The recent report published by Stratview Research on the Ballistic Protection Market Report for the forecast period of 2022-2028 is a source of insightful data for business strategists. The report provides the industry an overview with growth analysis and historical, present, and future prices, revenue, demand, and supply data, etc. This market study provides in-depth data that enhances the understanding, scope, and application of this report.

Market Insights

The ballistic protection market was estimated at USD 12.8 billion in 2022 and is likely to grow at a CAGR of 4.64% during 2022-2028 to reach USD 16.81 billion in 2028.

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.

According to this report, the market of Ballistic Protection is consolidated with a few players accounting for the majority of the market share. An analysis of the well-established players has been included in this report. The following are the key players in the Ballistic Protection Market.

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

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.

The market is segmented by the following –

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 of bulletproof jackets for their soldiers.

Aramid fiber is expected to remain the largest material type in the market during the forecast period. Kevlar of DuPont and Twaron of Tejin is 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.

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 relation 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. 

The experts at Stratview Research have precisely studied and assessed data on the Ballistic Protection Market. several analytical tools have been used to evaluate the growth of the key players operating in the market.

Key Features: This report evaluates key market features, including revenue, supply/demand, gross value, production, consumption, market share, CAGR, and gross margin. In addition, the report offers a thorough study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

Reasons to invest in this report –

This report answers several FAQs related to the market. Also provides customization according to the users’ requirements. Here are some queries, the answers to which can be found in this report –

l  What are the key trends in the Ballistic Protection Market?

l  How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?

l  What is the impact of COVID-19 on the Ballistic Protection Market?

l  What are the key strategies adopted by the major vendors to lead in the Ballistic Protection Market?

l  What is the market share of the top vendors?

Company Profiling

-        Detailed profiling of additional market players (up to three players)

-        Competitive Benchmarking

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

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