Armor Materials Market

Armor Materials Market worth $15.2 billion by 2024

The report "Armor Materials Market by Materials Type (Metals & Alloys, Ceramics, Composites, Para-Aramid Fibers, UHMWPE, Fiberglass), Application (Vehicle, Aerospace, Body, Civil, Marine), and Region - Global Forecast to 2024", size was USD 10.7 billion in 2019 and is projected to reach USD 15.2 billion by 2024, at a CAGR of 7.2% from 2019 to 2024

Browse 118 market data Tables and 50 Figures spread through 187 Pages and in-depth TOC on "Armor Materials Market by Materials Type (Metals & Alloys, Ceramics, Composites, Para-Aramid Fibers, UHMWPE, Fiberglass), Application (Vehicle, Aerospace, Body, Civil, Marine), and Region – Global Forecast to 2024"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/armor-material-market-25444492.html

There is an increasing demand for more lightweight and efficient armor materials, in terms of protection, and the increasing investments for R&D are driving the market. The development of advanced armor materials using composites and nano-fibers is projected to be the driving factor for the armor materials market during the forecast period.

The armor materials market is estimated to grow at the highest rate in the APAC region, in terms of value. The market in this region is growing owing to the rising spending on defense and homeland security forces in countries such as India, China, Singapore, Thailand, and Australia. Increasing security concerns among neighboring countries, such as India-Pakistan, Pakistan-Afghanistan, China-India, China-Japan, and China-Taiwan, are driving the military forces in respective countries with the procurement of advanced weapon and armor systems.

Vehicle armor is the largest segment of the armor materials market.

The demand for armored vehicles is expected to grow at a significant rate across the globe. The growth of the market can be attributed to the increased deployment of these vehicles by defense forces of different countries to carry out overseas missions and anti-terror operations and rise in the number of cross-border conflicts worldwide. The use of advanced armor materials in these vehicles, incorporation of advanced sensors in them, and installation of countermeasure systems are expected to improve the capability of armored vehicles. Countries in the European and North American regions are carrying out various modernization programs to upgrade their armored combat vehicles.

Metals & alloys is estimated to be the largest material type of the armor materials during the forecast period.

Metals such as high-density steel, aluminum, and titanium, along with their alloys, are used as armor materials for the vehicle, aerospace, and marine armor systems. High-density steel, aluminum, and titanium dominated the metals & alloys segment among other metals used to manufacture armor materials in 2018. Metals & alloys are the cheapest materials used to produce armors. These armor materials procure special characteristics (robustness, strength, and toughness) by alloying, heat treatment, and working procedures, which enable them to fulfill different ballistic protection requirements.

North America is estimated to be the largest market for the armor materials market during the forecast period.

The US dominates the global market, followed by China and Russia. The market in North America and Europe is witnessing a substantial growth due to the ongoing modernization and upgradation of existing armored platforms to improve the combat capabilities of defense forces. Rising security concerns worldwide, coupled with the development of weapons and ammunition technology are driving the market. The volatile market conditions are due to the increasing incidences of armed conflicts, rising tension between neighboring countries, and growing instances of terrorism across the globe.

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), and Koninklijke Ten Cate BV (Netherlands).

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Armor Materials Market Size,  Share & Growth Report
Report Code
CH 4001
PR Published ON
12/4/2019
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