The global armor materials market is segmented into product such as metal & alloys, ceramic & composites, para-aramid fibers, fiberglass and ultra-high molecular polyethylene out of which, metal & alloys segment is expected to dominate the overall armor materials market and is envisioned to grab a notable CAGR by 2024. Likely, growing adoption of advanced armor system for military applications is envisioned to bolster the growth of global armor materials market. Furthermore, increasing government initiatives regarding adoption of advanced armor system is also projected to intensify the growth of armor materials market in near future.
Global armor materials market is anticipated to mask a tremendous CAGR of 7.1% during the forecast period i.e. 2017-2024. Additionally, the market of armor materials is riding on the back of growing security concerns. Moreover, the global armor materials market is projected to account noteworthy sales of 13.2 Billion by the end of 2024.
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In terms of regional platform, North America accounted for the largest market in 2015. Moreover, increasing demand for homeland security in this region has augmented the demand for armor system which is projected to foster the growth of armor materials market. Moreover, U.S. is the dominating country in this region owing to presence of major key vendors of armor materials. Apart from this, Asia-Pacific and Europe region accounted a robust growth due to various government initiatives.
Increasing Security Concern
Growing security concerns and rising adoption of armor in order to provide protection to law enforcement is believed to be the dynamic factor behind the rapid growth of armor materials market. Moreover, disruptive innovation such as development of light weight syntactic armor material (L SAM) is also one of the major factors propelling the market of armor materials.
Favorable government initiatives along with rise in defense budget of various countries are envisioned to flourish the growth of armor materials market. Moreover, adoption of advanced armor and rising terrorism activities in numerous countries have boosted the demand for armor system which is projected to bolster the growth armor materials market.
On the contrary, high cost associated with production and fluctuations in the raw material prices are some of the factors hampering the growth of armor materials market across the globe.
The report titled “Armor Materials Market: Global Demand Analysis & Opportunity Outlook 2024”delivers detailed overview of the global 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 global armor materials market which includes company profiling of 3M Ceradyne, Inc., ATI Metals, Tata Steel, AGY Holding Corp., DuPont, Honeywell Spectra, DSM Dyneema, Coorstek, Saint-Gobin Ceramic Materials and PPG Industries. 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 global 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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