In terms of value, the armor materials market is estimated to grow from USD 10.7 billion in 2019 to USD 15.2 billion by 2024, at a CAGR of 7.2%
NEW YORK, Dec. 30, 2019 /PRNewswire/ --
Growth in the aerospace armor application segment is expected to drive the armor materials market.
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In terms of value, the armor materials market is estimated to grow from USD 10.7 billion in 2019 to USD 15.2 billion by 2024, at a CAGR of 7.2%. Increasing security concerns in developing economies and increasing demand for homeland security are the major drivers of the armor materials market. Military modernization programs, security concerns, and political unrest worldwide have triggered the need for armors, thus boosting the armor materials market.
Asia Pacific is the most attractive market for armor materials, as China, India, South Korea, Japan, and Australia are spending heavily on defense activities owing to the rising conflicts and tensions with their neighboring countries. The Middle East & Africa has been suffering from severe political unrest, thus boosting the need for advanced armor materials.
Ceramics expected to be the fastest-growing segment of the armor materials market, in terms of volume and value, between 2019 and 2024
The ceramics segment is expected to witness the highest growth in terms of volume and value during the forecast period.Ceramic armor offers various advantages such as superior hardness, low weight, durability, design flexibility, and high resistance to creep and stress rupture at a temperature of up to 3,002.
Ceramic armor is composed of ceramic and few fibers that withstand the blasts, and thus it is used in vehicles and body armors.
Advances and developments have compelled the defense industry worldwide to upgrade armor protection systems to counter the rising threats efficiently. The challenging defense armor vehicles have encouraged ceramic armor manufacturers to integrate many armor materials in a single solution to offer better protection while maintaining the overall weight of the vehicle and providing the solutions at a lower cost.
North America is the largest armor materials market.
In terms of value, North America is the largest market for armor materials, followed by Europe and Asia Pacific.Asia Pacific is the fastest-growing armor materials market.
North America is estimated to continue its investment in soldier security owing to the on-going modernization programs.The US military is undertaking many equipment upgrading programs, which will continue to increase the demand for armor materials in the region.
The US was a leading market in terms of consumption of armor materials because of its massive defense spending in 2018.The defense budget in the country is threefold larger than the budget allocated in China, which is the second-largest armor material consumer in the world.
The US Air Force has planned to purchase 70 F-35 fighter aircraft worth USD 10.3 billion, which is expected to increase the demand for armor materials. The US used add-on armor kits on vehicles, which made them heavyweight and posed concerns, such as lack of fuel efficiency, suspension failure, and issues pertaining to mobility and functionality. This has compelled the country to improve the armor designs and requirements, thereby increasing the demand for lightweight armor materials such as ceramics, composites, and para-aramid fibers.
• By Company Type: Tier 1 - 67%, Tier 22%, and Tier 11%
• By Designation: C-Level - 11%, D Level-16% , Others 73%
• By Region: Asia Pacific – 45%, Middle East & Africa – 21%, North America -20%, Europe – 12% South America – 2%
Note: Other designations include sales managers, marketing managers, and product managers.
The key players profiled in the report include DuPont de Nemours, Inc (US), Koninklijke DSM N.V (Netherlands), Honeywell International Inc. (US), 3M Company. (US), Saab AB (Sweden), Koninklijke Ten Cate BV (Netherlands), Compagnie de Saint-Gobain SA (France), Teijin Limited (Japan), Tata Steel Limited (India), Alcoa Inc. (US), and Allegheny Technologies, Inc (US).
Research Coverage
This report segments the market for armor materials based on materials type, application, and region and provides estimations of volume (kiloton) and value (USD million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, key strategies, associated with the market for armor materials.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the armor materials market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on armor materials offered by top players in the global market
• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for armor materials across regions
• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global armor materials market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the armor materials market
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