Armor Market: Global Industry Analysis and Forecast (2024-2030)

Armor Market size was valued at US$ 44.01 Bn in 2023 and the total revenue is expected to grow at CAGR 6.27% through 2023 to 2030, reaching nearly US$ 67.35 Bn.

Armor Market Overview:

An armor is a protective covering with the ability to absorb the impact of projectiles or another weapon on an object, individual, or vehicle. With the rise of terrorism and the use of powerful weapons by terrorists and criminals, the armor materials are used by police, military force private non-military security forces, and non-combatants to safeguard themselves. The use of nanotechnology materials and fibers in the manufacturing of lightweight and flexible armor is projected to be the driving factor for Armor Market during the forecast period. One significant driver propelling the armor market's growth is the persistent global security concerns. Heightened geopolitical tensions, increasing terrorism, and evolving warfare tactics have amplified the demand for advanced protective solutions. Military modernization programs, law enforcement agencies' needs, and the rising instances of asymmetric warfare contribute to this surge. Additionally, technological advancements have led to the development of lighter, more durable, and versatile armor solutions. These innovations cater to diverse sectors beyond defense, including civilian applications like automotive, aerospace, and personal protection, further expanding the market. The constant pursuit of enhanced safety and protection against emerging threats continues to fuel the robust growth of the armor market worldwide. The armor market experiences robust growth due to increased demand from military and law enforcement entities amidst rising geopolitical tensions. These sectors invest significantly in advanced solutions like lightweight ballistic vests, helmets, and innovative exoskeletons. Advancements in materials such as ceramics, composites, and 3D printing have revolutionized armor, making it lighter, more resilient, and customizable. Simultaneously, the civilian sector grows due to heightened personal safety worries, providing bulletproof vests, riot gear, and stab-resistant clothing. Recent industry developments showcase this dynamism, such as Ceradyne Inc.'s partnership to develop lighter ballistic vests, HexArmor's launch of stab-resistant gloves for law enforcement, and a significant Department of Defense contract for next-gen body armor integrated with advanced technologies. These innovations reflect the market's commitment to enhancing protection while ensuring comfort and adaptability. Armor MarketTo know about the Research Methodology :- Request Free Sample Report

Armor Market Dynamics:

Growing conflicts across different regions, insurgency, political unrest and instability, incidences of terrorism worldwide have driven military and law enforcement forces, and the materials science community to develop effective solutions that can ensure security. In addition, political conflicts in Israel, Palestine, Syria, Egypt, Libya, Iraq, Afghanistan, Russia-Ukraine, India- Pakistan, and India-China, Russia-Turkey, and Columbia-Peru, are increasing the necessity for advanced armor. These factors are driving the demand for protective equipment, resulting in significant growth in the Armor market. Thanks to increasing military expenditure from various countries governments, resulting in the growth of the armor market. According to new data published in 2023 by the Stockholm International Peace Research Institute (SIPRI), total global military expenditure rose to $1981 billion in 2021, an increase of 2.6% as compared to 2021. The five biggest spenders in 2021, are the United States, China, India, Russia, and the United Kingdom which together accounted for 62% of global military expenditure. Budget spending on military by China grew for the 26th consecutive year. Such initiatives from leading countries are expected to positively impact the armor market growth. The high cost of production of defense products is expected to hinder the market's growth to some extent. The production and application of armor are regulated by government agencies, so regulation imposed by government agencies controls the production and sales of armor.

Armor Market Segment Analysis:

