Global Armor Materials Market is Estimated to Grow from USD 10.7 Billion in 2019 to USD 15.2 Billion by 2024, at a CAGR of 7.2% - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 2, 2020--
The “Armor Materials Market by Type (Metals & Alloys, Ceramics, Composites, Para-Aramid Fibers, UHMWPE, Fiberglass), Application (Vehicle, Aerospace, Body, Civil, Marine), and Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
In terms of value, the armor materials market is estimated to grow from USD 10.7 billion in 2019 to USD 15.2 billion by 2024, at a CAGR of 7.2%.
Growth in the aerospace armor application segment is expected to drive the armor materials market.
Increasing security concerns in developing economies and increasing demand for homeland security are the major drivers of the armor materials market. Military modernization programs, security concerns, and political unrest worldwide have triggered the need for armors, thus boosting the armor materials market.
Asia Pacific is the most attractive market for armor materials, as China, India, South Korea, Japan, and Australia are spending heavily on defense activities owing to the rising conflicts and tensions with their neighboring countries. The Middle East & Africa has been suffering from severe political unrest, thus boosting the need for advanced armor materials.
Ceramics expected to be the fastest-growing segment of the armor materials market, in terms of volume and value, between 2019 and 2024
The ceramics segment is expected to witness the highest growth in terms of volume and value during the forecast period. Ceramic armor offers various advantages such as superior hardness, low weight, durability, design flexibility, and high resistance to creep and stress rupture at a temperature of up to 3,002. Ceramic armor is composed of ceramic and few fibers that withstand the blasts, and thus it is used in vehicles and body armors.
Advances and developments have compelled the defense industry worldwide to upgrade armor protection systems to counter the rising threats efficiently. The challenging defense armor vehicles have encouraged ceramic armor manufacturers to integrate many armor materials in a single solution to offer better protection while maintaining the overall weight of the vehicle and providing the solutions at a lower cost.
North America is the largest armor materials market.
In terms of value, North America is the largest market for armor materials, followed by Europe and Asia Pacific. Asia Pacific is the fastest-growing armor materials market. North America is estimated to continue its investment in soldier security owing to the on-going modernization programs. The US military is undertaking many equipment upgrading programs, which will continue to increase the demand for armor materials in the region. The US was a leading market in terms of consumption of armor materials because of its massive defense spending in 2018.
The defense budget in the country is threefold larger than the budget allocated in China, which is the second-largest armor material consumer in the world. The US Air Force has planned to purchase 70 F-35 fighter aircraft worth USD 10.3 billion, which is expected to increase the demand for armor materials. The US used add-on armor kits on vehicles, which made them heavyweight and posed concerns, such as lack of fuel efficiency, suspension failure, and issues pertaining to mobility and functionality. This has compelled the country to improve the armor designs and requirements, thereby increasing the demand for lightweight armor materials such as ceramics, composites, and para-aramid fibers.
The report provides insights on the following pointers:
Key Topics Covered:
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.6 Unit Considered
2 Research Methodology
2.1 Research Data
2.2 Research Approach
2.3 Base Number Calculation
2.4 Market Size Estimation
3 Executive Summary
4 Premium Insights
4.1 Significant Opportunities in the Armor Materials Market
4.2 Armor Materials Market in APAC, By Country and Application, 2018
4.3 Armor Materials Market, By Material Type
4.4 Armor Materials Market, By Key Countries
5 Market Overview
5.1.1 Industrial Shift Analysis
5.2 Market Dynamics
5.3 Porter’s Five Forces Analysis
6 Armor Materials Market, By Material Type
6.2 Metals & Alloys
6.5 Para-Aramid Fiber
6.6 Ultra-High-Molecular-Weight Polyethylene (Uhmwpe)
7 Armor Materials Market, By Application
7.2 Vehicle Armor
7.3 Aerospace Armor
7.4 Body Armor
7.5 Civil Armor
7.6 Marine Armor
8 Armor Materials Market, By Region
8.2 North America
8.5 Middle East & Africa
8.6 South America
9 Competitive Landscape
9.2 Competitive Leadership Mapping
9.3 Strength of Product Portfolio
9.4 Business Strategy Excellence
9.5 Market Share Analysis
9.6 Competitive Scenario
10 Company Profiles
10.1 Dupont De Nemours, Inc.
10.2 Koninklijke Dsm N.V.
10.3 Honeywell International Inc.
10.4 3M Company
10.5 Saab AB
10.6 Koninklijke Ten Cate Bv
10.7 Compagnie De Saint-Gobain Sa
10.8 Teijin Limited
10.9 Tata Steel
10.10 Alcoa Corporation
10.11 Allegheny Technologies, Inc.
10.13 Coorstek Inc.
10.14 Morgan Advanced Materials
10.15 Cerco Corporation
10.16 AGY Holding Corp.
10.17 PPG Industries, Inc.
10.18 Safariland, LLC
10.19 Leeco Steel, LLC
10.20 Armorworks Enterprises, LLC
10.21 Other Companies
10.21.1 Xeracarb Ltd.
10.21.2 Waco Composites
10.21.3 At&F Advanced Metals LLC
10.21.4 Protective Structures, Ltd.
10.21.5 CPS Technologies, Corp.
10.21.6 Surmet Corporation
10.21.7 JPS Composites Materials
10.21.8 Schunk Carbon Technology
For more information about this report visit https://www.researchandmarkets.com/r/9grb7w
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INDUSTRY KEYWORD: OTHER DEFENSE DEFENSE
SOURCE: Research and Markets
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PUB: 01/02/2020 09:10 AM/DISC: 01/02/2020 09:10 AM