Press Release
Press Release
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), 2018-2023
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.
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:
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Breakup by Material |
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Breakup by Application |
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Breakup by Protection Level |
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Breakup by Product |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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