Increased Demand for Ballistic Composites Drives Market Expansion| MarketsandMarkets™

Posted by Jack Martin on April 14th, 2023

The global ballistic composites market size is expected to grow from USD 2.0 billion in 2022 to USD 3.1 billion by 2027, at a CAGR of 8.6% during the forecast period. Increasing crime and terrorist activities are driving the demand for ballistic body and vehicle armor for use by political leaders, businesspeople, bureaucrats, high-profile athletes, entertainment celebrities, and others. As ballistic composite armor is lighter and meets the highest requirements of international standards for safety, there has been a surge in the demand for composite materials in personal protective clothing and transportation. Various companies are focusing on adding composite armor to vehicles designed for civilians, depending upon client needs and the desired protection level, composites can be added indoors, on roofs, and floors as well as firewalls, pillars, posts, and other body panels. 

High ballistic resistance, lightweight, and durability have driven the market for ballistic composites in defense applications. On the other hand, the higher cost of ballistic composites compared to metals and alloys and the high requirement for customization for end-use applications are the major restraining factors in this market. However, several opportunities are identified in the ballistic fibers, which would help in the growth of the ballistic composites market. These opportunities include the development of low-cost and high-performance commercial ballistic fiber, for instance, M5. In order to achieve technical excellence, armor manufacturers are working with composites companies in the design stage of ballistic composites.

Companies operating in the ballistic composites market have strengthened their position in the global market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2018-2022. The major players active in the market are Honeywell International Inc (US), Koninklijke DSM N.V. (Netherlands), BAE Systems (UK), Royal Ten Cate (Netherlands), Morgan Advanced Materials (UK), DuPont de Nemours Inc. (US), Solvay (Belgium), Gurit (Switzerland), Teijin Limited (Japan), PRF Composites, Gaffco Ballistics (US), M Cube Technologies Inc. (US), FY-Composites Oy (Finland), and MKU Limited (India). The ballistic composites market is consolidated, with few players dominating the market. These companies have adopted various organic and inorganic growth strategies.