Visiongain has published a new report entitled Vehicle Armour Materials Market Report 2024-2034: Forecasts by Armour Type (Passive Armour, Active Armour, Reactive Armour), by End-user (Military and Defence, Law Enforcement, Commercial Security, Other), by Vehicle Type (Armoured Personnel Carriers (APCs), Main Battle Tanks (MBTs), Infantry Fighting Vehicles (IFVs), Light Utility Vehicles (LUVs), Military Trucks and Transport Vehicles), by Type (Steel, Composite Materials, Ceramic Materials, Aramid Fibre, Glass Reinforced Plastic (GRP), Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global vehicle armour materials market was valued at US$6.20 billion in 2023 and is projected to grow at a CAGR of 6.7% during the forecast period 2024-2034.
Focus on Weight Reduction and Mobility
The focus on weight reduction and mobility is a significant driver for the vehicle armour materials market. Military and law enforcement agencies are increasingly seeking lightweight armour solutions that do not compromise on protection. Lighter armoured vehicles offer several advantages, including improved fuel efficiency, greater mobility, and reduced logistical challenges.
The use of advanced materials such as high-strength alloys, composites, and ceramics is helping to achieve these objectives. For instance, composite materials, which combine the properties of multiple substances, can provide high levels of protection while being significantly lighter than traditional steel armour. This weight reduction enhances the vehicle’s speed and manoeuvrability, which is crucial in combat and high-risk situations. The continuous development of lightweight and high-strength materials is essential in meeting the evolving demands for mobility and protection, driving the growth of the vehicle armour materials market.
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How has COVID-19 had a significant negative impact on the Vehicle Armour Materials Market?
The COVID-19 pandemic has significantly impacted the Vehicle Armour Materials Market, introducing a range of challenges and opportunities across the industry. Initially, the pandemic disrupted global supply chains, leading to shortages of raw materials and components essential for vehicle armour production. This disruption resulted in delays in manufacturing processes and project timelines for both new armoured vehicle production and maintenance of existing fleets. Companies faced logistical challenges, workforce shortages due to lockdowns and restrictions, and reduced operational capacities, all of which hindered the smooth functioning of the market.
Moreover, the economic slowdown caused by the pandemic affected government budgets allocated for defence and security expenditures, including armoured vehicle procurements. Many countries had to reassess their spending priorities, diverting funds towards healthcare and pandemic response efforts rather than military modernization projects. This shift in budget allocation further delayed or postponed contracts and acquisitions within the vehicle armour materials market, impacting revenues and growth projections for manufacturers and suppliers.
How will this Report Benefit you?
Visiongain’s 367-page report provides 117 tables and 182 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global vehicle armour materials market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Vehicle Armour Materials. Get financial analysis of the overall market and different segments including armour type, end-user, vehicle type and type and capture higher market share. We believe that there are strong opportunities in this fast-growing vehicle armour materials market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Growing Adoption in Civilian Applications
The application of vehicle armour materials is not limited to military and law enforcement sectors but is also expanding into civilian markets. There is an increasing demand for armoured vehicles in sectors such as banking, VIP transportation, and media, where the protection of personnel and assets is paramount. High-profile individuals, corporate executives, and journalists operating in conflict zones or regions with high crime rates often require armoured vehicles for their safety.
Companies like Mercedes-Benz and BMW offer civilian armoured vehicles that use advanced materials like bulletproof glass and lightweight composites to provide protection without compromising on comfort and performance. The growing awareness of security threats and the need for personal protection are driving the adoption of armoured vehicles in civilian applications, contributing to the overall growth of the vehicle armour materials market.
Increasing Defence Modernisation Programs
Defence modernisation programs initiated by various countries are driving the demand for advanced vehicle armour materials. These programs aim to upgrade and enhance the capabilities of military forces by integrating the latest technologies and equipment. A key component of these programs is the modernisation of armoured vehicle fleets, which involves the adoption of new armour materials that offer superior protection and performance. For example, the U.S. Army’s Next-Generation Combat Vehicle (NGCV) program focuses on developing advanced armoured vehicles with enhanced survivability, mobility, and lethality.
Similarly, countries in Europe and Asia are investing in modernising their armoured vehicle fleets to address evolving security threats. These initiatives require the use of state-of-the-art armour materials, driving research, development, and procurement activities in the vehicle armour materials market. As defence modernisation programs continue to advance, the demand for innovative armour solutions will remain a key growth driver.
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Where are the Market Opportunities?
Expanding Global Military Presence and Operations
The expanding global military presence and operations are contributing to the growth of the vehicle armour materials market. Many countries are increasing their military deployments in response to geopolitical tensions, regional conflicts, and peacekeeping missions. These operations often take place in hostile environments, necessitating the use of armoured vehicles equipped with advanced protection to ensure the safety of personnel.
For instance, the increasing military presence of NATO forces in Eastern Europe and the deployment of United Nations peacekeeping missions in Africa and the Middle East require robust and reliable armoured vehicles. The need to protect troops and equipment in these volatile regions drives the demand for high-performance armour materials. Additionally, as military operations extend to new and diverse theatres, the development and procurement of specialised armour materials tailored to specific threats and conditions become increasingly important.
Innovation in Multi-Threat Protection Solutions
Modern armoured vehicles must provide protection against a wide range of threats, including ballistic projectiles, explosive blasts, and chemical attacks. This requires the development of advanced materials and technologies that can address multiple threats simultaneously. For example, hybrid armour systems that combine different materials, such as ceramics and composites, offer enhanced protection against both ballistic and blast threats.
Similarly, the integration of active protection systems (APS) with traditional armour materials provides additional layers of defence by intercepting and neutralising incoming threats before they impact the vehicle. Companies are also exploring the use of smart materials that can adapt their properties in response to different threats, providing dynamic and versatile protection. These innovations are essential in meeting the complex and evolving protection requirements of modern military and law enforcement operations, driving the growth of the vehicle armour materials market.
Competitive Landscape
The major players operating in the vehicle armour materials market are AGY Holding Corp, Alcoa Corporation, Armourworks Enterprises, LLC, ATI Inc., Cerco Corporation, CoorsTek, Inc., CPS Technologies Corp, DuPont de Nemours, Inc., Honeywell International Inc, JPS Composite Materials, Leeco Steel, Morgan Advanced Materials plc, PPG Industries, Inc., SSAB AB, Teijin Limited, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 11 March 2024, Alumina Limited (ASX: AWC) and Alcoa (NYSE: AA or "Alcoa") have signed a legally binding Scheme Implementation Deed (the "Agreement"), according to which Alcoa will purchase Alumina Limited in an all-stock, or all-scrip, transaction. The provisions of the Agreement are in accordance with the previously disclosed and agreed-upon transaction process deed.
- 22 Jan 2024, An exclusive agreement to supply body armour built with Kevlar® EXOTM aramid fibre to North American State and Local Law Enforcement departments was signed by DuPont (NYSE: DD) and Point Blank Enterprises (PBE), a global leader in protective solutions for military and law enforcement professionals.
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To find more Visiongain research reports on the defence sector, click on the following links:
- Military Armoured Vehicle Market Report 2024-2034
- Military Body Armour & Personal Protective Equipment (PPE) Market Report 2022-2032
- Military Armoured Vehicles Upgrade & Retrofit Market Report 2020-2030
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