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Body Armor Plates Market Analysis, Share, Trends 2024-2033
Body Armor Plates Market Analysis
According to The Business Research Company's, The body armor plates market size has grown strongly in recent years. It will grow from $1.98 billion in 2023 to $2.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to military modernization programs, law enforcement upgrades, rising threats and conflicts, terrorism concerns, industrial applications..
The body armor plates market size is expected to see strong growth in the next few years. It will grow to $2.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to global security challenges, law enforcement reforms, rising urban warfare, commercial sector uptake, technological innovations.. Major trends in the forecast period include enhanced ballistic protection standards, development of flexible and contour-shaped plates, integration of smart technologies, rise in demand for special threat plates, strategic collaborations for research and development..
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Market Drivers and Trends:
The rising terrorism is expected to boost the growth of the body armor plates market going forward. Terrorism refers to an act of violence that would put others in danger while showing a blatant disdain for the harm it would do. Body armor plates can break up or capture bullets during any terrorist attack. Hence, rising terrorism is contributing to the growth of the body armor plates market. For instance, according to a report published by the Center for Strategic and International Studies (CSIS), a US-based non-profit organization, in 2022, terrorist acts and conspiracies in the United States increased to 47% in 2020 and 53% in 2021. 43% of all attacks in 2021's domestic terrorism were directed toward the government, armed forces, and particularly law enforcement. Therefore, the rising terrorism is driving the growth of the body armor plates market.
Product innovation is the key trend gaining popularity in the body armor plates market. Major companies operating in the body armor plates market are focusing on developing new products to lead the market. For instance, in January 2023, Koninklijke Ten Cate BV, a US-based manufacturer of military armor products for militaries and law enforcement agencies, launched Cratus Wave, a level 3 armor ballistic plate. The unique feature of this launch is the application of trauma reduction technology. It redistributes pressure waves between the wearer and the rigid body armor plates. This strategy lessens back face deformation, a condition where a projectile hit causes the opposite side of the armor to enlarge and produce blunt physiological stress to soldiers. Rapid energy dispersion lessens the force that results in blunt trauma.
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Major Key Players of the Market:
Armored Republic LLC; BAE Systems; Ceradyne Inc.; Craig International Ballistics Pty Ltd; Helweg International; Kejo Limited Company; Pacific Safety Products; Safariland LLC; Point Blank Enterprises Inc; Ace Link Armor; Adept Armor; Canadian Armour Ltd.; EnGarde body armor; Safevest LLC et al.; Automotive Armor Manufacturing; Aegis Engineering Ltd; Ballistic Body Armour Pty.; Lanxess AG; I G Petrochemicals Ltd.; Sinteza SA; Srihari Chemicals; Nantong Haiers; Huangshi Taihua Industry; Novaphene; Huayin Jinqiancheng; Yash Rasayan & Chemicals; TenCate Advanced Armor; Tough Hook; Infidel Body Armor; Spartan Armor Systems; Chase Tactical; Tactical Scorpion Gear
Body Armor Plates Market 2024 Key Insights:
• The body armor plates market will grow to $2.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• The Surge In Terrorism Boosting Body Armor Plates Market
• Leading Companies Push Boundaries With Product Innovations In Body Armor Plates
• North America was the largest region in the body global body armor plates market in 2023
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