Ballistic Protection Market Growth & Forecast Analysis | 2023-2028

Market Insights

The ballistic protection market was estimated at USD 12.8 billion in 2022 and is likely to grow at a CAGR of 4.6% during 2023-2028 to reach USD 16.81 billion in 2028.

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The purpose of the ballistic protection products is to protect soldiers, army vehicles, and homeland security & law enforcement forces from bullets, explosive materials, mortar, mines, electrical shocks, heat, chemicals, and biohazards.

COVID-19 IMPACT

The COVID-19 pandemic shook the whole world, and the impact was felt across almost every industry. The pandemic badly impacted the ballistic protection market in the year 2020.

Key Players

The supply chain of this market comprises raw material suppliers, fiberglass manufacturers, fabric manufacturers, ballistic protection equipment manufacturers, distributors, and governments.

The key ballistic protection equipment manufacturers are-

• BAE Systems
• E.I. DuPont De Nemours
• Honeywell International
• Royal TenCate NV
• Teijin Aramid 

Lightweight products and new application development are the key strategies adopted by the key players to gain a competitive edge in the market.

Market Dynamics

The growth of the ballistic protection market is primarily driven by-

• Increasing government spending in strengthening the defense sector.
• Increasing conflicts between countries.
• Rising terrorist & extremist activities.

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Segments' Analysis

By Product Type

The market is segmented into two categories; Personal Protective Equipment and Vehicle Armor. Personal protective equipment is further segmented into three categories namely soft armor, hard armor, and protective headgear. Soft armor is expected to experience the fastest growth over the next five years, driven by increasing demand from defense and law enforcement forces. The government of many countries prefers soft armor that does not have technical challenges including weight. Major soft armor-producing companies are developing advanced soft armor which is lightweight, durable, and more comfortable for soldiers and law enforcement forces. This supplements companies in winning contracts and gaining a competitive advantage over competitors.

By Application Type

The defense sector is likely to remain the largest application in the market during the forecast period driven by the high focus of many governments on strengthening their defense sector due to rising conflicts between countries and with terrorism. Major developed economies, such as the US, the UK, and France keep on doing R&D for the development of advanced ballistic protection equipment for their soldiers, vehicles, and law enforcement forces whereas major developing economies are generating healthy demand for ballistic protection equipment. For instance, the Indian government is in the process of procuring 186 thousand bulletproof jackets for their soldiers.

By Material Type

Aramid fiber is expected to remain the largest material type in the market during the forecast period. Kevlar of DuPont and Twaron of Tejin are the world’s most recognized brands in the ballistic protection market and are extensively used in most of the major applications, such as body armor, helmets, vehicle armor, and tactical vests.

Regional Insights

North America is expected to remain the largest market during the forecast period. High defense spending by the US government, involvement of the US military in Middle east regions, such as Syria and Iraq, and increasing concern over terror attacks are some of the major drivers of the North American ballistic protection market.

Asia-Pacific is expected to exhibit the fastest growth over the next five years, driven by mainly China and India. China and India, both are strengthening their defense system by continuously increasing government spending. Both countries are investing heavily in procuring/building advanced weapons and better ballistic protection equipment for their soldiers and law enforcement security forces. The hostile relations between some countries in Asia, such as India, Pakistan, China, and Korea is the major reason behind the high investment in ballistic protection equipment in the Asia-Pacific region.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented in the following ways:

By Product Type

• Personal Protective Equipment
• Vehicle Armor

By Material Type

• Aramid Fiber
• Glass Fiber
• Glass
• Lexan

By Application Type

• Defense
• Homeland Security
• Commercial

By Region

• North America (Country Analysis: USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, UK, Italy, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of the Asia-Pacific)
• Rest of the World (Country Analysis: Middle East and Latin America)

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Research Methodology

For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

We leverage a multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentations, white papers, and articles to gather the data.

More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

Report Features

This report, from Stratview Research, studies the ballistic protection market over the period 2017 to 2028. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3)
• SWOT analysis of key players (up to 3)

Regional Segmentation

• Current market segmentation of any one of the material types by product type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.