New York (US), July 12, 2023 (GLOBE NEWSWIRE) -- Armor Materials Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), “Armor Materials Market Information by Material Type, by Application, and Region - Forecast till 2032", The armor materials market will surge from USD 12.3 Billion in 2023 to USD 20.8 Billion by 2032, with a CAGR of 6.80% from 2023 to 2032.
Market Synopsis
Armor materials are specialized substances with the capacity to deflect or withstand the force of projectiles. There are many different types of armor materials on the market, and producers are vying hard to create strong, lightweight armor materials. Being able to carry extra ammunition or other useful equipment with military troops is made possible by the use of lightweight and effective armor materials.
As a result of growing safety concerns, military and security spending has been steadily rising over the world. In developing nations, political unrest and internal strife have raised the demand for armor materials for security forces.
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Market Competitive Landscape:
The top manufacturers of armor materials include
- DuPont
- DSM
- Honeywell International Inc
- Saint-Gobain
- 3M
- KONINKLIJKE TEN CATE BV.
- ATI
- SAAB AB
- CERAMTEC
- CoorsTek Inc.
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 20.8 Billion |
| CAGR | 6.80% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Significant growth in the military and defense industries and growing demand for homeland security |
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Market USP Covered:
Market Drivers:
The noticeable rise of the military and defence industries is one of the primary elements promoting a positive outlook for the market. Armor materials are regularly used to protect soldiers in battle and minimize the force of approaching weapons and projectiles. The device is widely used to protect military vehicles from missiles, bullets, and shrapnel, which is also promoting market expansion. Numerous product developments, such as the introduction of lightweight armor materials that are extremely flexible and sustainable and provide consumers with enhanced protection, are leading to the market's expansion. Accordingly, the marine industry's expanding requirement for goods to protect assets from underwater torpedoes, shellfire, and ultraviolet (UV) rays is favorably influencing market growth.
The market for armor materials is also significantly influenced by the expanding demand from the Defence and security sectors. Due to the increased need for high-tech armor materials to protect people, vehicles, and essential infrastructure from ballistic, explosive, and other threats, this market is growing. Due to rising geopolitical tensions, particularly in the Middle East and Asia Pacific, the need for armor materials has surged. Nations are boosting their defense budgets and investing in state-of-the-art armor systems in order to protect themselves against potential threats.
One of the major reasons behind the robust growth of the armor materials market during the forecast period is the rise in security concerns in emerging nations. Additionally, it is anticipated that the market for armor components would expand as need for homeland security rises. Furthermore, it is anticipated that the growth of the market for armor materials will be constrained by the development of lethal ammunition and weapons.
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Opportunity
A factor that can be a great opportunity will be the widespread use of ultra-high-molecular-weight polyethylene in the manufacture of flexible, light-weight, and durable bulletproof vests, as well as the implementation of numerous government initiatives to support soldier modernization strategy, particularly in developing nations.
Market Restraints:
Government restrictions on armor manufacturing and sales limit market expansion. One of the most strictly regulated businesses in the world is the defence and security sector. Armor, weapons, and other related things are produced and sold under government supervision for security reasons. Additionally, official approval is required for sales to other nations or businesses.
COVID 19 Analysis
COVID-19 had an impact on the world economy by lowering the demand, disrupting the supply chain in the market, and having a financial impact on businesses and financial markets. The defence sector has also been affected. The dynamics of the sector have changed as a result of decreased demand and delayed product deliveries.
The production of defence products was slowed down as a result of the significant impact on the defence industry. Due to budget cuts brought on by COVID-19, the Department of Indian Military Affairs requested all of the armed forces to postpone their capital purchases. South Korea intended to save USD 245 million from the nation's defence budget as a result of COVID-19. Thus, the defence industry faced hitherto unheard-of difficulties as a result of falling defence spending and a production halt brought on by the lockdown.
Market Segmentation
By Material Type
As per Material Type, the Armor Materials Market is considered for metals & alloys, composites, para-aramid fibre, UHMWPE, fibreglass, and others. The category of metals and alloys had the largest market share in 2022. This is because titanium and its alloys are increasingly being used in military vehicles and armor, which is expected to drive market expansion. Because of its low density and exceptional corrosion resistance, titanium is frequently utilised to make lighter cars and body armor.
Using Application
Vehicle armor, aerospace armor, body armor, civil armor, and marine armor are all included in the segmentation of the armor materials market based on application. The segment for vehicle armor had the most market share in 2022.
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Regional Insights
In 2022, the global market was headed by North America (45.80%). This is primarily due to the terrorism-related rise in homeland security concerns. The United States has the largest military force in the world and spends the most money on it. There are growing geopolitical and bilateral conflicts among the major nations. Additionally, the growth in terrorist activities has increased demand for armor materials used in the manufacture of defence equipment.
The United States and Saudi Arabia also came to a significant agreement for the supply of weapons in addition to the F-35 combat aircraft. The largest American producer of fighter aircraft, Lockheed Martin, intends to almost double its current yearly production to more than 160 aircraft by 2023.
Europe occupies a massive share of the worldwide market. The development of cutting-edge armor systems and materials for automobiles and aerospace, as well as the growing demand for homeland security applications, are to blame for this. Additionally, a number of amendment acts in the region support the use of domestically manufactured goods like armor materials (steel, fibre) and thus contribute to the expansion of the regional market. In addition, the German armor materials market had the biggest market share, and the armor materials market in the United Kingdom had the quickest rate of growth in the region of Europe.
From 2023 to 2032, the market for armor materials in Asia-Pacific is anticipated to develop at the quickest rate. An rise in military activities is to blame for this. The modernization of military programmes in countries like China, Japan, and South Korea is also predicted to increase demand for the components used in vehicle and aerospace armor. Additionally, the Indian market for armor materials was expanding at the quickest rate in the Asia-Pacific area, while China's market for such materials had the biggest market share.
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