In terms of value, the armor materials market size is projected to reach USD 15.2 billion by 2024 from USD 10.7 billion in 2019, at a CAGR of 7.2%. The growth of the market can be attributed to the increasing incidences of armed conflicts, rising tension between neighboring countries, and growing instances of terrorism across the globe. The Middle East and Asia Pacific regions have been identified to be the high-potential markets for armor materials, owing to the increasing asymmetric warfare activities in these regions in recent years. The market in other regions, including North America and Europe, is also witnessing significant growth due to ongoing programs for the modernization and upgradation of existing armored platforms to enhance the combat capabilities of defense forces.
High investments by air forces of various countries, namely as China, Germany, Saudi Arabia, and India, are driving the growth of the aircraft armor segment. Currently, lightweight materials, such as ceramic, are used in un-manned aerial vehicles (UAVs). Armor manufacturers are also developing composite armor using ceramic material to decrease weight and enhance the level of protection. Also, the rise in the instances of cross-border conflicts across the globe and increased demand for modern and advanced combat systems by defense forces of various countries are leading to the growth of the armored vehicles market. Countries worldwide are making increased investments to enhance their military strength by replacing old armored vehicles and weapons with new and advanced ones. The tank and armored vehicle manufacturing industry in the US has started recovering after suffering from plummeting demand. Collectively, all these reasons will support the growth of the armor materials market in the coming years.
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Metals & alloys is estimated to be the largest material type of the armor materials
Based on material type, metals & alloys is leading the armor materials market due to their high structural ballistic protection properties and their low cost. Ceramics are the fastest-growing armor material types because of their low weight and high rigidity. Ceramics are increasingly used in vehicle, aerospace, and body armor applications to reduce the weight of units.
North America is estimated to be the largest market for the armor materials market
In terms of value, North America is the largest market for armor materials, followed by Europe and APAC. The growth of the market in this region can be attributed to the increased procurement of highly advanced armored vehicles and aircraft by defense forces of different countries of the region. The market in the North American region has been studied for the US, Canada, and Mexico. The armored aircraft market in the US is projected to witness noteworthy growth during the forecast period due to the increased procurement of armored materials by the US Army.
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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