Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Ballistics Composite Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
According to latest findings, the global sales of Ballistics Composite Market in 2024 are set to reach a staggering US$ 1.92 Billion, with Aramid-based Ballistics Composites Fiber type expected to dominate the market from 2024 to 2031.
The burgeoning demand for Ballistics Composites is attributed to its impressive properties, including impact resistance, anti-corrosion, tensile strength, lightweight characteristics, easy moldability, high strength, high modulus, low density, excellent resistance to fatigue, creep, creep rupture, wear, and low coefficient of thermal expansion. Key factors propelling demand include:
- Increasing demand for personal protection in military survival scenarios.
- Growing defense expenditures due to regional economic expansion and international competition among nations.
- Rising demand for new gadgets and technologies driven by technological advancements.
- Adoption of lightweight ballistic composite materials in armored vehicles, enhancing operational range and mobility.
Key End-use Industries:
Ballistics Composites find extensive applications in Vehicle Armor, Body Armor, Helmets, and Face Protection for soldiers, policemen, and security personnel, thanks to their lightweight characteristic, fatigue resilience, and high rigidity. The rise in the number of military personnel accessories contributes significantly to the global Ballistics Composite Market growth.
Personal Safety and Bulletproofing:
The demand for personal safety measures, including the bulletproofing of vehicles, is also on the rise, driven by companies like Armormax and Minerva.
Challenges and Restraints:
Despite its potential, Ballistic Composite manufacturing is a complex process, leading to high production costs. Additionally, stringent government regulations and the inability of defense technology to provide complete user safety can hinder market growth.
Potential Threat from Spectra Fiber:
The Honeywell Corporation's Spectra Fiber, made from ultra-high molecular weight polyethylene, poses a potential threat to the Ballistic Composites Market. Spectra Fiber boasts exceptional strength and durability, making it a formidable competitor.
Asia Pacific: The Epicenter of Opportunity
The report identifies Asia Pacific as the region offering significant opportunities in the Ballistics Composites Market, with more than 50% of the global market share. Rapid growth in the Automotive and Military sectors in Asian countries is expected to drive the market's expansion.
Country-wise Analysis:
China Ballistics Composite Market:
China is projected to be a significant player in the Ballistics Composite Market by the end of 2033. It is expected to experience substantial growth, driven by factors such as increased use of ballistic composites in the automotive and military sectors, as well as in the production of fireproof suits and gloves. Chinese government policies, as outlined in the "Military and security developments involving the People's Republic of China" document, also support the extensive utilization of ballistic composites, particularly in the Air Force, Navy, CNSA, People's Liberation Army, Missile Defense Agency, and other sectors.
U.S. Ballistics Composite Market:
The United States represents another important market for ballistic composites, expected to reach a significant market size by 2031. The market is projected to exhibit steady growth from 2024 to 2031, with a substantial absolute dollar opportunity. This growth is attributed to various applications and increasing demand for ballistic composites.
U.K. Ballistics Composite Market:
The United Kingdom is poised to witness notable growth in its Ballistics Composite Market, reaching a substantial valuation by 2031. With a promising compound annual growth rate (CAGR) during the forecast period, the market is expected to present a significant absolute dollar opportunity. This growth is driven by various factors contributing to the increased adoption of ballistic composites in the region.
Japan Ballistics Composite Market:
Japan's Ballistics Composite Market is anticipated to experience steady growth, with a notable CAGR from 2024 to 2031. By 2031, it is expected to achieve a substantial market size and generate a significant absolute dollar opportunity. This growth is attributed to the rising demand for ballistic composites in various applications within the country.
These country-wise analyses demonstrate the increasing significance and potential of the Ballistics Composite Market in different regions, driven by unique factors and growth opportunities.
Competitive Landscape:
Prominent players in the Ballistic Composites Market include:
- Honeywell International Inc
- BAE Systems
- DSM
- Morgan Advanced Materials
- Gaffco ballistic
- Teijin Aramid B.V.
- DuPont
- Barrday Inc
- Plastic Reinforcement Fabrics Ltd
- M Cubed Technologies
Ballistics Composite Market Segmentation
By Fiber Type
- Aramid Fibers
- UHMPE
- Glass
- Other Fiber Types
By Matrix Type
- Polymer Matrix
- Polymer Ceramic
- Metal Matrix
By Application
- Vehicle Armor
- Body Armor
- Helmet & Face Protection
- Other Applications
By Region
- North America
- Latin America
- Europe
- APAC
- MEA
For more information about this report visit https://www.researchandmarkets.com/r/toin6n
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