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 factors driving the growth of the global 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. Globally, the growing terrorist attacks and security issues is boosting the growth of the global .
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Ballistic protection materials are protective clothing, which is used to defend individuals or soldiers from bullets, ammos and fragments of exploded materials. Additionally, the development of new and more lethal weapons has resulted into requirement for light weight protective clothing, which can increase the mobility, agility of human body, and protect it from severe injuries. Due to increasing demand for better protective clothing and soft armors, the global companies are investing largely in R&D activities to develop and manufacture innovative material, which can be used in the manufacturing of ballistic protective equipment.
North America held the largest share (40.2%) in the global ballistic protection materials market. The ballistic protection materials market in the region is anticipated to grow significantly during the forecast period. The major reasons behind the growth of the ballistic protection materials market is due to increasing internal threats and increasing demand for vehicle armor in commercial vehicle. Europe held the second largest share in global market.
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Among the various end-uses of ballistic protection materials, the defense segment held the largest share in the global market in 2015, and it also expected to grow significantly during 2016-2022. The increasing anti-social and terrorism activities have increased the concern for soldier’s safety; therefore, the defense suppliers are developing new techniques and equipment to increase the survival rate of soldiers.
Some of the major competitors operating in the global ballistic protection materials market include Teijin Limited, Honeywell International, BAE systems, ArmorWorks Enterprises LLC, Royal TenCate Corporate EMEA, DuPont, Morgan Advanced Materials PLC, Armorsource LLC, Australian Defence Apparel Pty Ltd., and Rheinmetall AG.
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