Global Bulletproof Vest Market - Growth, Trends and Forecast (2018 - 2023)
The armed forces and law enforcement use all types of armored bulletproof vests. However, civilians can only buy soft vests that are level III rated; moreover, anything above this rating will require armor plate.
The conventional forms of bulletproof vest are made up of Kevlar, which helps in blocking the incoming bullets; however, in some cases, the material bends inward upon impact from the bullet causing serious injuries, leaving the wearer prone to danger. This led to the development of innovative, non-Newtonian fluid that eliminated this drawback, as it modifies its structure as soon as it detects changes in pressure or temperature.
Growing Demand for Bulletproof Vest from Developed Countries
Europe is the biggest open market for possession of body bulletproof vest by civilians, as most of the countries allow possession of armor, except the ones made under strict military supervision. After the recent rise in terrorism and violence in Europe, civilians have become more alert, which is accelerating the trend of purchasing such armor. The expenditure of homeland and local security is also estimated to increase rapidly in Europe, thus, aiding the market for bulletproof vests.
The US’ House of Representatives allocated a defense budget of USD 523.5 billion for 2017-2018. The increase in the defense budget of the US, in 2017, is expected to drive the demand for bulletproof vests in the North American region.
The production of the chemical fiber, an important material for the manufacture of the bulletproof vests, is directly related to the demand for these vests. Hence, higher the demand for bulletproof vests, higher the production of the chemical fiber.
North America is estimated to be the largest market and is expected to lead the market, during 2018 - 2023. The US continues to be the largest market for bulletproof vest products and will accelerate at a moderate pace due to the decreasing defense expenditure. Regulations in Asia-Pacific countries are strict regarding the ownership of armor by the civilian population, thus, dictating the civilian bulletproof vest market. The local security budget is growing at a rapid pace, especially in countries, such as India, where the law enforcement and even the armed forces are under-equipped with bulletproof vests. The increase in defense & homeland security budget is expected to boost the expenditure on bulletproof vests. Similar to Asia-Pacific, Latin America is anticipated to witness a strong growth rate in the market, and thus, become a major contributor by 2023.Major Players: Honeywell International, U.S. Armor Corporation, Wenzhou Start Co Ltd, and MKU Limited, among others.
Key Developments in the Market
January 2018: Central Lake Armor Express, Inc. (Armor Express), a leading manufacturer and distributor of high-performance body armor solutions, merged with KDH Defense Systems (KDH).
December 2017: Lightweight bullet-proof vest unveiled by scientists at British defense lab.
December 2017: Honeywell is expanding its manufacturing capabilities for its Centurion composite material to meet increased demand from the global law enforcement market.
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