Press Release

Global Bulletproof Vest Market to Grow at a CAGR of 6.3% During 2024-2032, Driven by the increased military spending by governments globally.

Global Bulletproof Vest Market

According to a new report by EMR titled, ‘Global Bulletproof Vest Market Report and Forecast 2024-2032’, the market attained a value of about USD 2.21 billion in 2023. The market is estimated to grow at a CAGR of 6.3% in the forecast period of 2024-2032 to reach a value of around USD 3.82 billion by 2032.

The increased spending on defence by governments around the world positively influences the bulletproof vest market growth. Combined defence spending in the EU and other European countries accounted for 1.3% of GDP in 2021, and the Indian government’s allocation of USD 73.8 billion for the defence budget makes it the third largest globally.

 

Bulletproof vests are specialised protective apparel intended to minimise potential harm to the wearer by absorbing or deflecting physical attacks. Bulletproof vests are witnessing extensive application in industries and professions such as the military and defence for increased safety and protection.

 

The Asia Pacific holds a substantial market share due to the presence of military superpowers such as China, India, and South Korea. Additionally, military modernisation programmes around the world foster the advancement of bulletproof vests.

 

The continuous development of innovative vest materials drives the growth of the market for bulletproof vest. In April 2023, DuPont de Nemours, Inc. (NYSE: DD) launched Kevlar® EXOTM aramid fibre, a significant innovation in aramid fibre and a new technology platform developed to serve infinite applications and strengthen performance and protection in the most extreme and demanding conditions. Kevlar® EXOTMTM aims to provide a blend of low weight, flexibility, and aramid fibre protection for extreme situations.

 

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Law enforcement and military personnel can experience levels of ballistic protection that were previously unattainable without sacrificing comfort or mobility through the fibre. Benefits of the product include inherent resistance to heat and flames, melt- and ignite-proof construction up to 500°C (932°F), and durability that can be customised for specific use cases and body types.

 

Table: Global Military Spending (% of GDP), 2018-2022

Global Bulletproof Vest Market
 

Market Analysis by Material, Application, Protection Level, Product, End User, and Region:

  • The market, on the basis of material, can be divided into Kevlar, ultra-high molecular weight polyethylene (UHMWPE), and graphene.
  • On the basis of application, the market can be categorised into overt and covert.
  • Based on protection level, the market can be divided into Level I, Level II, Level III, and Level IV.
  • The different products in the market are flexible ballistic and hard armour plate.
  • The market, on the basis of end user, can be divided into military, law enforcement, and civil.
  • The major regional markets for bulletproof vest include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • Innovation in materials and manufacturing technologies creates advancements in body armour technology. Foam, slime, and liquid body armour are gaining traction as they provide lightweight yet heavy-duty protection. Additionally, innovation in fibre sheets such as ultra high molecular weight polyethylene (UHMWPE) provides increased mobility and ballistic protection.
  • According to the Global Terrorism Index, compared to 2021, when an incident claimed 1.3 lives on average, terrorist strikes in 2022 claimed 1.7 lives on average. Terrorism and armed conflicts can increase the demand for bulletproof vests and enhanced protection of militaries.
  • 83% of people worldwide live in high-risk areas, according to the Global Organised Risk Index 2023, which shows that organised crime is still on the rise globally. The growth in crime rates and public safety drives demand for bulletproof vests.
  • In 2022, the United States' defence budget made up almost 40% of all military spending by nations worldwide. The allocation of government budgets to defence and law enforcement agencies positively influences the bulletproof vest market expansion.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global bulletproof vest market for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the materials, applications, protection levels, products, end users, and major regions of bulletproof vest.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global bulletproof vest market are Central Lake Armor Express, Inc., BulletSafe Bulletproof Vests, DuPont de Nemours, Inc., EnGarde B.V, Honeywell International Inc., MARS Armor, MKU LIMITED, Point Blank Enterprises, Inc., Safariland, LLC, and VestGuard UK Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Material
  • Application
  • Protection Level
  • Product
  • End User
  • Region
Breakup by Material
  • Kevlar
  • Ultra-High Molecular Weight Polyethylene (UHMWPE)
  • Graphene
Breakup by Application
  • Overt
  • Covert
Breakup by Protection Level
  • Level I
  • Level II
  • Level III
  • Level IV
Breakup by Product
  • Flexible Ballistic
  • Hard Armour Plate
Breakup by End User
  • Military
  • Law Enforcement
  • Civil
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Central Lake Armor Express, Inc.
  • BulletSafe Bulletproof Vests
  • DuPont de Nemours, Inc. 
  • EnGarde B.V.
  • Honeywell International Inc.
  • MARS Armor
  • MKU LIMITED
  • Point Blank Enterprises, Inc.
  • Safariland, LLC
  • VestGuard UK Ltd.
  • Others

 

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