- Rise in application of lightweight materials, surge in number of warfare activities, and increase in concern from government over safety have boosted the growth of the global armor material market
PORTLAND, Ore., Sept. 16, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Armor Materials Market by Material Type (Metals & Alloys, Ceramics, Composites, Para-Aramid Fibers, Ultra-high-molecular-weight Polyethylene (UHMWPE), Fiberglass, and Others) and Application (Vehicle, Aerospace, Body, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global armor materials industry was pegged at $10.6 billion in 2019, and is expected to reach $15.7 billion by 2027, growing at a CAGR of 5.3% from 2020 to 2027.
Major determinants of the market growth
Rise in application of lightweight materials, surge in number of warfare activities, and increase in concern from government over safety have boosted the growth of the global armor materials market. However, limited application of multi-layered composite material and high cost hamper the market. On the contrary, advancements in armor material plates are expected to create lucrative opportunities for the market players in the future.
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The composites segment to manifest the highest CAGR through 2027
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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The vehicles segment dominated the market
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.
North America held the lion's share
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.
Major market players
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