Armor Materials Market

Global Armor Materials Market Size (2023 to 2028)

The global armor materials market size is expected to be worth USD 12.97 Billion in 2023. It is expected to grow at a CAGR of 9% during the forecast period and reach a value of USD 19.96 Billion by 2028. This growth is attributed to the heavy demand from industries such as aerospace, wind energy, and transportation.  

Rising political unrest and lack of stability have triggered military & law enforcement forces and the materials science community to develop solutions that can assure security. In the present scenario, political conflicts in Middle Eastern countries such as Syria, Egypt, Libya, Iraq, and Afghanistan are increasing the need for advanced Armor. Local conflicts in many countries also ignite the need for ammunition to ensure national security. This is driving the demand for protective equipment across the world. Developing countries, such as Brazil, China, India, and Russia, are making huge investments in defense activities owing to the rising internal conflicts and tensions with their neighboring countries. These circumstances are crucial for the demand for military products; thus, Armor materials have witnessed high demand in the past few years.

The armor materials market is affected by volatile prices and alternatives. The stringent international rules regulating the military expenditure of certain countries also limit the investments in defense equipment. Hence, the growth of Armor's materials is taken aback. Moreover, the safety concerns related to the production activities of these materials have also sparked discussion in several global meetings. Trade rules regulating the trading of military equipment also prove to be a hindering factor for the growth of this market.

Impact of COVID-19 on the armor materials market:

One of the most significant regions for the global armor materials market is North America. North America, especially the USA, witnessed a deep impact of the coronavirus in the early half of 2020. It has negatively affected the demand for Armor Materials across various end-use industries such as aerospace & defense, automotive & transportation, and others. The disruption in the supply chain resulted in delays or non-arrival of raw materials, disrupted financial flows, and declining morale among production line workers, which compelled aircraft and automobile manufacturers to operate at reduced capacities. This has led to a reduction in demand for Armor Materials. The market is supposed to recover from 2021 onwards. Europe also witnessed a similar fate, and the construction and production activities for a major part of 2020 were brought to a standstill.

REPORT COVERAGE:

This research report on the global armor materials market has been segmented and sub-segmented into the following categories.

Armor Materials Market - By Type:

• Metals & Alloys
• Ceramics
• Composites
• Para-Aramid Fibres
• UHMWPE
• Fiberglass

On the basis of type, the metals and alloy segment is anticipated to the largest segment among all in the global market. Improvement and large investments in production facilities are important factors in improving the demand. Heavy industries, along with mining nuclear power generation, will boost the growing market. These metals and alloys come with superior strength and are utilized in various end-use industries such as automotive, transportation, aerospace, etc. They provide excellent strength and durability along with chemical resistance, which is why they are preferred in the industrial segment.

Armor Materials Market - By Application:

• Vehicle
• Aerospace
• Body
• Civil
• Marine

The body Armor segment is expected to witness the highest growth rate during the outlook period of 2020 to 2025. The increase in the security budget of various countries has fuelled the demand for Armor materials. The Armor materials that are high in demand have properties such as robustness, strength, etc., that are suitable for the materials in the military and security department.

The aerospace industry is rapidly growing and triggering high demands for lightweight and rigid materials. In this scenario, the composites market comes in handy as it solves both problems at an affordable price. In addition to this, the wind power sector is growing worldwide owing to the insurgent demands for climate control and clean energy. Wind energy provides an eco-friendly alternative to the existing power sector. Many regions in Europe are adopting the wind energy model and thus, the demand for Armor Materials has increased rapidly in the past decade. Countries such as Denmark, Switzerland, Norway, and a few other Scandinavian countries have invested heavily in the wind energy sector to meet their power needs.

Armor Materials Market - By Region:

• North America
• Latin America
• Europe
• Middle East & Africa
• APAC

Among these, North America is among the largest markets for Armor Materials thanks to the huge investments in the defense sector. The USA has invested a lot in civil and automotive facilities. The Aerospace industry in North America is one of the biggest in the world and it is consistently driving various businesses, including Armor Materials.

Germany has invested a lot in their automotive and wind energy industries, and this has led to an increase in demand for the armor materials market. The increased expenditure on manufacturing and industrial segments has led to an increase in the demand for Armor materials.

The Asia Pacific region is also witnessing a high growth rate, and primarily, this is due to the various emerging economies in the area. The military expenditures of countries such as India and China have grown significantly over the last decade, and it is estimated to grow during the outlook period, hence fuelling business development in this area.

KEY MARKET PLAYERS:

Some of the key vendors in manufacturing the armor materials are E. I. Du Pont De Nemours and Company, DSM NV, Honeywell International Inc, Saint Gobain, 3M Ceradyne Inc, Alcoa Corporation, Royal TenCate NV, Saab AB, CoorsTek Inc, Tata Steel Limited

RECENT HAPPENINGS IN THE MARKET:

• In Feb 19, Saab extended its presence in the aerospace sector in India by signing new Memorandums of Understanding (MoUs) with three leading aerospace manufacturers in the country, which include Dynamatic Technologies Limited, CIM Tools Private Limited, and Sansera Engineering Limited.
• In 2018, Honeywell Inc. struck a deal with Safariland, LLC, to generate a novel design for its Spectra Shield ballistic protective material. This can reduce the weight of handheld shields by up to 20%.