Benelux Ballistic Composites Market Outlook

benelux ballistic composites market outlook 2018-2032 reports the market condition in the benelux countries (belgium, luxembourg and the netherlands). it discusses the overall outlook as well as the prospective growth opportunities present in the market during the upcoming years. the benelux region’s ballistic composites market is affected by numerous factors affecting the regional defense spending policies. as the region does not have a large standing army, most of the regional defense spending is concentrated towards the acquisition of modern defense systems that protect against unconventional threats. these developments are estimated to augment the demand for ballistic composites during the forecast period. the market includes a wide range of products including carbon composites, polyamide fabrics, aramid fibers, and impact resistant plastic resins. customization of these products to specific defense requirements is expected to drive the growth of the market substantially. furthermore, technological advancements in the field of ballistic composites are also anticipated to benefit the market. the benelux countries have been increasingly investing in the modernization of their defense forces. this includes the procurement of activities for production of unmanned aerial vehicles, aircrafts, submarines, and defense systems which are likely to drive the benelux’s ballistic composites market over the forecast period. the benelux region also offers a conducive business environment favoring the growth of small and medium-sized enterprises. strategic acquisitions of the regional military hardware manufacturing firms by international players has further strengthened the chances of growth in the region. this is estimated to create lucrative opportunities for the ballistic composites manufacturers in the benelux region, thereby enhancing their revenues and profitability. the benelux ballistic composites market is expected to register a cagr of more than 3 percent during the forecast period of 2018-2032. the market is expected to remain highly competitive with the emergence of new players. thus, the competition in the market is expected to further intensify in the coming years.