Armor Materials Market Overview
Armor materials refer to the materials which are used to strengthen and upgrade the armor. These armor materials are used in various armors such as helmet, vest, vehicle and others. Several global armor material manufacturers are developing and manufacturing light weight and durable armor materials. These lightweight armor systems are more effective in complex situations.
Market Size and Forecast
Global armor materials market is anticipated to register a CAGR of 7.1% over the forecast period 2017-2024. Additionally, the market of armor materials was held at a valuation of USD 8.9 Billion in 2016 and is expected to reach 13.2 Billion by the end of 2024. This significant growth of the armor materials market can be attributed to rising security concerns. Further, development and manufacturing of advance armor and weapons is expected to strengthen the growth of armor materials market.
In the regional platform, North America is the largest market in the term of market share of overall armor materials market. Further, North America is expected to continue its dominance over the forecast period. The market of armor materials is majorly driven by the rising demand for homeland security. U.S.is expected to contribute significant revenue to global armor materials market during the forecast period. Rising demand for advanced armor system for military applications is likely to drive the growth of armor materials market in the country.
Asia Pacific armor materials market is expected to grow at a significant pace over the forecast period. Further, the market of armor materials in Asia Pacific is projected to grow at highest CAGR during the forecast period. The demand for armor materials in Asia Pacific is expected to get escalated by the ongoing military modernization programs. Increase in defense budgets is envisioned to positively impact the growth of armor materials market. Moreover, rising terrorism activities in Asia Pacific countries is expected to fuel the demand for armor materials during the forecast period.Based on product, global armor materials market is further segmented into metal & alloys, ceramic & composites, para-aramid fibers, fiberglass and ultra-high molecular polyethylene. The metals & alloys segment is expected to hold largest market share during the forecast period due to their low cost. However, ceramic & composites segment is forecasted to grow at highest CAGR during the forecast period.
Our in-depth analysis has segmented global armor materials market into the following segments:
Global armor materials market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Rising security concerns in various nations is driving the growth of the global armor materials market. Further, increasing terrorism activities across the globe is anticipated to increase the demand for armor materials during the forecast period. Moreover, increasing defense budgets and modernization of military is anticipated to augment the growth of the armor materials market. Further, research & development of advanced armor materials such as light weight syntactic armor material (L SAM) is envisioned to bolster the growth of armor materials market. In contrast, high cost of production is expected to limit the growth of global armor materials market during the forecast period. Further, fluctuations in the raw material price are likely to hamper the growth of the armor material markets globally. Apart from this, stringent government regulations limiting the clients of manufacturers are expected to negatively impact the expansion of the armor materials market.
Scope and Context
Overview of the Parent Market
The global armor materials market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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