The global ballistic composites market size is expected to grow by USD 375.23 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Ballistic Composites Market 2020-2024 (Graphic: Business Wire)
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The major driving force for the growth of the ballistic composites market is the increased demand from the aerospace and defense industry. Ballistic composites are widely used in vehicle armor and body and engines of aircraft due to their superior properties over metals and alloys. Furthermore, these materials can withstand higher temperatures and are lighter than metals and alloys. Therefore, they are used for manufacturing advanced ballistic protection equipment and high-pressure turbines. This helps reduce fuel burn and emissions and increases the overall energy efficiency of the engines.
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As per Technavio, the growing demand for lightweight and high-performance materials will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Ballistic Composites Market: Growing Demand for Lightweight and High-Performance Materials
There is an increased demand for lightweight materials from various end-user industries. In the automotive industry, the use of lightweight materials has emerged as an essential way to combat CO2 emissions. Moreover, many countries are enforcing regulations to improve efficiency and reduce carbon emissions of vehicles. Ballistic composites are used in high-performance engines that are used in industries such as aerospace and marine and in ballistic protection equipment applications in defense. Ballistic composites are used to provide high-temperature resistance, increased strength, and increased fuel efficiency. Therefore, the growing preference of consumers for lightweight and high-performance materials has increased the demand for ballistic composites globally.
"Factors such as the increasing use of nano-composites, and the growing demand from transmission and distribution industry will further boost ballistic composites market growth during the forecast period," says a senior analyst at Technavio.
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Ballistic Composites Market: Segmentation Analysis
This market research report segments the ballistic composites market by type (polymer matrix composites, ceramic matrix composites, and metal matrix composites) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the ballistic composites market share in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the extensive use of CMCs in the aerospace and defense sector.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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