Ballistic Protection Market 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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Market Dynamics

Introduction

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.

Market Drivers

The major factors driving the growth of the ballistic protection market are:

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

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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.

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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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects ballistic protection market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is 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.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

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 ballistic protection 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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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.