Based on the Material, the market is segmented into Metals and Alloys, Ceramics, Composites, Para-aramid Fiber, Ultra-high-molecular-weight Polyethylene, Fiberglas, and Others. The Metals and Alloys captured the largest market share, accounted for 32.79% of the market in 2023. The growing application of metals and alloys in military armor is expected to drive market growth. Metals such as high-density steel, aluminum, and titanium, coupled with their alloys, are used as armor materials for vehicle, aerospace, and marine armor systems. The properties like low density, high corrosion resistance, and lightweight metals and alloys are beneficial in the production of armor material, which drives the market growth. The Ceramic segment is expected to witness the fastest CAGR of 8.2% during the forecast period. Ceramic materials have low density, high hardness, high elastic modulus, good comprehensive strength, and sufficient flexure. The growth of the Ceramic segment is due to the increased necessity of ceramic materials used in the manufacturing of armor materials. Based on Application, the market is segmented into Vehicle Armor, Body Armor, Aerospace Armor, and Marine Armor. The body Armor segment has dominated the market accounted for 33.26 % in 2023. The increasing security concerns in the emerging economies like, India, China, Brazil, and South Korea and to protect law enforcement and military personnel, resulting in high demand for body armor. A large number of active military personnel in the countries also require the acceptance of body armor for safeguarding the personnel. The significant growth of weapons and ammunition is also a driving factor for the growth of the body armor segment. The vehicle segment has dominated the Armor Market and accounted for the value of 25.77 Bn during 2023. The vehicle segment is expected to grow a CAGR of 6.1% during the forecast period. The rise in the instances of cross-border conflicts and increasing incidences of warfare across the globe are major factors driving the growth of the armored vehicles market. The US defense department has announced its plans to spend about USD 1.4 billion on manufacturing lightweight tanks during the forecast period.

Armor Market Regional Insights:

Asia Pacific region held the largest market share accounting for 31.29% in 2023 and is expected to grow with a CAGR of 6.9% during the forecast period. Increasing defense budgets in countries like India and China are driving the Global Armor Market growth in the Asia Pacific region. In the year 2021, the government of India has allocated a budget of US $ 72 Bn for the defense sector, While China has allocated 252Bn. Moreover, the modernization of military programs across countries such as China, India, Japan, and South Korea, is expected to drive the market demand for armor materials. North America is a major customer and manufacturer of the Armor market and held a 28.71% market share in 2023. Development in military and defense technology in the U.S. and Canada is boosting the armor market growth in the North America region. The U.S. has spent US$ 778 Bn on the military department in 2021, which accounted for 39% of total spending on military worldwide. According to the U.S. Congressional Budget Office, the budget for defense is expected to rise from 596 billion U.S. dollars in 2014 to 915 billion U.S. dollars by 2031.Armor Market1The objective of the report is to present a comprehensive analysis of the Armor Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Armor Market dynamic, structure by analyzing the market segments and project the Armor Market size. Clear representation of competitive analysis of key players by Material, price, financial position, product portfolio, growth strategies, and regional presence in the Armor Market make the report investor’s guide.

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Global Armor Market
Report Coverage Details
Base Year: 2023 Forecast Period: 2024-2030
Historical Data: 2018 to 2023 Market Size in 2023: US $ 44.02 Bn.
Forecast Period 2024 to 2030 CAGR: 6.27% Market Size in 2030: US $ 67.35 Bn.
Segments Covered: by Material Metals and Alloys Ceramics Composites Para-aramid Fiber Ultra-high-molecular-weight Polyethylene Fiberglass Others
by Application Vehicle Armor Body Armor Aerospace Armor Marine Armor

Armor Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

Armor Market Key Players:

