Rising security concerns in the emerging economies is driving the growth of the Armor Materials Market
The armor materials market is estimated at USD 8.67billion in 2022 and is projected to reach USD 12.11 billion by 2031, at a CAGR of 6.92% from 2022 to 2031.
The growth of this market is majorly attributed to the rising conflicts in emerging countries, such as China, India, and Brazil. Furthermore, the increasing demand for lightweight protection solutions is another significant factor driving the growth of the armor materials market. However, high procurement and raw material costs are expected to negatively affect market growth.
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The body armor segment to register the highest CAGR between 2022 and 2031
Body armor segment is projected to grow at the highest CAGR in the armor materials market, in terms of value and volume, between 2022 and 2031. This growth is attributed to the increasing security concerns in the emerging economies and to provide protection to law enforcement and military personnel. The rapid development of weapons and ammunition is also a driving factor for the growth of the body armor segment.
North America is expected to account for the largest share of the armor materials market, whereas the market in the Asia Pacific is expected to grow at the highest CAGR between 2022 and 2031
On the basis of region, the armor materials market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America is projected to account for a major share of the armor materials market by 2031, which can be attributed to the increasing demand for homeland security applications and the development of advanced armor systems for the US Army.
The market in the Asia Pacific is expected to grow at the highest CAGR between 2022 and 2031. There is increasing demand for armor materials in the region on account of military modernization programs by countries such as China and India. The increasing tensions between countries in the region, as well as internal conflicts, are also driving the armor materials market in the region.
Breakdown of primaries:
Primary interviews were conducted with a number of industry experts to collect information related to the armor materials market. The breakdown of primary interviews is depicted below:
• By Company: Tier 1 – 30%, Tier 2 – 43%, and Tier 3 – 27%
• By Designation: C Level – 21%, Director Level – 23%, and Others – 56%
• By Region: North America – 30%, Europe – 18%, Asia Pacific – 41%, and South America and Middle East & Africa – 11%
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Key companies supplying armor materials are:
• E. I. Du Pont De Nemours and Company (US)
• DSM NV (Netherlands)
• Honeywell International Inc. (US)
• Compagnie de Saint-Gobain SA (France)
• Allegheny Technologies Incorporated (US)
• 3M Ceradyne, Inc. (US)
• Alcoa Corporation (US)
• Royal TenCate NV (Netherlands)
• Saab AB (Sweden)
• CoorsTek Inc. (US)
• Morgan Advanced Materials (UK)
• CeramTec GmbH (Germany)
• Tata Steel Limited (India)
• AGY Holding Corp. (US)
• PPG Industries Inc. (US)
This report segments the armor materials market on the basis of product type, application, and region, and provides estimations for the overall value of the market and its subsegments across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key growth strategies, and recent developments (such as expansions, new products & technology launches, acquisitions, partnerships, agreements, and joint ventures) associated with the armor materials market.
Reasons to buy the report:
This report will help leaders/new entrants in this market in the following ways:
• Will have a better understanding of the armor materials market
• Will provide information on key market drivers, restraints, challenges, and opportunities
• Will help gain insights regarding competitors and their positions in the armor materials market
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