Research and development are not only limited to innovations in technologies. The mounting concern for defense and doubling expenditure budget on the same by various countries is also leading to R&D. Furthermore, the requirement for lightweight materials to conserve energy is being rampantly looked after. All these components are leading to the rising demand for ballistic composites in the defense industry, which is contributing to the growth of the ballistic composites market. The increasing warfare and innovative techniques are gradually increasing the requirement of armor vehicles, helmets, and others that are directly driving the ballistic composites market. Composite materials have been gradually gaining grounds into the land and naval combat vehicles and have started replacing titanium alloys, steel, and even aluminum as they have advanced strength, stiffness and are lightweight. Thus, the Ballistic Composites Market is booming. As of 2018, the ballistic composites market collected revenue avenue of $1.5 billion, which is expected to grow at a CAGR of 7.55% in the forecast period 2019-2025.
Owing to the innumerable implementation of composites in various verticals such as defense, automotive, and others, composites market revenue estimated at around $82.72 billion in 2018. The global composite industry is set to witness an increment at a CAGR of 5.6% during the forecast period 2019-2025. One of the most prominent chunks of demand from this parent industry is attributable to the ballistic composites market. Therefore, in the upcoming years, ballistic composite market players are anticipated to grasp impeccable opportunities to increase their revenue returns.
Global Ballistic Composites Market Size Dominated by North America:
For the past several years, titanium usage in combat vehicles in the US have been replaced by ballistic composites and the trend is expected to continue further. Ballistic composites are being widely accepted because of their advantageous mechanical characteristics that heighten strength and resists impact and thermal degradation. Ballistic composites such as aramid fiber and ultra-high-molecular-weight polyethylene are extensively found in protective clothing, gloves, and helmets that even are resistant to the stabbing. North America had the largest ballistic composites market share of around 37% in 2018.
· President Donald J. Trump's Fiscal Year 2019 National Defense Authorization Act to Fortify Ballistic Composites Market –
The budget of the United States Government, Fiscal Year 2019 was presented recently, that is set to create an impact on the ballistic composites market. On March 2019, President Donald J Trump signed a $1.3 trillion spending bill. It includes a $160 billion boost in defense that would be spent over two years, reversing years of decline and unpredictable funding. As ballistic composites are extensively used in military jackets, helmets, helicopters, tanks, and others, the ballistic composite market players are going to reap off extreme benefits in the next years with this new bill.
· Ballistic Composites Market to gain traction by BAE Systems' Armored Multi-Purpose Vehicle (AMPV) –
The US army has been constantly involved in bringing innovation to pave for further advancements in the field of defense. While newer technologies are being adopted regularly, the US army has recently given BAE Systems a two contract modifications costing almost $575 million for the initial production of low-rate Armored Multi-Purpose Vehicle (AMPV). These armored multi-purpose vehicles substantially implement the usage of ballistic composites for protection against fragmentation, arising from artillery, grenades, and others. Thus, with this contract, ballistics composite market players are going to be benefited further.
· 'Swimming Armored Vehicles' to Boost North America's Ballistic Composites Market –
March 2019 witnessed a fantastic move in the US defense sector. The new amphibious combat vehicle (ACV) or 'swimming armored vehicles' developed by BAE Systems has retired the old, thin-skinned AAV7s that were lightly shielded and vulnerable to enemy attack. The ACV models with swimming abilities are highly armored with ballistic composites that would enable the mariners with technology and capability to accomplish missions. The total contract of the BAE system by the US defense estimates around $1.2 billion. Therefore, with this new armored vehicles, the ballistic composites market is expected to grow in the upcoming years.
· America's Largest Employer Vertical to Bring an Impact on Ballistic Composites Market –
As per the reports of the US Department of Defense, the national defense budget of around $716 billion accounts for almost 3.1% of gross domestic product.
Moreover, the defense sector is America's largest employer, vertical, which has almost 2.15 million service members. The ballistic composites are armor materials that aim to reduce the weight of the object applied on with higher protection to the personnel. With the statistics mentioned above, the defense industry of America is expanding perpetually, which will heighten the ballistic composites market further.
Ballistic Composites Market: Key Application
The major utilization of ballistic composites is principally witnessed in the vehicle armors. These are generally expected to resist high-velocity rounds to not only protect the personnel but also to carry the required object at dangerous military environments. The low weight is an important factor for both the aircraft or ground vehicles, which is given by ballistic composites. Furthermore, these composites play an important part in spall and external protection. As of 2017, the total number of active-duty enlisted and officer personnel by broad occupational group and branch of the military, and the coast guard in the US military sector involved in transportation was 187,544, which is expected to grow further. Hence, the usage of ballistic composites in armored vehicles is going to grow further, giving the ballistic composites market an extreme thrust. The implementation of ballistic composites in the vehicle armor industry is expected to grow at a CAGR of 7.12% throughout 2025.
Ballistic Composites Market Growth Drivers:
Ballistic armors, in general, are meant for a protective layer of material that protects anything from projectiles such as low and high-velocity bullets, flying fragments of explosive devices, missiles, and others. Here’s how the ballistic composites market is gaining traction across the globe –
· 3M Co.'s New Combat II Ballistic Helmet to Uplift Ballistic Composites Market –
With improved ceramics and special engineering, 3M Co. has come up with ballistic helmets to combat threats and give next-level safety to the soldiers. The product promises to protect the member from handgun bullets, small arms projectiles, blunt impacts, and bomb fragmentation with the help of ballistic composites. 3M Co. earned a revenue of around $10.3 billion in 2016, where the helmet products accounted for the most significant business division. Thus, this growth is directly contributing to the expansion of the ballistic composites market.
· India's the Make in India and Innovations for Defense Excellence (iDEX) Movements to Give Fruitful Returns to the Ballistic Composites Market Players –
India, having the 3rd largest armed forces in the world, has a capital expenditure of $15.32 billion according to India's defense budget for 2018-2019. Encouraging the development of synergistic sectors have made India come up with policies such as Make in India and Innovations for Defence Excellence (iDEX) to target to achieve self-reliance in several military platforms by 2025. With the expansion of defense in the subcontinent, the usage of ballistic composites is also going to increase as they all have the common requirement for energy dissipation through various mechanisms. Therefore, in the upcoming years, the ballistic composites market is going to grow.
· International Industry for F-35 to Heat Up Ballistic Composites Market –
As per the reports of National Defense NDIA'S Business & Technology Magazine, twelve countries have committed to ordering F-35 joint strike fighter through foreign military sales or by formal partner nations policy. More than 390 F-35s are currently in the global fleet and is expected to reach 500 by the end of 2019. This production statistics is going to create an impact on the ballistics composites market as these are extensively deployed in aircraft on the bottom of helicopters to protect it from the ground fire. Henceforth, the ballistic composites market is expected to flourish further in the upcoming years.
Ballistic Composites Market: Competitive Landscape
The major market players who are currently holding maximum shares and expanding further in the ballistic composites market are BAE Systems plc, Barrday, Inc., Royal DSM, DowDuPont Dissolution, FY-Composites Oy, Gaffco Ballistics, Gurit Holding, Honeywell International Inc., MKU, Morgan Advanced Materials, PRF Composite Materials Ltd, Koninklijke Ten Cate nv, Southern States, LLC, and Teijin Limited.
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