Stratview Research has published a new report on the Ballistic Protection Market, 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 (North America, Europe, Asia-Pacific, and Rest of the World). This report provides critical insights into the market dynamics and enables strategic decision-making for the existing and new market players
The ballistic protection market offers good growth opportunity and is likely to grow at >4% CAGR during the forecast period of 2020 to 2025. Increasing government spending in strengthening the defense sector, increasing conflicts between countries, and rising terrorist & extremist activities are some of the major factors driving the demand of ballistic protection globally.
Covid-19 has impacted the market dynamics, competition, and global supply chain of every possible market one can think of. The revenues for many, have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operations and strategy will sustain and beat the competition.
This report studies the Ballistic Protection Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
The ballistic protection 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. Government of many countries prefer 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 to the soldiers and law enforcement forces. This supplements companies in winning contracts and gaining competitive advantage over competitors.
Defense sector is likely to remain the largest application in the ballistic protection market during the forecast period driven by high focus of many governments in strengthening their defense sector due to rising conflicts between countries and with terrorism. Major developed economies, such the US, the UK and France keep on doing R&D for development of advanced ballistic protection equipment for their soldiers, vehicles, and law enforcement forces whereas major developing economies are generating healthy demand of ballistic protection equipment. For instance, Indian government is on the process of procuring 186 thousands bullet proof jackets for their soldiers.
Aramid fiber is expected to remain the largest material type in the ballistic protection market during the forecast period. Kevlar of DuPont and Twaron of Tejin are 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 ballistic protection market during the forecast period. High defense spending by the US government, involvement of 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.