The growing demand of the armor in the vehicle & body armor sector, along with the increased application in civil armor equipments will boost the market growth.
New York, NY -- (SBWIRE) -- 04/14/2021 -- Armor Materials Market Size – USD 10.8 Billion in 2019, Industry Growth - CAGR of 7.3%, Industry Trends – Increasing investment in military and defense sector.
According to a new report by Reports and Data, the global Armor Materials market is forecasted to reach USD 18.97 Billion by 2027. The increasing security concerns and terrorism in countries globally is one of the major factors influencing demand. Based on the Global Terrorism Index, in 2018, approximately 71 countries reported experiencing at least one death from terrorism. Furthermore, the global economic impact of terrorism was around USD 33 billion in 2018. Countries, particularly in South Asia and the Middle East region such as Egypt, Libya, Afghanistan, Syria, and Iraq, have witnessed an increase in both terrorisms as well as battlefield deaths over the past decade as the security situation continues to deteriorate. This is projected to lead to a rise in the demand for armor for military and defense personnel, thereby driving market demand.
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The Key Companies Profiled in the Market are:
Saint-Gobain SA; Du Pont; DSM NV; Royal TenCate NV; Alcoa Inc.; Honeywell International Inc.; Saab AB; CoorsTek Inc.; Morgan Advanced Materials; CeramTec GmbH; Tata Steel; AGY Holding Corp.; and PPG Industries Inc.
Increasing investment in the military and defense sector globally is also a major factor fostering demand. Statistics show that in 2018, global defiance spending was over USD1.67 trillion. Apart from the U.S., China, Russia, and North Atlantic Treaty Organization (NATO), European member states increased their defense budgets by almost 4.2% in real terms in 2018. Similarly, developing countries such as India has also been focusing on expanding its defense expenditure.
The Asia Pacific region is projected to be the fastest-growing region with a 7.7% CAGR in the forecast period. Countries in the region, particularly China and India, have been focusing on increasing their spending on body armors for the defense sector. In February 2020, Communist China announced purchasing around 1.4 million body armor units over the next two years for war with Taiwan and the U.S. Similarly, Indian companies have also been focusing on providing armor with lighter materials. For instance, in 2019, MKU Limited, which produces ballistic protection for both the Indian Army and Navy, revealed investing in R&D for making lighter bulletproof jackets for the Indian Armed Forces.
The COVID-19 impact:
COVID-19 is expected to have a moderate impact on the market. The global production of products has suffered immensely due to the imposition of lockdown and social restrictions. With the majority of the economies, particularly in the Asian region crippled, the market is projected to witness disruption in the supply chain. Countries like China are still investing in body armors to prepare for war with Taiwan and the U.S. With the ease in restrictions and the government initiatives to start the economic activities, countries can hope for the imminent recovery of the market.
Further key findings from the report suggest
Rising concerns of governments globally towards soldier survivability and protection are expected to be the key driving factor for the market in the projected period. With increasing threats of war conditions and terrorist attacks, governments have been focusing on improved security systems.
Metal and Alloys accounted for a major share of the market. Increasing adoption of composite metal foam is anticipated to influence growth. In 2019, researchers in the North Carolina State University demonstrated that a half-weight, vehicle armor made of composite metal foam (CMF) could stop ball and armor-piercing. The researchers revealed achieving significant weight savings, which improved vehicle performance and fuel efficiency.
Aerospace armor is likely to witness significant growth in the forecast period. This can be associated with increasing investment by the government on fighter aircraft. Recently in February 2020, Germany and France signed a EUR 150 million deal to develop a prototype of the next-generation fighter jet. The prototype will see a total investment of about EUR 4 billion before it is completed in 2026.
In January 2020, Avon Rubber, the U.K.-based military technology provider, announced acquiring ballistic protection business of 3M Company for approximately USD 91 million.
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Material Type Outlook (Revenue, USD Million; 2017-2027)
Metals and Alloys
Ceramics
Composites
Para Aramid Fiber
Ultra High Molecular Weight
Polyethylene
Fiberglass
Others
Application Outlook (Revenue, USD Million; 2017-2027)
Vehicle Armour
Aerospace Armour
Body Armor
Civil Armor
Marine Armor
Regional Outlook (Revenue, USD Million; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
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Table of contents
Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Executive Summary
2.1. Summary Snapshot, 2019-2027
Indicative Metrics
Armor Materials Market Segmentation & Impact Analysis
4.1. Armor Materials Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market Indicators Analysis
4.2.2. Market Driver Analysis
4.2.2.1. Increasing Security Concerns in 2nd & 3rd World Countries
4.2.2.2. Pressing Issues like Internal Security Measures
4.2.2.3. Advancement in Ammunitions and Weaponry
4.2.3. Market Restraint Analysis
4.2.3.1. Regulations by Government
4.2.3.2. Failure to provide Complete Protection
4.2.4. Market Opportunities Analysis
4.2.4.1. Next Generation Military Programs
4.2.4.2. Requirement for Lightweight Tactical Equipment
4.2.4.3. Drastic changes in Modern Warfare Situations
4.2.5. Market Challenges Analysis
4.2.5.1. Expensive Light Weight Armours
4.2.5.2. Modernisation of Other Types of Armour
4.3. ETOP Analysis
4.4. Porter's Five Forces Analysis
4.5. Competitive Metric Space Analysis
4.6. Price trend Analysis
4.7. Customer Mapping
4.8. Covid-19 Impact Analysis
4.9. Global Recession Influence
……………………
Company Profiles
9.1. Tata Steel
9.1.1. Company Overview
9.1.2. Financial Performance
9.1.3. Technology Insights
9.1.4. Strategic Initiatives
9.2. Teijin Limited
9.2.1. Company Overview
9.2.2. Financial Performance
9.2.3. Technology Insights
9.2.4. Strategic Initiatives
9.3. Alcoa Corporation
9.3.1. Company Overview
9.3.2. Financial Performance
9.3.3. Technology Insights
9.3.4. Strategic Initiatives
9.4. Honeywell International Inc.
9.4.1. Company Overview
9.4.2. Financial Performance
9.4.3. Technology Insights
9.4.4. Strategic Initiatives
Continued……………
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