North America: 1. Du Pont De Nemours and Company (United States) 2. 3M Ceradyne Inc. (United States) 3. AR500 Armor (United States) 4. Honeywell International Inc (United States) 5. Saint-Gobain (United States) 6. ATI (United States) 7. CoorsTek, Inc. (United States) Europe 1. BAE Systems (United Kingdom) 2. Morgan Advanced Materials PLC (United Kingdom) 3. Koninklijke ten cate Bv. (Netherlands) 4. Ceramtec (Germany) Asia Pacific 1. SAAB AB (Sweden) 2. Ballistic Body Armor Ltd (Israel) 3. Aegis Engineering Ltd. (India) Other 1. Craig International Ballistics Pty Ltd. (Australia) Frequently Asked Questions: 1. Which region has the largest share in Global Armor Market? Ans: Asia Pacific region held the highest share in 2023. 2. What is the growth rate of Global Armor Market? Ans: The Global Armor Market is growing at a CAGR of 6.27% during forecasting period 2024-2030. 3. What is scope of the Global Armor Market report? Ans: Global Armor Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Armor Market? Ans: The important key players in the Global Armor Market are – AR500 Armor, Honeywell International Inc, Saint-Gobain, Koninklijke ten cate Bv., ATI, Ceramtec, CoorsTek, and Inc 5. What is the study period of this Market? Ans: The Global Armor Market is studied from 2023 to 2030.
1. Armor Market Introduction 1.1. Study Assumption and Market Definition 1.2. Scope of the Study 1.3. Executive Summary 2. Armor Market: Dynamics 2.1. Armor Market Trends by Region 2.1.1. Global Armor Market Trends 2.1.2. North America Armor Market Trends 2.1.3. Europe Armor Market Trends 2.1.4. Asia Pacific Armor Market Trends 2.1.5. Middle East and Africa Armor Market Trends 2.1.6. South America Armor Market Trends 2.2. Armor Market Dynamics by Region 2.2.1. North America 2.2.1.1. North America Armor Market Drivers 2.2.1.2. North America Armor Market Restraints 2.2.1.3. North America Armor Market Opportunities 2.2.1.4. North America Armor Market Challenges 2.2.2. Europe 2.2.2.1. Europe Armor Market Drivers 2.2.2.2. Europe Armor Market Restraints 2.2.2.3. Europe Armor Market Opportunities 2.2.2.4. Europe Armor Market Challenges 2.2.3. Asia Pacific 2.2.3.1. Asia Pacific Armor Market Drivers 2.2.3.2. Asia Pacific Armor Market Restraints 2.2.3.3. Asia Pacific Armor Market Opportunities 2.2.3.4. Asia Pacific Armor Market Challenges 2.2.4. Middle East and Africa 2.2.4.1. Middle East and Africa Armor Market Drivers 2.2.4.2. Middle East and Africa Armor Market Restraints 2.2.4.3. Middle East and Africa Armor Market Opportunities 2.2.4.4. Middle East and Africa Armor Market Challenges 2.2.5. South America 2.2.5.1. South America Armor Market Drivers 2.2.5.2. South America Armor Market Restraints 2.2.5.3. South America Armor Market Opportunities 2.2.5.4. South America Armor Market Challenges 2.3. PORTER’s Five Forces Analysis 2.4. PESTLE Analysis 2.5. Value Chain Analysis 2.6. Regulatory Landscape by Region 2.6.1. Global 2.6.2. North America 2.6.3. Europe 2.6.4. Asia Pacific 2.6.5. Middle East and Africa 2.6.6. South America 2.7. Key Opinion Leader Analysis for Armor Industry 2.8. Analysis of Government Schemes and Initiatives for Armor Industry 2.9. The Global Pandemic Impact on Armor Market 2.10. Armor Price Trend Analysis (2021-22) 3. Armor Market: Global Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030) 3.1. Armor Market Size and Forecast, by Material (2023-2030) 3.1.1. Metals and Alloys 3.1.2. Ceramics 3.1.3. Composites 3.1.4. Para-aramid Fiber 3.1.5. Ultra-high-molecular-weight Polyethylene 3.1.6. Fiberglass 3.1.7. Others 3.2. Armor Market Size and