Armor Materials Market | Key players operating in the market include DuPont de Nemours, Inc, Koninklijke DSM N.V., Honeywell International Inc., 3M Company., Saab AB, and Koninklijke Ten Cate BV

According to recent market research "Armor Materials Market by Type (Metals & Alloys, Ceramics, Composites, Para-Aramid Fibers, UHMWPE, Fiberglass), Application (Vehicle, Aerospace, Body, Civil, Marine), and Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2024", The armor materials market size was USD 10.7 billion in 2019 and is projected to reach USD 15.2 billion by 2024, at a CAGR of 7.2% from 2019 to 2024.

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The armor materials market is projected to grow from an estimated USD 8.67 billion in 2017 to USD 12.11 billion by 2022, at a CAGR of 6.92% during the forecast period. On the basis of product type, the armor materials market has been segmented into metals & alloys, composites, ceramics, para-aramid fiber, UHMWPE, fiberglass, and others (that include explosive armor, graphene, depleted uranium, and HPPF, among others). The metals & alloys segment accounted for the largest share of the armor materials market, in 2016, in terms of value. The ceramics segment is projected to grow at the highest CAGR between 2017 and 2022, owing to the growing demand for lighter and thinner armor materials for armor applications.

Based on application, the vehicle segment is projected to lead the armor materials market during the forecast period. The change in warfare techniques, rise in terrorism and insurgency, political conflicts, and modernization of military programs worldwide play a crucial role in boosting the need for vehicular armor, thus driving growth of this segment.

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In terms of value, the armor materials market size is projected to reach USD 15.2 billion by 2024 from USD 10.7 billion in 2019, at a CAGR of 7.2%. The growth of the market can be attributed to the increasing incidences of armed conflicts, rising tension between neighboring countries, and growing instances of terrorism across the globe. The Middle East and Asia Pacific regions have been identified to be the high-potential markets for armor materials, owing to the increasing asymmetric warfare activities in these regions in recent years. The market in other regions, including North America and Europe, is also witnessing significant growth due to ongoing programs for the modernization and upgradation of existing armored platforms to enhance the combat capabilities of defense forces.

DuPont de Nemours, Inc (US), Koninklijke DSM N.V. (Netherlands), Honeywell International Inc. (US), 3M Company (US), Saab AB (Sweden), and Koninklijke Ten Cate BV (Netherlands) are the major players in this market.

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Dupont is one of the leading service and products providers of armor materials. The company is focusing on new product launches and technological innovations for increasing their business and revenue generation. For instance, in June 2018, Dupont launched Tensylon HA120, a new material for helmets that provides maximum ballistic protection at a 40% lighter weight than traditional helmets. In March 2017, it launched further enhancement to its established Kevlar XP and XD technologies for soft armor.

SAAB AB (Sweden) provides materials and services for vehicle armors, aerospace armors, body armors, and civil armors. The company is gaining share in the armors materials market through contracts and agreements. It aims to expand its business in APAC and the Middle East regions by targeting the key markets where the demand for armor materials is high. For instance, in February 2019, SAAb and the Tawazun Economic Council (TEC) signed an agreement for advancing Saab’s operations in the United Arab Emirates (UAE) for supporting and enabling the defense and security sector.

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