Market Research Future (MRFR) has published a cooked research report on the “Global Armor Materials Market” that contains information from 2018 to 2032. The Armor Materials market is estimated to register a CAGR of 6.80% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Armor Materials market— DuPont, DSM, Honeywell International Inc, Saint-Gobain, 3M, KONINKLIJKE TEN CATE BV., ATI, SAAB AB, CERAMTEC, and CoorsTek, Inc.
Armor Materials Market Highlights
The global Armor Materials market is accounted to register a CAGR of 6.80% during the forecast period and is estimated to reach USD 20.8 Billion by 2032.
Due to rising worries over the security of homelands and the demand for body armor and cutting-edge weapons to increase soldier survivability, it is predicted that the market for armor materials will expand. During the projected period, the market for armor materials will increase due to the increasing need for car, marine, and aircraft protection. The market is comprehensively evaluated in the study on the global armor materials market. The research provides a thorough analysis of the market's key segments, trends, drivers, restraints, competitive environment, and other important elements.
Segment Analysis
The global armor materials market has been segmented based material type and application.
On the basis of material type, the market is segmented into metals & alloys, composites, para-aramid fiber, UHMWPE, fiberglass, and others. The metals and alloys category 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.
Based on application, the global Armor Materials market has been segmented into vehicle armor, aerospace armor, body armor, civil armor, and marine armor. The category for vehicle armor had the largest market share in 2022. Vehicle armor is the most popular use of armor materials due to the high need for protection in the defense and security sectors.
Regional Analysis
The global Armor Materials market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Armor Materials market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Armor Materials market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Armor Materials market comprises of Middle East, Africa, and Latin America.
Due to the presence of a mature military and security industry in nations like the United States and Canada, the North American region will continue to dominate the worldwide armor materials market in 2022. These nations invest extensively in the creation and acquisition of cutting-edge armor systems and have sizeable military budgets. The market also gains from ongoing technological developments, such as the creation of high-performance and lightweight materials including advanced fibers, composites, and ceramics. Numerous industries, including defense, law enforcement, and personal protection, use these materials.
Additionally, during the course of the projected period, the Europe market has consistently expanded due to a demand for lightweight, highly effective protection solutions. In order to improve the performance of armor materials and create novel solutions, European businesses are actively engaged in research and development operations. Applications for armored vehicles and civilian protection gear in the automobile industry are also included in the market.
Due to rising defense spending, geopolitical unrest, and the demand for cutting-edge security measures, the Asia Pacific Armor Materials market is anticipated to expand at the fastest rate. A number of nations, including China, India, Japan, and South Korea, have thriving military industries and make investments in the creation and procurement of systems and materials for armor. Additionally, there is a rising need for armor materials for uses in law enforcement and personal defense. The market in this area is distinguished by the uptake of cutting-edge technology and the growth of domestic armor material production capabilities.
In addition, the Middle East, Africa, and Latin America make up the balance of the world's Armor Materials market. This expansion is ascribed to the defense industry, specifically for body armor, other protective gear, and military vehicle protection. Applications in the private security and law enforcement sectors are also included in the market.
Key Findings of the Study
- The global armor materials market is expected to reach USD 20.8 Billion by 2032, at a CAGR of 6.80% during the forecast period.
- The Asia Pacific region accounted for the fastest-growing global market owing to increasing defense budgets, geopolitical tensions, and the need for advanced protection solutions
- Based on type, the metals and alloys segment was attributed to holding the largest market in 2022
- DuPont, DSM, Honeywell International Inc, Saint-Gobain, 3M, KONINKLIJKE TEN CATE BV., ATI, SAAB AB, CERAMTEC, and CoorsTek, Inc.
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Companies Covered | 15 |
Pages | 128 |
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