Forecast, by Application (2023-2030) 3.2.1. Vehicle Armor 3.2.2. Body Armor 3.2.3. Aerospace Armor 3.2.4. Marine Armor 4. North America Armor Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030) 4.1. North America Armor Market Size and Forecast, by Material (2023-2030) 4.1.1. Metals and Alloys 4.1.2. Ceramics 4.1.3. Composites 4.1.4. Para-aramid Fiber 4.1.5. Ultra-high-molecular-weight Polyethylene 4.1.6. Fiberglass 4.1.7. Others 4.2. North America Armor Market Size and Forecast, by Application (2023-2030) 4.2.1. Vehicle Armor 4.2.2. Body Armor 4.2.3. Aerospace Armor 4.2.4. Marine Armor 4.3. North America Armor Market Size and Forecast, by Country (2023-2030) 4.3.1. United States 4.3.1.1. United States Armor Market Size and Forecast, by Material (2023-2030) 4.3.1.1.1. Metals and Alloys 4.3.1.1.2. Ceramics 4.3.1.1.3. Composites 4.3.1.1.4. Para-aramid Fiber 4.3.1.1.5. Ultra-high-molecular-weight Polyethylene 4.3.1.1.6. Fiberglass 4.3.1.1.7. Others 4.3.1.2. United States Armor Market Size and Forecast, by Application (2023-2030) 4.3.1.2.1. Vehicle Armor 4.3.1.2.2. Body Armor 4.3.1.2.3. Aerospace Armor 4.3.1.2.4. Marine Armor 4.3.2. Canada 4.3.2.1. Canada Armor Market Size and Forecast, by Material (2023-2030) 4.3.2.1.1. Metals and Alloys 4.3.2.1.2. Ceramics 4.3.2.1.3. Composites 4.3.2.1.4. Para-aramid Fiber 4.3.2.1.5. Ultra-high-molecular-weight Polyethylene 4.3.2.1.6. Fiberglass 4.3.2.1.7. Others 4.3.2.2. Canada Armor Market Size and Forecast, by Application (2023-2030) 4.3.2.2.1. Vehicle Armor 4.3.2.2.2. Body Armor 4.3.2.2.3. Aerospace Armor 4.3.2.2.4. Marine Armor 4.3.3. Mexico 4.3.3.1. Mexico Armor Market Size and Forecast, by Material (2023-2030) 4.3.3.1.1. Metals and Alloys 4.3.3.1.2. Ceramics 4.3.3.1.3. Composites 4.3.3.1.4. Para-aramid Fiber 4.3.3.1.5. Ultra-high-molecular-weight Polyethylene 4.3.3.1.6. Fiberglass 4.3.3.1.7. Others 4.3.3.2. Mexico Armor Market Size and Forecast, by Application (2023-2030) 4.3.3.2.1. Vehicle Armor 4.3.3.2.2. Body Armor 4.3.3.2.3. Aerospace Armor 4.3.3.2.4. Marine Armor 5. Europe Armor Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030) 5.1. Europe Armor Market Size and Forecast, by Material (2023-2030) 5.2. Europe Armor Market Size and Forecast, by Application (2023-2030) 5.3. Europe Armor Market Size and Forecast, by Country (2023-2030) 5.3.1. United Kingdom 5.3.1.1. United Kingdom Armor Market Size and Forecast, by Material (2023-2030) 5.3.1.2. United Kingdom Armor Market Size and Forecast, by Application (2023-2030) 5.3.2. France 5.3.2.1. France Armor Market Size and Forecast, by Material (2023-2030) 5.3.2.2. France Armor Market Size and Forecast, by Application (2023-2030) 5.3.3. Germany 5.3.3.1. Germany Armor Market Size and Forecast, by Material (2023-2030) 5.3.3.2. Germany Armor Market Size and Forecast, by Application (2023-2030) 5.3.4. Italy 5.3.4.1. Italy Armor Market Size and Forecast, by Material (2023-2030) 5.3.4.2. Italy Armor Market Size and Forecast, by Application (2023-2030) 5.3.5. Spain 5.3.5.1. Spain Armor Market Size and Forecast, by Material (2023-2030) 5.3.5.2. Spain Armor Market Size and Forecast, by Application (2023-2030) 5.3.6. Sweden 5.3.6.1. Sweden Armor Market Size and Forecast, by Material (2023-2030) 5.3.6.2. Sweden Armor Market Size and Forecast, by Application (2023-2030) 5.3.7. Austria 5.3.7.1. Austria Armor Market Size and Forecast, by Material (2023-2030) 5.3.7.2. Austria Armor Market Size and Forecast, by Application (2023-2030) 5.3.8. Rest of Europe 5.3.8.1. Rest of Europe Armor Market Size and Forecast, by Material (2023-2030) 5.3.8.2. Rest of Europe