The Brainy Insights launched a study titled "Armor Materials Market Size by Material Type (Metals & Alloys, Ceramics, Composites, Para-Aramid Fibers, UHMWPE, Fiberglass), Application (Vehicle, Aerospace, Body, Civil, Marine), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2020 to 2027".
The global armor materials market is expected to grow from USD 10.4 billion in 2019 to USD 17.74 billion by 2027, at a CAGR of 6.9% during the forecast period 2020-2027. Armor is a protective covering that is used to prevent damage from being inflicted to an object, individual or vehicle by direct contact weapons or projectiles, usually during combat, or from damage caused by a potentially dangerous environment or activity (e.g., construction sites, cycling, etc.). Personal armor is used to protect war animals and soldiers. Vehicle armor is used on armored fighting vehicles and warships. Rising security concerns in developing countries are driving the armor materials market. However, some government regulations may hamper market growth.
The metal & alloys segment had a market value of around USD 3.22 billion in 2019
The type segment is divided into metals & alloys, ceramics, composites, para-aramid fiber, ultra-high-molecular-weight polyethylene, fiberglass and others. The metal & alloys segment emerged as the leader in the global armor materials market with a revenue of USD 3.22 billion in 2019. This was because metals such as high-density steel, titanium and aluminum, along with their alloys, are used as armor materials for the aerospace, vehicle and marine armor systems.
The body armor segment is anticipated to grow at a CAGR of around 7.5% in 2020-2027
The application segment includes vehicle armor, aerospace armor, body armor, civil armor and marine armor. The body armor segment is anticipated to grow at the highest CAGR of around 7.5% over the forecast period because of the increasing security concerns in the emerging economies and to provide protection to law enforcement and military personnel. The rapid development of weapons and ammunition is also a driving factor boosting the growth of the body armor segment.
Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region led the global armor materials market with a revenue of USD 3.27 billion in 2019. This is attributed to the increasing demand for homeland security applications and the development of advanced armor systems for the US Army. The market in the Asia Pacific is expected to grow at the highest CAGR over the forecast period. There is an increasing demand for armor materials in the region on account of military modernization programs by countries such as India and China. The rising tensions between countries in the region, as well as internal conflicts, are also driving the armor materials market in the region.
Major players in the global Armor Materials market are 3M Ceradyne Inc., AGY Holding Corp., Allegheny Technologies Incorporated, CeramTec GmbH, Compagnie de Saint-Gobain SA, CoorsTek Inc., DSM NV, E. I. Du Pont De Nemours and Company, Honeywell International Inc., Morgan Advanced Materials, PPG Industries Inc., Royal TenCate NV, Saab AB, Saint-Gobain SA, Tata Steel Limited among others.