Press release
Armor Materials Market to see 5.3% CAGR from 2020 to 2027 | Companies like DuPont, DSM, Honeywell, Saint-Gobain, 3M, SAAB
Armor Materials Market
By material type, the composites segment to register the highest CAGR 6.7% during the forecast period, owing to growing preference of composite materials in mobile military equipment, such as tanks and large ships. However, the metal & alloys segment held the largest share in 2019, accounting for nearly two-fifths of the global armor material market, due to growing application of titanium and its alloys in military armor and vehicle.
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By application, the vehicles segment held the largest share in 2019, contributing to around two-fifths of the global armor material market, owing to growing application of lightweight aluminum alloys in military vehicles such as personnel carriers. However, the body segment is expected to portray the highest CAGR of 6.5% during the forecast period, due to increase in application for Kevlar fabrics and Dyneema fabrics in armor vests.
Major market players
1. China National Bluestar (Group) Co. Ltd.
2. Kermel
3. Guangdong Charming Co., Ltd.
4. BASF SE
5. Suzhou Zhaoda Specially Fiber Technical Co., Ltd.
6. JSC Kamenskvolokno
7. Tango Engineering Ltd.
8. YF International BV
9. Lydall Performance Materials Inc.
10. Polymer Technologies Pte. Ltd.
By region, the market across North America held the largest share in 2019, accounting for more than half of the market, owing to the increasing demand for homeland security applications and development of advanced armor materials and systems for vehicles and aerospace. However, the global armor material market across Asia-Pacific is expected to manifest the highest CAGR of 6.8% during the forecast period, due to increasing warfare activities.
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COVID-19 scenario:
1. Increased in warfare across the borders of India-China, the demand for armor materials has increased.
2. However, the shortage of labor, lack of raw materials, and disrupted supply chain hamper the manufacturing of armors.
Global armor materials market size is set to reach USD 15.7 billion by 2027 and growing at a CAGR of 5.3% from 2020 to 2027.
The key players profiled in the armor materials market include DuPont, DSM, Honeywell International, Saint-Gobain, 3M, KONINKLIJKE TEN CATE BV., SAAB AB, and ATI.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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