Ammunition market size accounted for around USD 7 billion in 2014 and is likely to grow at CAGR of over 2% from 2016 to 2023 and is anticipated to exceed USD 8.3 billion over the forecast period. The industry significantly affects the economy across the globe as it generates state tax, excise tax and federal tax. With the increasing popularity of the shooting and hunting sports, the demand of shotguns and shooting rifles is anticipated to increase at a prominent rate over the forecast period.
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Terrorism proliferation across the globe coupled with the military automation endeavors of emerging nations focussed on obtaining high efficiency, advanced and precise munitions are the major driving factors for the global ammunition market. However, declining defense budgets in the developed nations along with the difference in legal, political and economic regulations is expected to hamper the industry demand over the forecast period. Increasing demand from emerging economies for advanced medium and large caliber is expected to act as a potential opportunity to the industry.
By ammunition type, the industry can be segmented as long gun medium caliber, handgun, small caliber, large caliber, mortar and artillery. By application, the industry can be bifurcated as civil and defense. The industry can be further segmented on the basis of geography which includes North America, Europe, Asia Pacific, Latin America and MEA. In 2014, defense was the leading application segment. Civil sector is the fastest growing application over the forecast period owing to the escalating demand from civilians for small caliber munition for hunting, self-defense and sporting purpose.
Asia Pacific ammunition market dominated the industry in 2014, with Europe following it. India, South Korea and China are the key countries contributing to the supremacy of Asia Pacific. South Korea and North Korea conflict probability turning into severe military situation is a key factor driving South Korea, China and Japan towards military modernization. Indian objective of strengthening military capability has risen primarily due to rising concerns with Pakistan and China.
The U.S. ammunition market size is estimated to witness rapid growth over the forecast period owing to increasing demand of firearms in shooting games and defense. Being a production hub as well as large domestic industry for arms and ammunition, the sales and production in the U.S. continues to grow over the forecast period. Africa is expected to gain at around 2.5% from 2016 to 2023 owing to civil unrest and armed conflicts observed in Libya and Syria. In addition, mounting insurgency issues in various parts of the region, has resulted in nations striving towards ensuring border and national security and escalating military competency, thus driving the demand over the forecast period.
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Small caliber weapons market led industry demand. Growing incidences of terrorism across the globe have directed law enforcement agencies and defense towards procurement of efficient and advanced small caliber ammunition for better combat performance and counter-terrorism operations. The artillery segment is likely to grow at significant gains from 2016 to 2023. The rapid growth of this segment can be attributed to the increasing military budgets and transnational disputes, which leads the emerging economies towards development of their military capabilities.
Major players in the global ammunition market share include Olin Corporation, Orbital ATK Inc., General Dynamics Corporation, Nammo AS, Remington Arms Company, Inc., BAE Systems, CCI Ammunition, Federal Premium Ammunition, Ruag Ammotech, Denel Pmp, Maxam, Poongsan Corporation, Global Ordnance, Magtech Ammunition Company, Inc., Nexter Munitions and Hornady Manufacturing among others.
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