According to the new market research 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 Ballistic Composites Market is projected to reach USD 1.80 Billion by 2021, growing at a CAGR of 7.12%, from 2016 to 2021. 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.
Ballistic Composites Market: Browse 62 Market Data Tables and 38 Figures spread through 133 Pages
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Ballistic composites are gaining high acceptance in the military and defense industry, and are majorly used in applications such as vehicle armor, body armor, and helmets and face protection, among others. Ballistic composites offer high level protection against ballistic threats such as attacks of bullets, missiles, and bombs, among others. The advantageous properties of ballistic composites such as being light weight, provides convenience in the mobility of soldiers and high strength, which is majorly driving the market for these composites.
The major players profiled in the ballistic composites report 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 companies have wider product portfolios to cater to the growing demand from the ballistic composites market. For instance, BAE Systems (U.K.) provides composite helmets that offer excellent protection to soldiers against ballistic threats.
The key players in the ballistic composites market adopted growth strategies such as expansions, new product launches, agreements, mergers and acquisitions to strengthen their positions in the market. For instance, in June 2016, Morgan Advanced Materials (U.K.) adopted the new product developments strategy and launched its ballistic composite helmet to cater to the defense sector.
The major players in the ballistic composites market profiled in this report also contributed to the growth of the market by adopting the maximum number of inorganic and organic growth strategies. For instance 3M (U.S.) and Morgan Advanced Materials (U.K.) adopted the highest number of growth strategies in the global ballistic composites market.
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BAE Systems (U.K.) is one of the leading players in the ballistic composites market. The company has a strong geographical reach and focuses on inorganic growth strategies such as agreements to cater to the growing demand for high performance and light weight ballistic composite products. For instance, the company signed a supply agreement with the U.S. army in September 2015 to supply its light weight and high performance ballistic composite body armors.
Morgan Advanced Materials (U.K.) is also another major player in the ballistic composites market. The company has focused on organic growth strategies such as new product launches to sustain its position in the ballistic composites market. For instance, the company launched five novel ballistic composite products for body and vehicle armor in 2015 and 2016.
