Armor Materials Market
: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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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:
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.CLICK TO DOWNLOAD FREE SAMPLE
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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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