Ballistic resistant composite materials having high positive buoyancy in water are provided. More particularly, provided are foam-free, buoyant composite materials fabricated using dry processing techniques. The materials comprise fibrous plies that are partially coated with a particulate binder that is thermopressed to transform a portion of the binder into raised, discontinuous patches bonded to fiber/tape surfaces, while another portion of the particulate binder remains on the fibers/tapes as unmelted particles. The presence of the unmelted binder particles maintains empty spaces within the composite materials which increases the positive buoyancy of the composites in water.