The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.
Ballistic Composites Market Overview:
The sudden outbreak of the COVID-19 has led to unforeseen fluctuations across many industries and the Ballistic Composites Market is no different. Derived from the previous market scenario, the Ballistic Composites Market is likely to witness an impressive CAGR of 7.6% during 2020-25 but with the global crisis in action, the growth curve has deviated from its expected path and exhibits an uncertain trajectory at present.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
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Market Share Analysis
Ballistic Composites Market Share: By Fiber Type
Based on the fiber type, the market is segmented as aramid fiber, UHMPE fiber, glass fiber, and others. The aramid fiber segment held the largest share of the market in 2018, and is expected to remain dominant during the forecast period owing to its extensive use in the helmets, shields, and vest protection applications.
Ballistic Composites Market Share: By Matrix Type
Based on the matrix type, the market is segmented as polymer matrix, polymer-ceramic, and metal matrix. The polymer matrix segment is expected to remain dominant during the forecast period owing to its exceptional properties such as lightweight, temperature-resistant, low friction and high durability. Polymer matrix are extensively used in applications such as helmets and body vests.
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Ballistic Composites Market Share: By Application Type
Based on the application type, the ballistic composites market is segmented as vehicle armor, body armor, helmets & face protection, and others. The vehicle armor segment leads the market as there is an enormous need to protect the vehicles from missiles, bullets, grenades and other ammunitions. Further, the lightweight property of composite materials in the military vehicles leads to better fuel efficiency and ease in mobility.
Ballistic Composites Market Share: By Region
In terms of regions, North America is estimated to lead the ballistic composites market during the forecast period. The USA is the growth engine of the region’s market owing to the world’s largest defense spending, significant investment towards research and development, and presence of a large number of ballistic composite suppliers. Asia-Pacific is expected to witness the highest growth during the forecast period owing to increasing defense budget, offset policies in countries such as India, rising tension among the countries in the region, and growing demand for advanced materials for body and vehicle armor.
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