In terms of value, the Armor Materials Market is estimated to grow from USD 11.0 billion in 2021 to USD 16.1 billion by 2027, at a CAGR of 6.6%. The demand for conducting military operations near conflict zones has increased, as have the defense budgets of emerging economies, the frequency of terrorist attacks, and the number of ongoing international conflicts. These factors have all contributed to the global expansion of the armor materials market. Likewise, the need for armor materials has significantly increased globally because of the growing deployment of soldiers and weaponry in active battle zones.
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Based on material type, the armor materials market is segmented into metals & alloys, ceramics, composites, para-aramid, UHMWPE, fiberglass and others. The metals & alloys segment accounted for the largest market share, in terms of value and volume, in 2021. Metals and alloys are popular materials for armor because they have several properties that make them effective at protecting against various types of threats. Additionally, by modifying their composition and processing, metals and alloys can be adapted to particular uses, enabling the development of armor that is suited for particular threats, such as ballistic or blast protection.
Based on application, the armor materials market is segmented into vehicle armor, aerospace armor, body armor, civil armor, and marine armor. Vehicle armor application accounted for the largest market share, in terms of value, in 2021. Armor materials provide critical protection for vehicles, including armored personnel carriers, tanks, and other military vehicles. These materials can also be used to protect civilian vehicles, such as cars and trucks used for VIP transportation, or to protect critical infrastructure such as buildings, bridges, and power plants.
Based on region, North America dominated the armor materials market, both in terms of value and volume, in 2021. This is due to the rising need for homeland security applications, the creation of cutting-edge armor systems for the US Army, and continuing initiatives. Asia Pacific is projected to be the fastest growing market, in terms of value, during the forecast period. The increasing defense budget of developing nations in the region is offering lucrative opportunities for the armor materials market.
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The key players profiled in the report include DuPont De Nemours, Inc. (US), Teijin Limited (Japan), 3M Company (US), ATI, Inc. (US), and Honeywell International Inc. (US), Saint-Gobain SA (France), Tata Steel Limited (India), and Alcoa Corporation (US). The rise in security concerns in emerging nations is one of the key factors anticipated to propel the growth of the armor materials market during the forecast period. Furthermore, the development of lethal ammunition and weaponry will restrain the expansion of the market for armor materials. In the upcoming years, the military modernization initiatives will also likely present new chances for the market for armor materials to expand.
