The global armor materials market is expected to register a CAGR of around 7% during the forecast period. The major factors driving the market are the development of advanced weapon and increased homeland security concerns.
- High cost of production of defense products is likely to hinder the market's growth.
- Increasing defense budget is projected to act as an opportunity for the market in future.
Key Market Trends
Body Armors Application Expected to Lead the Market
- Homeland security concerns have made it necessary for all countries to have well-trained defense forces. Requirement for army training is increasing owing to the increasing bilateral tensions between the nations.
- For homeland security, soldiers are meant to fight, for which they require weapons, vehicles, and body shields to protect them.
- During wars, soldiers have to wear body armor and carry weapons, such as guns, grenades, etc. Hence, these are to be made available to military personnel during wars. Every year, more individuals join the army, creating a further demand for armors and weapons.
- Increasing terrorist attack threats, such as the ISIS attack in some of the countries of Middle East are leading to an increase in counter terrorist operations and preventive measures.
- Countries across the globe invest heavily in maintaining the sufficient supply of all such goods in anticipation of war. Armor materials are used extensively to produce body armors, weapon armors, armored vehicles, tankers, etc. Hence, the demand for armor materials is driven considerably by the increasing homeland security concerns.
North America to Dominate the Market
- North America region dominated the global market share. The United States is one of the largest consumers of armor materials globally.
- This is majorly owing to the rising homeland security concerns due to terrorism. United States was the largest military spending nation. The United States was the largest military spending nation with the largest military forces globally.
- There are emerging geopolitical and bilateral tensions between the major nations. Furthermore, the increasing terrorist activities lead to the increasing procurement of armor materials to manufacture defense equipment.
- United States also struck a major deal with Saudi Arabia for arms deal sales, along with the sale of F-35 combat aircrafts.
- Lockheed Martin, which is the largest domestic manufacturer of fighter jets, announced its decision to nearly triple its annual production to more than 160 jets, by 2023.
- The US army also announced its plans on spending about USD 1.4 billion on manufacturing of light weight tanks project, over the forecast period
- These factors will drive the demand for armor materials in North America over the forecast period.
The armor materials market is partially consolidated. Key players in the armor materials market include DuPont, Teijin Limited, Koninklijke Ten Cate BV, Morgan Advanced Materials, and Honeywell International Inc, among others.
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