The report “Armor Materials Market by Materials Type (Metals & Alloys, Ceramics, Composites, Para-Aramid Fibers, UHMWPE, Fiberglass), Application (Vehicle, Aerospace, Body, Civil, Marine), and Region – Global Forecast to 2024″, 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. There is an increasing demand for more lightweight and efficient armor materials, in terms of protection, and the increasing investments for R&D are driving the market. The development of advanced armor materials using composites and nano-fibers is projected to be the driving factor for the armor materials market during the forecast period.
Opportunities: Military modernization programs
Advancements in warfare tactics and rising cost-consciousness in the defense industry have encouraged various countries to reorganize their armed forces and develop efficient, deployable, and strong military force. These changes have increased investment in advanced defense equipment that offers better performance and operation and incur low maintenance costs. Such requirements have also surged the development of military modernization programs that have resulted in the upgrading of armors.
Vehicle armor is the largest segment of the armor materials market.
The demand for armored vehicles is expected to grow at a significant rate across the globe. The growth of the market can be attributed to the increased deployment of these vehicles by defense forces of different countries to carry out overseas missions and anti-terror operations and rise in the number of cross-border conflicts worldwide. The use of advanced armor materials in these vehicles, incorporation of advanced sensors in them, and installation of countermeasure systems are expected to improve the capability of armored vehicles. Countries in the European and North American regions are carrying out various modernization programs to upgrade their armored combat vehicles.
North America is estimated to be the largest market for the armor materials market during the forecast period.
The US dominates the global market, followed by China and Russia. The market in North America and Europe is witnessing a substantial growth due to the ongoing modernization and upgradation of existing armored platforms to improve the combat capabilities of defense forces. Rising security concerns worldwide, coupled with the development of weapons and ammunition technology are driving the market. The volatile market conditions are due to the increasing incidences of armed conflicts, rising tension between neighboring countries, and growing instances of terrorism across the globe.
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