Ceramic Armor Market to grow at 8.6 percent, reaching market size of USD 4.12 Bn. by 2029: Competitive Landscape, Growth Hubs and Demand Analysis
Pune, 22, Nov, 2022: The report analysed by Maximize Market Research on Ceramic Armor Market covers an extensive regional analysis and competitive landscape in the report. North America held the largest market share in 2021. Over the forecast period, the researcher expect the market to grow from USD 2.13 billion in 2021 to USD 4.12 billion in 2029, at a CAGR of 8.6 percent.
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Ceramic Armor Market Scope and Research Methodology
The report on ceramic armor market provides concise and accurate data and analysis on the ceramic armor market with current market highlights and industry trends. To get a better understanding of the dynamic market, the report covers the key insight such as market drivers, restraints, challenges and opportunities prevailing in the ceramic armor market. Regional analysis of the market is conducted at local, regional and global levels for a better understanding of the market penetration, competitive structure, pricing and demand analysis. The report also covers the strategies followed by key players and gives their analysis on the basis of their growth in the last five years in the industry which helps investors and major companies formulate their investment and strategic business stance.
For grasping the underlying factors that affect the growth and the fall of the ceramic armor market, a competitive analysis is presented. Key manufacturers in the market are profiled based on the revenue generated, region, financial status, portfolio, technological advancements adopted, mergers and acquisitions, joint ventures and strategic alliances. This helps clients to perceive their direct and indirect consumer base. It also aids clients to understand the new marketing tactics that are being played by their competitors, and new technological advances adopted by them.
For an in-depth analysis of the services being offered, a segment-wise analysis of the ceramic armor market is conducted by material and application. Data is collected employing both primary and secondary research methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals were included in the primary methods. Secondary data was collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. The report thus provides a comprehensive analysis of the ceramic armor market.
Ceramic Armor Market Overview
Ceramics is an inorganic and non-metallic material that is used in several industries. Ceramics are used by both military professionals and individuals alike. Commonly used in body armor, it is considered to be as hard as a diamond and lighter than steel. This material provides good fracture resistance and affordable than polyethylene. The most recurring use of ceramics is used for the containment of blast fragments and the prevention of bullets along with armored vehicles and aircraft armors.
Ceramic Armor Market Dynamics
With war looming over the corner, there has been an increased demand for personal protection suits and related equipment. War leads to losses on both sides of the country, making saving the lives of as many soldiers becomes a priority. This need for protection from war and reducing the number of casualties the least possible is a major driver of the Ceramic Armor Market growth.
The fears of war are pushing governments to increase their expenditure on arms and ammunition and military equipment such as body shields to protect soldiers during the war. Countries are spending a considerable chunk of their budget on maintaining a fleet of armored vehicles, body armors and weapon armors. This is also a factor influencing the increased demand for Ceramic Armor Market. The trend of protectionism is hovering around countries like China which is further adding to the tensions between countries, influencing an increase in their expenditure on defence. This factor is expected to fuel the Ceramic Armor Market growth.
Advancements and innovations in the Ceramic Armor Market are also driving market growth. Attempts are being made to make vests that are light in weight and low in cost. Efforts are also being taken to produce vests and armors with improved protection that are lightweight and comfortable.
However, there exist stringent laws on the ownership, possession, sale and purchase of ceramic armors used for defence. Over the decades the expenditure on defence has reduced and continues to demonstrate a declining trend. These factors are expected to pose a restraint to the growth of the Ceramic Armor Market.
Ceramic Armor Market Regional Insights
North America held the largest market share for 2021 and is expected to dominate the Ceramic Armor Market over the forecast period. The Ceramic Armor Market growth in the region is led by U.S. Military programs that are funded by the government and require full body armors for their armed forces. This is possible due to the high budget of the government that is devoted to defence. Advancements and adoption of innovations in the Ceramic Armor Market are expected to drive the regional Ceramic Armor Market growth.
For 2021, the Asia-Pacific region witnessed significant growth in the Ceramic Armor Market and is expected to grow during the forecast period. The Asia-Pacific region contains in itself counties that witness vehement wars on the borders. This includes countries like China, India and South Korea which report skirmishes with neighbouring countries from time to time. To protect soldiers during such incidents, these countries drive the Ceramic Armor Market and are expected to be a major contributors to the Ceramic Armor Market growth.
Ceramic Armor Market Segmentation
- Boron Carbide
- Silicon Carbide
- Ceramic Matrix Composite
- Body Armor
- Vehicle Armor
- Aircraft Armor
- Marine Armor
Ceramic Armor Market Key Competitors Include:
- Ceradyne (U.S.)
- SAAB AB (Sweden)
- ArmorWorks (U.S.)
- CeramTec (Germany)
- Koninklijke Ten Cate BV (Netherlands)
- CoorsTek Inc. (U.S.)
- M Cubed Technologies (U.S.)
- Olbo & Mehler (Germany)
- Safariland LLC (U.S.)
- BAE Systems (UK)
- Morgan Advanced Materials (UK)
- Saint-Gobain S.A. (France)
- 3M Company (U.S.)
- II-VI Incorporated (U.S.)
- Safariland, LLC (U.S.)
- MKU Limited (India)
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Key questions answered in the Ceramic Armor Market are:
- What is a Ceramic Armor?
- What is the current growth rate of the Ceramic Armor Market?
- What is the growth rate of Ceramic Armor Market for the next five years?
- What is the nature of competition in Ceramic Armor industry in developed and developing economies?
- Who are the key players in the Ceramic Armor Market?
- Who are the market leaders in Ceramic Armor in Europe
- Who are the market leaders in Ceramic Armor in USA and Canada
- Who are the market leaders in Ceramic Armor in India, China, Japan and South Korea?
- What are the factors affecting growth in the Ceramic Armor Market?
- Who held the largest market share in Ceramic Armor Market?
- What are the factors for the growth of Asia-Pacific region in Ceramic Armor Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Segment and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading material and chemical research firm, has also published the following reports:
Boron Market–The Boron Market size is expected to reach USD 2.78 billion by 2029 at a CAGR of 4.3 percent during the forecast period. The Boron Market is expected to be driven by the growth of construction and infrastructure industries and its increased usage in electrical devices.
Silicon Carbide Market–The Silicon Carbide Market size is expected to reach USD 3519.14 million by 2029 at a CAGR of 18.60 percent during the forecast period. The Silicon Carbide Market is expected to be driven by growing steel industry and increasing demand of the automotive sector.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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