Ammunition Market

Ammunition Companies - General Dynamics Corporation (US) and Northrop Grumman Corporation (US) are the Key Players

The global ammunition market size is projected to grow from USD 28.0 billion in 2023 to USD 33.1 billion in 2028, at a CAGR of 3.4% from 2023 to 2028. The market is driven by a number of factors, including the rise in geopolitical tensions, territorial conflicts, and political unrest worldwide; rising military spending, which has resulted in the modernization and upgrading of armed forces; changes in the nature of warfare; military modernization projects in major economies; and the militarization of police forces.

The major players in the ammunition market are established players such as General Dynamics Corporation (US), Northrop Grumman Corporation (US), BAE Systems (UK), Thales (France), and Nammo AS (Norway) . These players have adopted various organic and inorganic growth strategies to strengthen their position in the market. These include contracts, partnerships, collaborations, and agreements, and research & development (R&D) activities further to expand their presence in the ammunition market.

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Major Ammunition companies include:

  • Northrop Grumman Corporation (US)
  • CBC Global Ammunition (Brazil)
  • BAE Systems (UK)
  • Thales Group (France)
  • General Dynamics Corporation (US)
  • Nammo AS (Norway)

General Dynamics Corporation

General Dynamics Corporation, an American aerospace and defense company, operates through four key business segments, namely, aerospace, marine systems, combat systems, corporate and technology. The combat systems business segment includes three business units, namely, land systems, European Land Systems, and ordnance and tactical systems.

The ordnance and tactical systems segment of General Dynamics is involved in manufacturing a broad spectrum of control actuator systems, missiles, rockets, weapon systems, and ammunition. Recognized as a leading manufacturer, the company produces large, medium, and Small-Caliber ammunition, mortars, artillery, non-lethal products, solid propellants, and force protection products. The ordnance and tactical systems segment operates across 23 combined manufacturing and sales locations in the US and Canada.

Specializing in 5.56mm and 0.50 caliber, Small-Caliber ammunition, the company manufactures training, ball, tracer, and armor-piercing Small-Caliber ammunition for armed forces. General Dynamics is a significant supplier of small-caliber ammunition for the Canadian armed forces. General Dynamics Ordnance and Tactical Systems-Canada Inc. have developed training systems under the Simunition, catering to military and law enforcement applications. The two offerings under this trademark are the FX training and SecuriBlank systems.

Northrop Grumman Corporation

Northrop Grumman Corporation holds a prominent position in the global aerospace and defense sector, ranking among the largest manufacturers of weapons and military technologies worldwide. With a footprint in North America, Europe, the Middle East, and Asia Pacific, the company solidified its standing by acquiring Orbital ATK in 2018, subsequently establishing it as the fourth business segment known as Northrop Grumman Innovation Systems.

As of December 31, 2023, Northrop Grumman operates through four distinct business segments, namely, aeronautics system, mission system, innovation system, and technology services. The innovation system segment focuses on designing, developing, integrating, and producing flight, armament, and space systems for defense, civil, and commercial clients. In this segment, defense systems manufacture various ammunition types, precision weapons, high-performance gun systems, and energetic materials.

Northrop Grumman's Worldwide Armament Supply Programs unit, part of Small-Caliber Systems, is a key systems integrator for procuring and delivering non-standard (non-NATO) supplies, including ammunition of different calibers. The company stands out as a leading global producer of Small-Caliber ammunition for military applications, manufacturing these products at the Lake City Army Ammunition Plant in Independence, Missouri, USA. Notably, 83% of the total sales from its Innovation Systems business segment, which includes Small-Caliber ammunition, originate from the United States.

BAE Systems

BAE Systems, a major player in the defense and aerospace arena, specializes in advancing and delivering cutting-edge systems for airborne, naval, and land forces. Its operations span five distinct business segments, namely, Air, Electronic Systems, Cyber & Intelligence, Platforms & Services (US), and Maritime.

Within the Platforms & Services (US) segment, the Weapon Systems division offers a comprehensive range of ammunition products. This segment emphasizes naval weapons, artillery, advanced weapons, precision munitions, high explosives, and propellants, catering to US, UK, and international customers.

BAE Systems is a proficient manufacturer of small, medium, and Large-Caliber ammunition, enjoying a robust presence across North America, Europe, the Middle East, and Asia Pacific. Notably, the company holds a prominent position as a leading producer of 5.56mm and 7.62mm ammunition for armed forces globally. Operating from a dedicated Radway Green, UK facility, BAE Systems can manufacture 1 million rounds of 5.56mm and/or 7.62mm ammunition daily. The company has pioneered advancements in ammunition technology, developing rounds with increased range and armor penetration while exploring innovations such as lightweight and lead-free ammunition. The UK military has been a loyal customer of BAE Systems for small-caliber ammunition since as far back as 1940.

Nammo AS

Nammo AS, also recognized as the Nordic Ammunition Company is a Norwegian/Finnish aerospace and defense enterprise formed in 1998 through collaboration between the Norwegian government and Finland's Patria, a defense manufacturer. The company, headquartered in Raufoss, Norway, boasted 2,700 employees in 2023. Operating across two key segments, Defense and Commercial, Nammo AS oversees four business units, namely, commercial ammunition, small and Medium-Caliber ammunition, Large-Caliber systems, and aerospace propulsion.

Diversifying its product offerings, Nammo provides shoulder-launched munition systems, military and sports ammunition, rocket motors catering to military and space applications, and eco-friendly demilitarization services. Business units such as Nammo Sweden, Nammo Raufoss (Norway), Nammo Lapua (Finland), Nammo Palencia (Spain), Nammo Tactical Ammunition (US), and Nammo NAD (Norway) specialize in offering small and Medium-Caliber ammunition for defense and law enforcement purposes. Recognized brands like Lapua, Schonebeck, Vihtavuori, and Berger Bullets are associated with Nammo's product line. With a presence in 13 countries through 30 sites and offices, the company's customer base predominantly resides in Europe and North America, comprising around 90% of its clientele.


Thales is actively involved in the manufacturing, marketing, and selling electronic equipment and systems, focusing on the aeronautics, naval, and defense sectors. Operating through four business segments, namely, Defense and Security, Aerospace, Transport, and Digital Identity & Security, the company's Defense and Security segment offers a range of products, including rocket systems, mortar systems, F90 assault rifles, smokeless propellants, and small arms ammunition. The major subsidiaries of Thales Group include Thales Australia Ltd., Thales Defense & Security Inc., Thales Transport & Security Ltd., Thales UK Ltd., and Thales Avionics Inc.

Australian Munitions, a business unit under Thales Australia Limited, specializes in manufacturing military-grade propellants, high explosives, pyrotechnics, small arms ammunition, medium/Large-Caliber ammunition, aerial delivered ordnance, grenades, and explosive charges. As the largest ammunition supplier to the Australian Defense Forces and a key provider of small arms ammunition to the New Zealand Defense Forces, Australian Munitions owns two distinct brands: ADI Powders and Australian Outback. The manufacturing facilities of Australian Munitions are located in Benalla, Victoria, and Mulwala, New South Wales.

Related Reports:

Ammunition Market by Application (Defense, Civil & Commercial), Caliber (Small, Medium, Large), Product (Bullets, Aerial Bombs, Granades, Artillery Shells, Mortars), Component, Guidance Mechanism, Lethality and Region – Global Forecast to 2028

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Ammunition Market Size,  Share & Growth Report
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