Category: Business

The global ballistic composites market size is expected to grow from USD 2.0 billion in 2022 to USD 3.1 billion by 2027, at a CAGR of 8.6% during the forecast period. The high growth of ballistic composites can be attributed to substantial demand from military and defense applications. Increased threats from asymmetric warfare, regional conflicts, riots, and terrorism are increasing the need for protective clothing and safe vehicles for safeguarding armed forces, especially, in disputed regions across the globe. Therefore, military superpowers are continuously focusing on technological advancement and expansion of ballistic products by increasing their defense budget and investing in the production and R&D of ballistic composites. These factors are driving the growth of the global ballistic composites market. Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=217827442 Ballistic Composites Companies: The major players active in the ballistic composites market are Honeywell International Inc (US), Koninklijke DSM N.V. (Netherlands), BAE Systems (UK), Royal Ten Cate (Netherlands), Morgan Advanced Materials (UK), DuPont de Nemours Inc. (US), Solvay (Belgium), Gurit (Switzerland), Teijin Limited (Japan), PRF Composites, Gaffco Ballistics (US), M Cube Technologies Inc. (US), FY-Composites Oy (Finland), and MKU Limited (India). Ballistic composites are used mainly in applications such as military, homeland security, among others. The military segment dominated the market in 2021, in terms of value. Most casualties occur during military combat due to fragments caused by explosions and hence the military personnel need protection from these threats. The increase in geopolitical tensions in emerging economies is driving the demand for ballistic composites market. Based on platform, the ballistic composites are used across various platforms, including land, airborne, and marine. The land segment includes unmanned armored ground vehicles, soldiers & security personnel, and base stations. The land segment account for the highest share in terms of value in the global ballistic composites market in 2021, while the marine segment is estimated to account for the second-highest share of the market in the same year.