In a majority of the cases, the name bulletproof armor, only registers the name Bullet Proof Vest in mind. This was exactly the case until recently, but the recent rise in violence and terrorist activities have made even civilians more alert to the dangers in the everyday world. As the violence rises more and, more states will eventually make it legal for civilians to own bulletproof armor, which will greatly increase the market for such products. Nations are spending billions of dollars for building their military troops.
Military Spending in USD billion, by Region, 2016
Body armor market is expected to reach a CAGR close to 3.5% during 2018 – 2023. The global body armor protection market is currently characterized by rapidly growing demand and not enough supply. The market requirements in terms of body armor are more sophisticated and modern armor capable of helping to protect the wearer from multiple hazards such as knives, spikes, bullets, fragments and blunt impacts.
Body Armor constitutes various other components apart from the vests, like backpacks, helmets and even regular clothes and suits which are made from the bulletproof material. The types of body armor available in the body armor industry include type I, type II-A, type II, type III-A, type III, and type IV. The type IV body armor is being widely adopted by militaries across the world as they lend among the highest levels of protection. The armed forces, law enforcement use all types of vests, but a civilian will buy only soft vests which are level III rated. Level III body armor is thicker and heavier than Levels I, II and III armor, but can still be worn under clothing. Soft bulletproof vests are made from ballistic materials such as Kevlar, Twaron, Spectra and Ultra High Molecular Weight Polyethylene (UHMWPE), a kind of linear polyethelyne. These are flexible, easier to wear, and lighter than the hard vests. These vests made up of ballistic materials turns the bullet, slows it down, and disperses its energy throughout the panel. While soft bulletproof vests cannot stop very high-velocity ammunition, they can stop slower ammunition such as .45ACP, 00 Buckshot, .40S&W, and other types of ammunition fired up to 1,500 ft. per second. They are widely used by law enforcement agencies and civilians, which will contribute to this segment’s growth until the end of 2020. Anything above this requires armor plates and is used almost exclusively by the armed forces.
Europe is the most open market for possession of body armor by civilians as most of the nations 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 to the dangers posed by such elements and will increase purchases of such armor. The expenditure of homeland security will also rise rapidly in Europe and that will aid the market in bulletproof armor industry.
But US remains the largest market for such products and will grow at a moderate pace going into the future. Due to scale back of the defence expenditure, the growth will get moderated, but civilian purchases will register good rates of growth. The law enforcement organizations argue that shooters would use the body armor to protect themselves from police and so the ban on certain type of body armor. However, US civilians in most states are free to buy bulletproof vests from online retailers like Armor Protection Technologies and BulletSafe. Prices range from $299 to $525.
Regulations in most Asia Pacific countries are very strict with ownership of armor by civilians, so the growth of the civilian market will get dictated by the regulatory framework. But the homeland security budget is increasing at a rapid pace, especially in countries such as India where the law enforcement and even the armed forces are heavily underequipped with armor. But the rise in the defense and homeland security budget will lead to higher spend on bulletproof armor, to take care of the urgent need of such armor for the personnel.
Globally the market for bulletproof armor which was extremely limited to armed forces, law enforcement and extremely affluent citizens is now slowly spreading to more areas of the society. This is due to increasing affordability of such equipment and the convenience of use of such armor which is now extremely lightweight in modern times.
Key developments in market:
April 2015: A Polish company by the name of Moratex has developed a new type of bulletproof vest that uses Shear-Thickening Fluid (STF) (liquid body armor).
April 2017: Bulletproof armor in fashion. Designed by Miguel Caballero in Colombia, these clothes look like normal street clothes. Not bulky, not ugly, and not fazed by a 9mm bullet.
December 2017: New material discovered by the City University of New York (CUNY). The material consists of two sheets of Graphene and is called Diamene.
March 2018: Bulletproof back-packs for school safety became popular in the US.
Major Players: Elmon, Wenzhou Start Co Ltd, Realdream Electronics, Dupont, Honeywell, U.S Armor, DHB Industries, McGuckian, Point Blank, Armorco, Infidel Body Armor, BulletBlocker, Security Pro USA, amongst others.
Reasons to Purchase Report:
- Market analysis for the Wearable Bulletproof Armor Market, with region-specific assessments and competition analysis on global and regional scales
- Market definition along with the identification of key drivers and restraints
- Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
- Extensively researched competitive landscape section with profiles of major companies along with their market shares
- Identification and analysis of the macro and micro factors that affect the Wearable Bulletproof Armor Market on both global and regional scales
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
- Insights on the major countries in which this industry is blooming and to also identify the regions that are still untapped
Report Customization and Benefits:
This report can be customized to meet your desired requirements. Please connect with our analyst/sales representative, who will ensure you get a report that suits your needs.
1.1 Scope of Study
1.2 Market Definition
1.3 Executive Summary
2. Research Methodology
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Research Phases
3. Market Insights
3.1 Current Market Scenario
3.2 Technology Trends
3.3 Industry Attractiveness - Porter's Five Forces Analysis
3.3.1 Bargaining Power Of The Suppliers
3.3.2 Bargaining Power Of The Consumers
3.3.3 Threat Of New Entrants
3.3.4 Threat Of Substitute Products And Services
3.3.5 Competitive Rivalry Within The Industry
4. Market Dynamics
4.1.1 Increase in Armed Violence
4.1.2 More Allocation Towards Defence Budget
4.1.3 ISIS Threat Perception
4.2.1 Strict regulatory framework
4.3.1 Buletprood Child safety backpacks trending in market
5. Body Armor Market, Segmented by Purpose
6. Body Armor Market, Segmented by Type
7. Body Armor Market, Segmented by Geography
7.1 North America
7.1.1 United States
7.1.4 Rest of North America
7.2.4 Rest of Europe
7.3.4 South Korea
7.3.5 Rest of Asia-Pacific
7.4 South America
7.4.4 Rest of South America
7.5 Middle-East & Africa
7.5.1 Saudi Arabia
7.5.3 South Africa
7.5.5 Rest of Middle-East & Africa
8. Competitive Landscape
8.2 Market Share Analysis
9. Company Profiles
9.2 Wenzhou Start Co Ltd
9.3 Realdream Electronics
9.6 U.S Armor
9.7 DHB Industries
9.9 Point Blank
9.11 Infidel Body Armor
10. Future Market Outlook