New York, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The Ballistic Composites market revenues were estimated at US$ 1.9 Bn in 2023 and is anticipated to grow at a CAGR of 7% from 2023-2033, according to a recently a published Persistence Market Research report. By the end of 2033, the market is expected to reach a valuation of US$ 3.8 Billion.
The key factors which are propelling the Ballistics Composites demand are its properties like impact resistance, anti-corrosion, tensile strength, lightweight characteristic, easy moldability, high strength, high modulus, low density, excellent resistance to fatigue, creep, creep rupture, wear, and low coefficient of thermal expansion.
The increase in demand for personal protection in military survival is anticipated to positively affect product growth.
Furthermore, market expansion is anticipated because of rising defense costs brought on by regional economic expansion and growing international competition among nations to demonstrate their superiority. The market is anticipated to increase during the projected period as a result of the rising demand for new gadgets and technologies brought on by ongoing technological advancements.
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Competitive Landscape
The prominent players in Ballistic Composites Market include BAE Systems, Barrday Corporation, Honeywell International Inc., FY Composites OY, PRF Composite Materials, Morgan Advanced Materials, Southern States LLC, MKU Limited, Gaffco Ballistics, Gurit, ArmorSource, Royal Ten Cate NV, Elmon, Teijin Limited, DSM, and DuPont.
Some of the recent developments in the Ballistics Composite Market are:
- In June 2022, India successfully tests the nuclear-capable Agni 4 ballistic missile.
- In April 2022, Russia puts its S-500 missile defense into mass production as tensions boil over Ukraine.
- In October 2019, China showcased in ballistic hypersonic missile at the 70th anniversary of the People’s Republic of China parade.
- In October 2019, United Shield, one of the top producers of individualized ballistic materials and components, unveiled the E.R.T. shield. Due to its capacity to meet the demand for a straightforward, multipurpose soccer shoe without sacrificing the product's strength, integrity, or longevity, this item will be delivered by several U.S. firearms units.
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Vehicle Armor, Body Armor, Helmets, and, Face Protection for soldiers, policemen, and general security personnel are among the key end-use industries of Ballistics Composites. Due to their lightweight characteristic, fatigue resilience, and high rigidity, ballistic composites are commonly employed in the manufacturing of these accessories. As a result, the worldwide ballistics composite market is being driven by a rise in the number of army personnel accessories.
During the projection period, Asia Pacific is expected to be the significant Ballistics Composites Market with more than 50% of the global market share. With rapid growth in the Automotive and Military sectors in Asian countries, the market of composite ballistics is expected to swell.
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More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Ballistics Composite Market, presenting historical market data (2018 - 2022) and forecast statistics for the period of 2023-2033.
The study reveals extensive growth in Ballistic composites in terms of Product/Resin Type (Epoxy, Phenolic, Bismaleimide, Thermoplastic, and Other Resin Types), Application (Aerospace & Defence, Sports & Leisure, Automotive, Wind and other application) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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