Armor Materials Market Size To Worth USD 18.97 Billion At A ...| MENAFN.COM

Thursday, 06 October 2022 08:39 GMT

Armor Materials Market Size To Worth USD 18.97 Billion At A CAGR Of 7.3% By 2027 | Reports And Data

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Reports And Data

The growing demand of the armor in the vehicle & body armor sector, along with the increased application in civil armor equipments will boost market growth.

NEW YORK CITY, NEW YORK, UNITED STATES, August 19, 2022 / / -- According to a new report by Reports and Data, the global Armor Materials market is forecasted to reach USD 18.97 Billion by 2027. The increasing security concerns and terrorism in countries globally is one of the major factors influencing demand. Based on the Global Terrorism Index, in 2018, approximately 71 countries reported experiencing at least one death from terrorism. Furthermore, the global economic impact of terrorism was around USD 33 billion in 2018. Countries, particularly in South Asia and the Middle East region such as Egypt, Libya, Afghanistan, Syria, and Iraq, have witnessed an increase in both terrorisms as well as battlefield deaths over the past decade as the security situation continues to deteriorate. This is projected to lead to a rise in the demand for armor for military and defense personnel, thereby driving market demand.

Increasing investment in the military and defense sector globally is also a major factor fostering demand. Statistics show that in 2018, global defiance spending was over USD1.67 trillion. Apart from the U.S., China, Russia, and North Atlantic Treaty Organization (NATO), European member states increased their defense budgets by almost 4.2% in real terms in 2018. Similarly, developing countries such as India has also been focusing on expanding its defense expenditure.

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Major companies Saint-Gobain SA; Du Pont; DSM NV; Royal TenCate NV; Alcoa Inc.; Honeywell International Inc.; Saab AB; CoorsTek Inc.; Morgan Advanced Materials; CeramTec GmbH; Tata Steel; AGY Holding Corp.; and PPG Industries Inc.

Further key findings from the report suggest

Rising concerns of governments globally towards soldier survivability and protection are expected to be the key driving factor for the market in the projected period. With increasing threats of war conditions and terrorist attacks, governments have been focusing on improved security systems.
Metal and Alloys accounted for a major share of the market. Increasing adoption of composite metal foam is anticipated to influence growth. In 2019, researchers in the North Carolina State University demonstrated that a half-weight, vehicle armor made of composite metal foam (CMF) could stop ball and armor-piercing. The researchers revealed achieving significant weight savings, which improved vehicle performance and fuel efficiency.
Aerospace armor is likely to witness significant growth in the forecast period. This can be associated with increasing investment by the government on fighter aircraft. Recently in February 2020, Germany and France signed a EUR 150 million deal to develop a prototype of the next-generation fighter jet. The prototype will see a total investment of about EUR 4 billion before it is completed in 2026.

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Segments covered in the report:

Material Type Outlook (Revenue, USD Million; 2017-2027)

Metals and Alloys
Para Aramid Fiber
Ultra High Molecular Weight

Application Outlook (Revenue, USD Million; 2017-2027)

Vehicle Armour
Aerospace Armour
Body Armor
Civil Armor
Marine Armor

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Regional Outlook (Revenue, USD Million; 2017-2027)

North America
Asia Pacific
South Korea
Latin America

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