competitors.
The defense sector is likely to remain the largest application in the market during the forecast period driven by the high focus of many governments on strengthening their defense sector due to rising conflicts between countries and with terrorism. Major developed economies, such as the US, the UK, and France keep on doing R&D for the development of advanced ballistic protection equipment for their soldiers, vehicles, and law enforcement forces whereas major developing economies are generating healthy demand for ballistic protection equipment. For instance, the Indian government is in the process of procuring 186 thousand of bulletproof jackets for their soldiers.
Aramid fiber is expected to remain the largest material type in the market during the forecast period. Kevlar of DuPont and Twaron of Tejin is the world’s most recognized brands in the ballistic protection market and are extensively used in most of the major applications, such as body armor, helmets, vehicle armor, and tactical vests.
North America is expected to remain the largest market during the forecast period. High defense spending by the US government, involvement of the US military in middle east regions, such as Syria and Iraq, and increasing concern over terror attacks are some of the major drivers of the North American ballistic protection market.
Key Players
The following are some of the key players in the Ballistic Protection Market:
- BAE Systems
- E.I. DuPont De Nemours
- Honeywell International
- Royal TenCate NV
- Teijin Aramid
FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for Ballistic Protection Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did the Covid19 impacted the market?
- How long will it take to recover from the Covid impact?
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