With heightened rivalry among key players, the global armor materials market demonstrates a highly competitive landscape, a new report by Report Ocean states. The main market participants, such as DuPont, DSM, Honeywell, 3M, Alcoa, and Allegheny, are constantly striving to gain maximum market presence through various marketing strategies, such as innovation and technological advancements.
The research report is titled as “Global Armor Materials Market Size study, by Type (Metals & Alloys, Ceramics, Composites, Para-Aramid Fibers, UHMWPE, Fiberglass), Application (Vehicle, Aerospace, Body, Civil, Marine) and Regional Forecasts 2020-2027.”
According to the research report, the worldwide armor materials market stood at US$10.53 bn in 2019. Analysts suggest that the market will rise at 7.20% CAGR between 2020 and 2027 and present lucrative opportunity for market players to grow.
The global armor materials market mainly derives its growth from the increasing need for safety and security across the world. The alarming rise in terrorist attacks, political unrest, and cross-border tension has raised concerns over vehicle protection and security of high profile individuals and army personnel. Militaries and law enforcement authorities in various countries are on constant lookout for efficient solutions to ensure security.
Let us have a look at recent developments:
- In 2019, the Ministry of Defense and the Ministry of Economic Development of Italy made an announcement of jointly investing US$8.2 bn in the defense industry for modernization of the defense system.
- As per the Stockholm International Peace research institute (SPIRI), the US government has raised their defense spending by 5.30% in 2019 compared to that of in 2018. Reaching a total of US$732 bn, the US defense spending accounts for around 38% of the overall defense spending of the world.
The demand for body armors and vehicles made of protective materials in military and defense organizations has sky-rocketed, which is reflected on the increasing usage of armor materials. With this, the growth in the global armor materials market is also rising high. The increasing investment in aircraft security systems is also expected to support this market in the years to come, states the research report.
Increased Defense Spending to Boost North America Armor Materials Market
High defence spending has established North America as the key regional market for armor materials. The increasing investments in research activities for the development of technologically superior armors and protective gears are poised to maintain the dominance of this regional market. Another region, which is reporting a decent rise in its armor materials market, is Asia Pacific. The surging defense expenditure and uptake of new technologies are likely to create lucrative growth prospects for Asia Pacific armor materials market over the next few years, reports the market study.
Impact of Covid 19 on Global Armor Materials Market
With focus shifted to healthcare and pharmaceutical sectors, other markets had to take a backseat during the Coronavirus pandemic. The global armor materials market is no better. Investments and, consequently, research activities have witnessed a decline, which is a negative sign for the market’s growth. However, post-pandemic, when things will get better, the focus is expected to shift again to defense and security and the market will gradually gain from it, assert analysts.
- North America is likely to retain dominance due to increased defense spending.
- The body armor segment is the key application area of armor materials and it is expected to remain so in the near future.
- Metal and alloys are the most demanded armor materials.
The global armor materials market is segmented into:
- Para-Aramid Fibers
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- E. I. Du Pont De Nemours and Company
- DSM NV
- Honeywell International Inc.
- Compagnie de Saint-Gobain SA
- Allegheny Technologies Inc.
- 3M Ceradyne Inc.
- Alcoa Corp.
- Royal TenCate NV
- Saab AB
- CoorsTek Inc.
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