Newark, Sept. 12, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global armor materials market is expected to grow from USD 8.74 billion in 2020 to USD 20.20 billion by 2028, at a CAGR of 10.50% over the forecast period 2021-2028.The market in the Asia Pacific is expected to grow at the highest CAGR over the forecast period.Demand for armor materials is increasing in this region due to military modernization programs by countries such as India and China. Increasing tensions and internal conflicts between countries in the region are also driving the armor materials market in the region.
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Armor Materials Market Size by Material Type (Metals & Alloys, Ceramics, Composites, Para-Aramid Fibers, UHMWPE, Fiberglass), Application (Vehicle, Aerospace, Body, Civil, Marine), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028.
|Market Size in 2020||USD 8.74 Billion|
|Projected Market Size in 2028||USD 20.20 Billion|
|CAGR Growth Rate||10.50%|
|Key Market Players||3M Ceradyne Inc., AGY Holding Corp., Allegheny Technologies Incorporated, CeramTec GmbH, Compagnie de Saint-Gobain SA, CoorsTek Inc., DSM NV, E. I. Du Pont De Nemours and Company, Honeywell International Inc., Morgan Advanced Materials, PPG Industries Inc., Royal TenCate NV, Saab AB, Saint-Gobain SA, Tata Steel Limited|
|Key Segment||Material Type, Application|
|Major Regions Covered||Asia Pacific, Europe, South America, North America, and Middle East & Africa.|
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Key players in the global armor materialsmarket are 3M Ceradyne Inc., AGY Holding Corp., Allegheny Technologies Incorporated, CeramTec GmbH, Compagnie de Saint-Gobain SA, CoorsTek Inc., DSM NV, E. I. Du Pont De Nemours and Company, Honeywell International Inc., Morgan Advanced Materials, PPG Industries Inc., Royal TenCate NV, Saab AB, Saint-Gobain SA, Tata Steel Limited among others.Armor is usually used to protect against damage by objects, individuals or vehicles, weapons or projectiles that come into direct contact during combat, or damage caused by potentially dangerous environments or activities (construction sites, cycling, etc.). With the emergence of terrorism and the use of powerful personal weapons by criminals, armor in now worn by police, civilian non-military security forces, and even non-combatants who may be the target of attacks.
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The type segment is divided into metals & alloys, ceramics, composites, para-aramid fiber, ultra-high-molecular-weight polyethylene, fiberglass, and others. The metal & alloys segment led the armor materials market with a market share of around 31% in 2020. Metals such as high-density steel, titanium, and aluminum, along with their alloys, are used as armor materials in aerospace, vehicle, and marine armor systems. These armor materials gainspecial properties (strength, robustness, and toughness) through alloying, heat treatment, and working procedures, and can meet a variety of ballistic protection requirements, thus boosting the metal segment demand in the armor materials market.The application segment includes vehicle armor, aerospace armor, body armor, civil armor, and marine armor. The body armor segment is estimated to grow at the highest CAGR of 12.5% over the forecast period because of the rapid development of weapons and ammunition.
The growing demand for advanced armor from defense and law enforcement sector is a key factor boosting the growth of the global armor materials market. Increasing security concerns, coupled with the rise in global terrorist activity, are factors driving growth in target markets.Moreover, increasing investments in military and defense wars by various governments to strengthen their status in war situations could expand the market over the forecast period.However, the high cost of armor materials may hinder the growth of the global armor materials market over the forecast period.
About the report:
The global armor materialsmarket is analysed on the basis of value (USD billion).All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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