The armor materials market has been segmented by product type into metals & alloys, ceramic & composites, para-aramid fibers, fiberglass and ultra-high molecular polyethylene, out of which, metals & alloy segment is expected to hold dominant market share over the forecast period. This can be attributed to its low cost. Further, ceramic & composites segment is anticipated to grow with highest compound annual growth rate during 2017-2024.
The global market of armor materials accounted for USD 8.9 Billion in 2016 and is expected to reach 13.2 Billion by the end of 2024 by registering a compound annual growth rate of 7.1% over the forecast period which can be attributed to rising security concerns. Moreover, factors such as development and manufacturing of advanced armor and weapons are anticipated to strengthen the market of armor materials with noteworthy revenue by the end of 2024.
In the regional segment, North America held the largest market share in overall armor materials market and is expected to retain its dominant stance over the forecast period owing to the rising demand for armor materials in homeland security. Apart from that, the growing demand for advanced armor system for military applications is likely to drive the growth of armor materials market during the forecast period. Further, ongoing military modernization programs combined with rising terrorism activities is expected to fuel the demand for armor materials in Asia-Pacific region over the forecast period.
Increasing Defense Budgets to Impact the Market Growth
The growth of the armor materials market is driven by the rising security concerns in several nations of the world. Growing rate of terrorism activities, increasing defense budgets combined with research & development of advanced armor materials are some of the major factors that are expected to benefit the expansion of the armor materials market around the globe.
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However, stringent government regulations and high cost of production are likely to inhibit the growth of the armor materials market in the near future.
The report titled “Armor Materials Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the armor materials market in terms of market segmentation by product, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the armor materials market which includes company profiling of 3M Ceradyne Inc., ATI Metals, Tata Steel, AGI Holding Corporation, DuPont, Honeywell Spectra, DSM Dyneema, CoorsTek , Saint-Gobain Ceramic Materials and PPG Industries.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the armor materials market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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