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The ballistic composites market share is expected to increase by USD 469.37 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 5.34%.
This ballistic composites market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers ballistic composites market segmentation by type (polymer matrix composites, ceramic matrix composites, and metal matrix composites) and geography (North America, Europe, APAC, South America, and MEA). The ballistic composites market report also offers information on several market vendors, including Avon Rubber Plc, BAE Systems Plc, CoorsTek Inc., DuPont de Nemours Inc., Gurit Holding AG, Honeywell International Inc., Koninklijke DSM NV, Koninklijke Ten Cate bv., Morgan Advanced Materials Plc, and Solvay SA among others.
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The growing demand from the aerospace and defense industry is notably driving the ballistic composites market growth, although factors such as premium pricing of high-performance ballistic composites may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the ballistic composites industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Ballistic Composites Market Driver
Growing demand from the aerospace and defense industry is a major driver fueling the ballistic composites market growth. 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. Also, is expected by 2036, the global new aircraft production is projected to be 35,160, and by 2026, the global commercial aircraft production is anticipated to increase by 23.12% when compared with 2016. Increased expenditure on defense by different nations worldwide has increased the demand for ballistic composites. Globally, North America and Europe are known for advanced defense aircraft and equipment. These high-performing aircraft use ballistic composites to improve the performance of their engines. The increased use of ballistic composites in this industry is the major factor driving the growth of the market.
Key Ballistic Composites Market Trend
Increasing LEAP engine demand in the aerospace industry is a major trend influencing the ballistic composites market growth. In the last two years, the LEAP engine manufactured by GE has set off the demand for CMCs in the aerospace industry. The LEAP program involves the manufacturing and supplying of CMC-based jet engines by GE Aviation, a subsidiary of GE. The program has already attracted more than 5,100 orders and aims to achieve a target of 1,720 engines by 2018. CFM International, a joint venture between Snecma and GE Aviation, is developing a high-bypass turbofan engine by using high-performance composite materials. The use of turbo engines can reduce fuel consumption by 15%. For instance, COMAC has planned to use the LEAP engine in its new aircraft COMAC C919. This initiative has also benefited the key players in the aviation sector, such as Boeing and Airbus.
Key Ballistic Composites Market Challenge
Slower adoption of emerging applications is a major hindrance to the ballistic composites market growth. Despite the increase in awareness about energy savings globally, many people remain ignorant about the benefits of ballistic composites in terms of energy efficiency and high strength. Currently, ballistic composites are used widely in high-performance automobile and aerospace engines, body components, and others. Also, it is used in ballistic protection equipment applications of defense industries. The commercial application of ballistic composites in high-temperature industrial applications is still limited to a small number of industries. Apart from these industries, these materials can be used in energy and power, marine industry, and biomedical industries. The demand for ballistic composites is mostly limited to developed nations because of a lack of awareness among industry players in developing countries. This lack of awareness has led to the slower adoption of ballistic composites in emerging industries. Moreover, the cost and availability of ballistic composites are also challenging the growth of the market.
This ballistic composites market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global ballistic composites market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the ballistic composites market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the ballistic composites market encompasses successful business strategies deployed by the key vendors. The ballistic composites market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The ballistic composites market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the ballistic composites market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of specialty chemicals market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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