Armor Materials Market - Growth, Trends, and Forecast (2019 - 2024)
The armor materials market is expected to register a CAGR of 6.81% during the forecast period, 2019 - 2024.
Increasing homeland security concerns are expected to drive the demand for the market during the forecast period.
High cost of production of defense products is likely to hinder the market’s growth.
Increasing defense budget is projected to act as an opportunity for the market in the future.
Key Market Trends
Body Armors Application Expected to Lead the Market
Homeland security concerns have made it necessary for all countries to have well-trained defense forces. Requirement for army training is increasing owing to the increasing bilateral tensions between the nations.
For homeland security, soldiers are meant to fight, for which they require weapons, vehicles, and body shields to protect them.
During wars, soldiers have to wear body armor and carry weapons, such as guns, grenades, etc. Hence, these are to be made available to military personnel during wars. Every year, more individuals join the army, creating a further demand for armors and weapons.
Increasing terrorist attack threats, such as the ISIS attack in some of the countries of Middle East are leading to an increase in counter terrorist operations and preventive measures.
Countries across the globe invest heavily in maintaining the sufficient supply of all such goods in anticipation of war. Armor materials are used extensively to produce body armors, weapon armors, armored vehicles, tankers, etc. Hence, the demand for armor materials is driven considerably by the increasing homeland security concerns.
North America to Dominate the Market
The North American region dominated the global market share in 2018.
The United States is one of the largest consumers of armor materials globally. This is majorly owing to the rising homeland security concerns due to terrorism. The United States was the largest military spending nation with the largest military forces globally.
There are emerging geopolitical and bilateral tensions between the major nations. Furthermore, the increasing terrorist activities lead to the increasing procurement of armor materials to manufacture defense equipment.
These factors will drive the demand for armor materials in North America over the forecast period.
The armor materials market is partially consolidated. Key players in the armor materials market include DowDuPont, Teijin Limited, Koninklijke Ten Cate BV, Morgan Advanced Materials, and Honeywell International Inc.
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