Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Body Armor Market Size, Share, Trend, Forecast Analysis, and Growth Opportunity: 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The body armor market is estimated at US$ 2.67 billion in 2022 and is likely to grow at a CAGR of 3.7% during the forecast period to reach US$ 3.4 billion in 2028.
There has been a shift from the conventional metallic heavy body armor to extremely lightweight and comfortable body armor over the years, which is developed using Ultra High Molecular Weight Polyethylene (UHMWPE) materials. With defense expenditure and law enforcement budgets rising in both developed and developing countries, a sizeable amount is inevitably allocated to procuring these advanced body armor, which aids in fending off threats to the physical safety of the personnel.
The market is fairly consolidated with the presence of some global and regional players. As most of the companies are US based, their primary focus is to tap the domestic market and gradually increase their regional penetration. These companies predominantly compete based on their product quality, weight, comfort level, price, and the level of protection offered.
Several companies are shifting towards the use of UHMWPE, due to the large demand for lightweight body armor, which further increases the market competition globally. Some companies are providing complete body armor solutions including soft armor, hard armor, and armor plates.
Segment Analysis
Armor Type
The market is segmented into hard body armor and soft body armor. under these hard body armor segment is expected to remain dominant, accounting for a market share of more than 65% in 2022.
Hard body armor consists of plates usually made up of steel, ceramic, or composite materials, which are covered and interlocked with one another via a more pliable armor shell, the demand for hard body armor is primarily being driven by the rising geopolitical conflicts coupled with the growing threat of terrorism, across the world.
Product Type
The market is segmented into ballistic-resistant armor, stab-resistant armor, combined-resistant armor, and ICW armor. Among these armor types, ballistic-resistant armor held a significant share of more than 45% in 2022, owing to its large usage in hard as well as soft body armor and wide application in military and law enforcement operations.
Concurrently, combined resistant armor is expected to witness the fastest growth during the forecast period, owing to its additional soft protection level and high demand for law enforcement applications.
Material Type
The market is segmented into UHMWPE, aramid, ceramic, and others. Among these materials, UHMWPE occupied the major market share of more than 45% in 2022, owing to its several advantages, such as improved ballistic resistance, lighter weight, higher durability, and strength, and slower decay from air and water as compared to the other materials.
Level of protection Type
The market is segmented into level IIA, level II, level IIIA, level III, level IV, SP1/KR1, SP2/KR2, SP3/KR3, level IIA + SP/KR/SP-KR, level II + SP/KR/SP-KR, level IIIA + SP/KR/SP-KR, level III+ level IIIA/II, and level IV + level IIIA/II.
The level IV+ level IIIA/II protection accounted for a market share of more than 30% in 2022, as it provides protection against the steel-core armor-piercing rifle ammunition as well as offers additional soft armor protection. As a result, it is likely to record a huge demand from the military and law enforcement authorities.
End-user Type
The market is classified as military, homeland security, and commercial. Among these end-users, the military Segment held the largest market share of almost 50% in 2022, owing to the increasing investments by the US DHS (Department of Homeland Security) and other law enforcement agencies of different countries for the safety of their police officers and other law enforcement personnel. The end-use type is also likely to witness the fastest market growth in the coming five years.
Mode of operation Type
The market is segmented into covert operations and overt operations. As most of the military and homeland security operations follow an overt mode of operation, making it the dominant sub-segment in the market with a share of more than 60% in 2022.
On the contrary, covert operation is estimated to witness faster growth during the forecast period, owing to their concealable nature, which generates a large demand in homeland security operations.
Regions Analysis
North America is expected to remain the largest market, accounting for a share of more than 55% in 2022. This growth is majorly attributed to the large expenditures by the US Department of Defence (DoD) and the US Department of Homeland Security (DHS) on body armor products for the protection of their armed troops and homeland security personnel.
The region is also home to body armor market-leading companies, such as Point Blank Enterprises, Inc., Safariland, LLC, and Armor Express, which are also the major contractors for the US DoD and the US DHS.
Likewise, the Asia-Pacific region is expected to witness the fastest market growth, during the forecast period, driven by increasing military expenditure in the countries such as China and India, coupled with rising terror threats and geopolitical tensions.
Also, the presence of local companies, such as Beijing Tongyizhong New Material Technology Corporation and Senken Group Co., Ltd, is increasing the regional market attractiveness.
The body armor market is driven by a host of factors, some of which are noted below:
- Increase in terrorism, mass shootings, and gun violence across the globe.
- Law enforcement officers and military personnel have come to heavily rely on body armor, in order to ensure their protection and survival, during anti-terrorist military operations.
- Cross-border conflicts and geopolitical tensions are on the rise around the world.
- The Russia-Ukraine crisis serves as a recent example. Such factors propel the development and sales of body armor products globally.
Key Players
- Point Blank Enterprises, Inc.
- Safariland, LLC.
- Armor Express
- Mehler Vario System
- Beijing Tongyizhong New Material Technology Corporation
- XTEK Group
- U.S. ARMOR CORPORATION
- Mars Armor
- Senken Group Co., Ltd
- Craig International Ballistics Pty. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/2vccmt
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