New York, July 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Armor Materials Global Market Report 2023" - https://www.reportlinker.com/p06480042/?utm_source=GNW
, NP Aerospace, Ballistic Body Armour (Pty) Ltd., and Pacific Safety Products Inc.
The global armor materials market is expected to grow from $11.45 billion in 2022 to $12.30 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The armor materials market is expected to reach $15.78 billion in 2027 at a CAGR of 6.4%.
The armor materials market consists of sales of ceramics, kevlar, steel, and polyethylene (PE).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Armor material refers to the numerous materials used to create various types of armor or body armour. Armor materials are used to make protective clothing with the capacity to deflect or absorb the impact of projectiles or other weapons that may be used against its wearer.
North America was the largest region in the armor materials market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in armor materials report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of armor materials are metals and alloys, composites, para-aramid fiber, UHMWPE (ultra-high-molecular-weight polyethylene), fiberglass, and others.Metals refer to opaque, shiny substances that are efficient heat- and electricity-conductors and an alloy refers to a metallic material made up of two or more different elements.
The products including vests, helmets, and others used for level II, level IIa, level III, level IIIa, and level IV protection for vehicle armor, aerospace armor, body armor, civil armor, and marine armor. These are used in defense, law enforcement and security personnel, and by civilians.
The increasing terrorist threat is expected to boost the growth of the armor material market going forward.A terrorist threat refers to an act of violence that would put others in danger while showing a blatant disdain for the harm it would do.
High-strength armor materials are used to shield wearers from projectiles like knives, shell fragments, and bullets during terrorist attacks or other critical situations.Hence, the increasing terrorist threat will increase the demand for the armor material market.
For instance, according to a report published by The Center for Strategic and International Studies (CSIS), a US-based non-profit organization, the number of terrorist acts and conspiracies in the United States increased from 2% in 2019 to 47% in 2020 and 53% in 2021.Further, 43% of all attacks in 2021’s domestic terrorism were directed toward the government, armed forces, and law enforcement.
Therefore, the increasing terrorist threat is driving the growth of the armor material market.
Product innovation is the key trend gaining popularity in the armor materials market.Major companies operating in the armor materials market are focusing on developing new products.
For instance, in April 2023, DuPont, a US-based provider of technology-based materials and solutions, launched Kevlar EXO, a next-generation aramid fiber.Kevlar EXO’s unique feature makes it stand out from other aramid fibers in ballistic performance without sacrificing weight.
This quality makes it possible to create the best-in-class, lightest-weight ballistics soft armor solutions currently on the market.It has an innate resistance to heat and flame, which won’t melt or ignite up to 500 °C (932 °F).
It is the most significant advancement in aramid fiber and a brand-new technological platform created to support many applications where protection and performance are necessary under complex and demanding circumstances.
In March 2023, Iten Defense LLC, a US-based manufacturer of composite armor products, acquired Transparent Armor Systems (TAS) for an undisclosed amount.With this acquisition, Iten Defense’s solution portfolio is anticipated to grow with the addition of transparent armor to its current composite armor options for tactical vehicles, fixed and rotary-wing aircraft, and marine vessels.
Transparent Armor Systems is a UAE-based manufacturer of certified ballistic glass and frame systems for defense, automotive and architectural applications.
The countries covered in the armor materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The armor materials market research report is one of a series of new reports that provides armor materials market statistics, including the armor materials industry global market size, regional shares, competitors with an armor materials market share, detailed armor materials market segments, market trends, and opportunities, and any further data you may need to thrive in the armor materials industry. This armor materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06480042/?utm_source=GNW
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