Armor Market to reach USD 67.35 Bn by 2029, emerging at a CAGR of 6.27 percent and forecast 2023-2029

Armor Market Report Scope and Research Methodology

Armor Market, valued at US$ 44 Bn in 2022, is projected to grow at a CAGR of 6.27%, reaching nearly US$ 67.35 Bn by 2029.

Maximize Market Research Pvt Ltd presents an in-depth analysis of the Armor Market, covering materials, applications, and regional insights, providing stakeholders with a comprehensive understanding of the industry dynamics.

The report employs a robust research methodology to analyze market trends, incorporating qualitative and quantitative data, ensuring accurate and reliable insights.

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Armor Market Dynamics:


Escalating conflicts across diverse regions, coupled with insurgency, political turbulence, and global instability, as well as a surge in terrorist incidents, have spurred military and law enforcement agencies, along with the materials science community, to seek innovative solutions for enhanced security. The heightened political tensions in regions such as Israel, Palestine, Syria, Egypt, Libya, Iraq, Afghanistan, Russia-Ukraine, India-Pakistan, India-China, Russia-Turkey, and Colombia-Peru have accentuated the demand for advanced armor. This growing need for protective measures has significantly propelled the Armor market

The continual rise in military spending by governments worldwide has further fueled the expansion of the armor market. In 2022, the Stockholm International Peace Research Institute (SIPRI) reported a noteworthy increase in global military expenditure, reaching $1981 billion in 2021, reflecting a 2.6% growth compared to the previous year. The United States, China, India, Russia, and the United Kingdom emerged as the top five spenders, collectively contributing to 62% of the global military expenditure in 2021. China's military spending marked its 26th consecutive year of growth. The proactive initiatives taken by these leading nations are anticipated to exert a positive influence on the overall growth trajectory of the armor market.

Armor Market Regional Insights:


In 2022, the Asia Pacific region dominated the Armor market, securing the largest market share at 31.29%, and is poised to experience a robust Compound Annual Growth Rate (CAGR) of 6.9% throughout the forecast period. The substantial growth in the Asia Pacific region is primarily attributed to the escalating defense budgets in key nations such as India and China. Notably, in 2021, the Indian government allocated a substantial budget of US$ 72 billion for the defense sector, while China earmarked a significant amount of 252 billion. The ongoing modernization initiatives in military programs across countries like China, India, Japan, and South Korea are anticipated to further fuel the demand for armor materials.

On the other side of the globe, North America played a pivotal role as a major consumer and manufacturer in the Armor market, holding a substantial 28.71% market share in 2022. The development in military and defense technology in the United States and Canada is a driving force behind the growth of the armor market in the North American region. In 2021, the U.S. allocated a staggering US$ 778 billion for the military department, constituting 39% of the total global military expenditure. According to projections by the U.S. Congressional Budget Office, the defense budget is expected to escalate from 596 billion U.S. dollars in 2014 to an estimated 915 billion U.S. dollars by 2031.

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Armor Market Segmentation:

Material Segmentation: Includes Metals and Alloys, Ceramics, Composites, Para-aramid Fiber, Ultra-high-molecular-weight Polyethylene, Fiberglass, and Others. Metals and Alloys dominated in 2022, capturing 32.79% of the market.

Application Segmentation: Encompasses Vehicle Armor, Body Armor, Aerospace Armor, and Marine Armor. Body Armor led in 2022, accounting for 33.26% of the market.

by Material

Metals and Alloys
Ceramics
Composites
Para-aramid Fiber
Ultra-high-molecular-weight Polyethylene
Fiberglass
Others

by Application

Vehicle Armor
Body Armor
Aerospace Armor
Marine Armor

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Armor Market Key Players:

1. BAE Systems
2. Ballistic Body Armor Ltd
3. Du Pont De Nemours and Company
4. 3M Ceradyne Inc.
5. Morgan Advanced Materials PLC
6. SAAB AB
7. Craig International Ballistics Pty Ltd.
8. Aegis Engineering Ltd.
9. AR500 Armor
10. Honeywell International Inc
11. Saint-Gobain
12. Koninklijke ten cate Bv.
13. ATI
14. Ceramtec
15. CoorsTek, Inc.

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Table of content for the Armor Market includes:

1. Global Armor Market: Research Methodology

2. Global Armor Market: Executive Summary

• Market Overview and Definitions
• Introduction to the Global Market
• Summary
• Key Findings
• Recommendations for Investors
• Recommendations for Market Leaders
• Recommendations for New Market Entry

3.Global Armor Market: Competitive Analysis

• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• M&A by region
• Key Developments by Companies
• Market Drivers
• Market Restraints
• Market Opportunities
• Market Challenges
• Market Dynamics
• PORTERS Five Forces Analysis
• PESTLE
• Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
• COVID-19 Impact

4 . Company Profile: Key players

• Company Overview
• Financial Overview
• Global Presence
• Capacity Portfolio
• Business Strategy
• Recent Developments

Key Offerings:

• Past Market Size and Competitive Landscape (2022 to 2029)
• Past Pricing and price curve by region (2022 to 2029)
• Market Size, Share, Size and Forecast by different segment | 2022-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation - A detailed analysis by growth and trend
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
• Competitive landscape - Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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