PUNE, India, May 18, 2017 /PRNewswire/ --
The report "Ballistic Composites Market by Fiber Type (Aramid, UHMWPE, S-Glass), Matrix Type (Polymer, Polymer-Ceramic, Metal), Application (Vehicle Armor, Body Armor, Helmet & Face Protection), and Region - Global Forecast to 2021", published by MarketsandMarkets™, the market is projected to reach USD 1.80 Billion by 2021, growing at a CAGR of 7.12%, from 2016 to 2021.
Browse 62 market data Tables and 38 Figures spread through 133 Pages and in-depth TOC on "Ballistic Composites Market"
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The rising demand for ballistic composites in personal protection due to its light weight and high strength properties is the major driver for the growth of the ballistic composites market.
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Aramid fiber comprises a major share in the ballistic composites market in terms of value and volume
Aramid fiber has the largest share in the global ballistic composites market and the market for aramid fiber ballistic composites is projected to grow at the highest CAGR in terms of both, value and volume. Aramid fibers are strong synthetic fibers with high heat-resistant properties. These fibers are extensively used for the body armor application. The high dynamic energy absorption characteristics, high modulus, high specific strength, and excellent thermal properties is leading to the growth of aramid fiber in the ballistic composites market.
The major share in the ballistic composites market is owned by polymer matrix
Polymer matrix used in ballistic applications have low weight, high friction, and temperature resistance properties. Polymer matrix ballistic composites are considered the material of choice for various applications such as body vest, protective garments, and helmets. Owing to the advantageous properties offered, polymer matrix composites were estimated to be the largest segment of the ballistic composites market in 2015, by value as well as volume.
Ballistic composites are largely used in the vehicle armor application
The vehicle armor application led the global Ballistic Composites Market and accounted for the largest share in terms of value and volume, both for the year 2015. Vehicle armor is equipped with ballistic composites to ensure high level protection against ballistic impacts and to provide high protection to the lives of military personnel in these vehicles. Owing to the high level of safety provided by the use of ballistic composites, it is largely utilized for the vehicle armor application.
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North America is a major region driving the ballistic composites market
North America accounted for the largest market share in ballistic composites, globally, in 2015. The growth of the ballistic composites market in this region is driven mainly by established players in this region. High spending by the military industry on maintenance of security, and stringent standards by the U.S. government emphasizing the safety of the defense forces is another major reason leading to the high growth of the ballistic composites market in North America. For instance, high spending of the U.S government on several military programs such as Armored Multipurpose Vehicle (AMPV) Joint Light Tactical (JLTV) program and others are expected to drive the demand for ballistic composites in the defense sector in North America.
Some of the key global players in the ballistic composites market are Honeywell International Inc. (U.S.), Royal Ten Cate NV (Netherlands), BAE Systems (U.K.), DSM (Netherlands), Gurit (Switzerland), DuPont (U.S.), Teijin (Japan), Morgan Advanced Materials (U.K.), CoorsTek Inc.(U.S.), Southern States LLC (U.S.), Barrday Corporation (Canada), Solvay (Belgium), and 3M (U.S.), among others. These players have strong business strategies and product offerings for the ballistic composites market.
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