It was estimated prior to this unanticipated outbreak that the Ballistic Composites Market was likely to witness an impressive CAGR of 7.6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. The growing demand for ballistic composites in personal safety owing to their high strength and lightweight properties drives the ballistic composites market globally.
Ballistic Composites Market Segment Insights:
By Fiber Type:
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.
By Matrix Type:
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.
By Application Type:
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.
By Region:
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.