06262017Headline:

Increasing Warfare and Rising Economies Fueling the Ballistic Protection Market

Rising violence and terrorism have led to the increase in demand for defensive weapons i.e., ballistic protection that may be strong and more protective in nature. The ballistic protection materials are used in manufacturing different protection weapons like headgear, body armor, armors for vehicles, etc. The market for ballistic protection has evolved a lot over the past few years, thanks to the advancements in technology and rising defense forces across the globe.

Factors Responsible

Growing technology and rise in the number of warfare are the major driving factors responsible for the growth of ballistic protection market. Apart from these, rise in the number of threats from internal as well as external security, continuous efforts to persist as a super power and abrupt rise in demand for shielding the commercial cars is also expected to boost the growth of this market in North America. In other regions, increase in the number of terror threats and continuous efforts to modernize their armed forces is expected to trigger the growth of the overall market even further. Moreover, increasing demand for light body armor, growing technology, and modernization of armed forces around the globe are expected to create good growth opportunities for this market.

Although the reports suggest a good growth for this market in the coming years, higher costs of equipment and heavy weight of the products that results in less mobility may be some restraining factors for the growth of this market.

Market Forecast

Valued at USD 7.90 Billion in 2013, the global ballistic protection market is projected to hit USD 11.03 billion by 2020, while growing at a steady CAGR of 5.11%. Among all the regions, North American market held the largest share of about 40% of the market for ballistic protection, and is estimated to grow at a CAGR of 5.17% during the forecast period. While Europe accounted for 26% of the market share, APAC and The Middle East will likely be the regions showing key growth. As of now, APAC holds about 19% share of the global market, whereas The Middle East holds about 6% of the total share, followed by Latin America with 5% share. The market in The Middle East is expected to grow at a CAGR of 3.75% by the end of 2020, whereas the Latin American market will grow at a CAGR of 4.94% during the forecast period. The market in Africa currently takes up about 4% of the market share, and is expected to grow at CAGR of 4.77% between 2014 and 2020.

Among the applications segment, defense holds about 75% of the market share, followed by homeland security with 17% and commercial applications with 8% of the total market share.

Teijin Limited (Japan), Honeywell International (U.S.), BAE systems (U.K.), Royal TenCate Corporate EMEA (Netherland), and E.L. du Pont de Nemours & Company (France) are some of the leading players operating in the market for ballistic protection.

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Segmentation

The researchers have studied and analyzed the ballistic protection market by splitting it into the following categories and sub-categories:

  • Type: Personal Protection Equipment (including Soft Armor, Hard Armor, Protective Headgear), Vehicle Armor
  • Material Types: Kevlar, Carbon fiber, Glass, Lexan, Aramid
  • Application: Defense, Homeland Security, Commercial

Region: North America, Europe, Latin America, Asia-Pacific, Africa, The Middle East

What Next?

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