Jan 31, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Armor Materials Market.
It was estimated prior to this unanticipated outbreak that the Armor Materials Market is likely to witness an impressive CAGR of 7.3% during the forecast period. The development of advanced armor materials using composites and nano-fibers is majorly contributing to the growth of the armor materials market.
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Armor materials are made from metals such as high-density steel, aluminum, and titanium, along with their alloys, used in making vehicle, aerospace, civil, and marine armor systems. These materials provide excellent properties such as robustness, strength, and toughness which increase their demand in the market.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the material type, the market is segmented as metals & alloys, ceramics, composites, para-aramid fiber, ultra-high-molecular-weight polyethylene, fiberglass, and others. Metals & Alloys are estimated to account for the largest share of the armor materials market during the forecast period. High-density steel, titanium, and aluminum, along with their alloys are the metals which are used as armor materials for various applications such as vehicle, aerospace, body, civil, and marine armor systems. These armor materials offer excellent properties such as strength and toughness by heat treatment, alloying, and working techniques, which make them capable of providing the required ballistic protection.
Based on the application type, the armor materials market is segmented as vehicle armor, aerospace armor, body armor, civil armor, and marine armor. Body armor is expected to grow at the highest rate during the forecast period. Increasing security concerns in the emerging economies and provision of security to law enforcement and military personnel, and modernization of weapons are the main factors contributing to the growth of the body armor segment.
In terms of regions, North America is estimated to account for a considerable share of the armor materials market by 2024, driven by the surge in demand for homeland security applications and the incessant development of advanced armor systems for the US Army.
On the other hand, Asia-Pacific is expected to be the fastest-growing market during the forecast period. There is an increasing demand for armor materials in the region, on account of military modernization programs by countries such as China and India. The mounting strains between countries in the region, as well as internal acrimonies, are also the driving factors for the armor materials market in the region. Europe is also expected to offer substantial growth opportunities during the forecast period.
Key players operating in the global Armor Materials market are-
- Alcoa Corporation
- Allegheny Technologies, Inc.
- Compagnie de Saint-Gobain S.A.
- Dupont De Nemours, Inc.
- Honeywell International Inc.
- Koninklijke DSM N.V.
- Saab AB
- Tata Steel Ltd.
- Teijin Limited
- The 3M Company
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Armor Materials analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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