NEW YORK, May 2, 2016 /PRNewswire/ -- "Armor materials market to reach USD ~10.54 billion by 2020"
The global armor materials market is projected to reach USD ~10.5 billion by 2020 at a CAGR of 6.8% between 2015 and 2020. The growth is attributed to rising security concerns, increasing demand for homeland security, and development of advanced armor materials suitable for urban warfare arenas, wherein modern weapons, such as Improvised explosive devices (IEDs) and Rocket Propelled Grenades (RPGs) are used.
"Vehicle armor to dominate the market among all applications"
Vehicle armor has been projected to control the major share of the armor materials market by 2020. Need to reduce the weight of armored vehicles to increase effectiveness and provide protection from advanced weapons and ammunitions are expected to be the major driver for the vehicle armor segment during the forecast period.
"Asia-Pacific to dominate the armor materials market"
Asia-Pacific has been estimated to dominate the armor materials market by 2020. Increasing demand for armor materials in the region can be attributed to military modernization programs by countries, such as China and India. The increasing political tensions between various countries in the region, as well as internal conflicts, are also driving the growth of the market in the region.
The primary interviews were conducted to gather market insights from industry experts of the armor materials market across small-, mid-, and large-sized companies from different regions of the world. The breakdown of primary interviews is given below:
- By Company Type - Tier 1 – 54%, Tier 2 – 38% and Tier 3 – 8%
- By Designation – C level – 46%, Director level – 40%, Others – 14%
- By Region – North America - 36%, Europe – 25%, APAC – 21%, RoW – 18%
This report also identifies market dynamics, such as drivers, restraints, and opportunities. The major companies involved in this market, such as ATI (U.S.), DuPont (U.S.), Royal TenCate (Netherlands), and DSM (Netherlands), have been comprehensively profiled in this report.
Reasons to buy this report:
- Detailed analysis and forecast in terms of volume and value provided for various applications, such as metals & alloys, ceramics & composites, para-aramid fibers, UHMWPE, fiberglass, and others
- Detailed and comprehensive competitive landscape of top market players, providing insights about various growth strategies of various companies in the armor materials market
- Various market drivers, restraints, and opportunities have been discussed in detail in this report.
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