Armor Materials Market Continues to Thrive with USD 15.7 billion by 2027
Armor materials market size is projected to reach $15.7 billion, growing at a CAGR of 5.3% from 2020 to 2027
WILMINGTON, DELAWARE , UNITED STATES, February 20, 2024 /EINPresswire.com/ -- 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.
Download Sample Report in PDF Format (MUST SEE): https://www.alliedmarketresearch.com/request-sample/7191
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".
Major market players
⦁ China National Bluestar (Group) Co. Ltd.
⦁ Kermel
⦁ Guangdong Charming Co., Ltd.
⦁ BASF SE
⦁ Suzhou Zhaoda Specially Fiber Technical Co., Ltd.
⦁ JSC Kamenskvolokno
⦁ Tango Engineering Ltd.
⦁ YF International BV
⦁ Lydall Performance Materials Inc.
⦁ Polymer Technologies Pte. Ltd.
Key Findings Of The Study
⦁ Composites is projected to grow at the highest CAGR of approximately 6.7%, in terms of revenue, during the forecast period.
⦁ By application, the body armor materials segment is anticipated to grow with a CAGR of 6.5%, in terms of revenue, during the forecast period.
⦁ The North America region dominated the market with around 50% revenue shares in 2019
Have Any Query? Ask Our Expert : https://www.alliedmarketresearch.com/purchase-enquiry/7191
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.
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.
Buy Now This Report With Special Offer: https://www.alliedmarketresearch.com/aerospace-materials-market/purchase-options
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.
Related Reports:
Super Hard Materials Market : https://www.alliedmarketresearch.com/super-hard-materials-market-A06173
Advanced Functional Materials Market : https://www.alliedmarketresearch.com/advanced-functional-materials-market-A10768
Retro-Reflective Materials Market : https://www.alliedmarketresearch.com/retro-reflective-materials-market-A12530
Building Insulation Materials Market : https://www.alliedmarketresearch.com/building-insulation-materials-market-A12625
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
+18007925285 ext.
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
![](https://www.einpresswire.com/tracking/article.gif?t=2&a=0cqGS8jWiMahWRwO&i=kPcXopnk7FAD6JTJ)