The ceramic armor market is projected to register a CAGR of 7.8%, in terms of value, between 2019 and 2024
NEW YORK, June 27, 2019 /PRNewswire/ -- The ceramic armor market is projected to register a CAGR of 7.8%, in terms of value, between 2019 and 2024.
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The ceramic armor market size is estimated to grow from USD 1.8 billion in 2019 to USD 2.6 billion by 2024, at a CAGR of 7.8% between 2019 and 2024. Ceramic armor is majorly used in the aerospace & defense industry owing to the superior ballistic protection offered by it.
Alumina material type is projected to register a higher CAGR, in terms of volume, between 2019 and 2024.
Ceramic armor manufactured using alumina material is expected to grow at the fastest rate during the forecast period, owing to the properties offered by alumina, such as high modulus of elasticity, refractoriness, and hardness.Also, it provides the best cost-benefit among other ceramic armor material type.
Additionally, the high demand for ceramic armor for the vehicle armor application is one of the major reason behind the high growth of alumina material type.
Vehicle armor application expected to register the highest CAGR between 2019 and 2024.
The vehicle armor application will register the highest CAGR in the ceramic armor market.The ceramic armor is significantly utilized for the manufacturing of vehicle armors as they provide excellent protection against the ballistic threats and projectiles.
Ceramic armor also offers superior protection to vehicles from extreme and unfavorable weather conditions, resistance against corrosion, and convenience in the mobility of the vehicles.
North America accounted for the largest market share in the ceramic armor market
North America is expected to be the major market for ceramic armor during the forecast period.Increasing demand for ceramic armor for body armor and aircraft armor is driving the growth of the ceramic armor market in North America.
The U.S. leads the market for ceramic armor in North America. Further, the increased budget for the military and huge investments for R&D of ceramic armor is also driving the growth of ceramic armor in the North American market.
Breakdown of primary interviews:
• By Company Type: Tier 1 - 30%, Tier 2 - 40%, and Tier 3 - 30%
• By Designation: C level - 30%, Director level - 25%, and Others - 45%
• By Region: North America - 24%, Europe - 20%, APAC -34%, MEA - 18%, and Latin America - 4%
The ceramic armor market comprises major manufacturers such as Saint-Gobain (France), 3M Company (US), Koninklijke Ten Cate BV (Netherlands), Coorstek, Inc. (US), CeraTec (Germany), BAE Systems (UK), II-VI Incorporated (US), Morgan Advanced Materials plc (UK), Safariland, LLC (US), and ArmorWorks Holdings, Inc. (US). The study includes an in-depth competitive analysis of these key players in the ceramic armor market, with their company profiles, recent developments, and key market strategies.
Research Coverage
The market study covers the ceramic armor market across segments.It aims at estimating the market size and the growth potential of this market across different segments, such as type, form, end-use industry, application, technology, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall ceramic armor market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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