Armor Market Size and Forecast, by Application (2023-2030) 6. Asia Pacific Armor Market Size and Forecast by Segmentation for (by Value in USD Million) (2023-2030) 6.1. Asia Pacific Armor Market Size and Forecast, by Material (2023-2030) 6.2. Asia Pacific Armor Market Size and Forecast, by Application (2023-2030) 6.3. Asia Pacific Armor Market Size and Forecast, by Country (2023-2030) 6.3.1. China 6.3.1.1. China Armor Market Size and Forecast, by Material (2023-2030) 6.3.1.2. China Armor Market Size and Forecast, by Application (2023-2030) 6.3.2. S Korea 6.3.2.1. S Korea Armor Market Size and Forecast, by Material (2023-2030) 6.3.2.2. S Korea Armor Market Size and Forecast, by Application (2023-2030) 6.3.3. Japan 6.3.3.1. Japan Armor Market Size and Forecast, by Material (2023-2030) 6.3.3.2. Japan Armor Market Size and Forecast, by Application (2023-2030) 6.3.4. India 6.3.4.1. India Armor Market Size and Forecast, by Material (2023-2030) 6.3.4.2. India Armor Market Size and Forecast, by Application (2023-2030) 6.3.5. Australia 6.3.5.1. Australia Armor Market Size and Forecast, by Material (2023-2030) 6.3.5.2. Australia Armor Market Size and Forecast, by Application (2023-2030) 6.3.6. Indonesia 6.3.6.1. Indonesia Armor Market Size and Forecast, by Material (2023-2030) 6.3.6.2. Indonesia Armor Market Size and Forecast, by Application (2023-2030) 6.3.7. Malaysia 6.3.7.1. Malaysia Armor Market Size and Forecast, by Material (2023-2030) 6.3.7.2. Malaysia Armor Market Size and Forecast, by Application (2023-2030) 6.3.8. Vietnam 6.3.8.1. Vietnam Armor Market Size and Forecast, by Material (2023-2030) 6.3.8.2. Vietnam Armor Market Size and Forecast, by Application (2023-2030) 6.3.9. Taiwan 6.3.9.1. Taiwan Armor Market Size and Forecast, by Material (2023-2030) 6.3.9.2. Taiwan Armor Market Size and Forecast, by Application (2023-2030) 6.3.10. Rest of Asia Pacific 6.3.10.1. Rest of Asia Pacific Armor Market Size and Forecast, by Material (2023-2030) 6.3.10.2. Rest of Asia Pacific Armor Market Size and Forecast, by Application (2023-2030) 7. Middle East and Africa Armor Market Size and Forecast by Segmentation for (by Value in USD Million) (2023-2030 7.1. Middle East and Africa Armor Market Size and Forecast, by Material (2023-2030) 7.2. Middle East and Africa Armor Market Size and Forecast, by Application (2023-2030) 7.3. Middle East and Africa Armor Market Size and Forecast, by Country (2023-2030) 7.3.1. South Africa 7.3.1.1. South Africa Armor Market Size and Forecast, by Material (2023-2030) 7.3.1.2. South Africa Armor Market Size and Forecast, by Application (2023-2030) 7.3.2. GCC 7.3.2.1. GCC Armor Market Size and Forecast, by Material (2023-2030) 7.3.2.2. GCC Armor Market Size and Forecast, by Application (2023-2030) 7.3.3. Nigeria 7.3.3.1. Nigeria Armor Market Size and Forecast, by Material (2023-2030) 7.3.3.2. Nigeria Armor Market Size and Forecast, by Application (2023-2030) 7.3.4. Rest of ME&A 7.3.4.1. Rest of ME&A Armor Market Size and Forecast, by Material (2023-2030) 7.3.4.2. Rest of ME&A Armor Market Size and Forecast, by Application (2023-2030) 8. South America Armor Market Size and Forecast by Segmentation for (by Value in USD Million) (2023-2030 8.1. South America Armor Market Size and Forecast, by Material (2023-2030) 8.2. South America Armor Market Size and Forecast, by Application (2023-2030) 8.3. South America Armor Market Size and Forecast, by Country (2023-2030) 8.3.1. Brazil 8.3.1.1. Brazil Armor Market Size and Forecast, by Material (2023-2030) 8.3.1.2. Brazil Armor Market Size and Forecast, by Application (2023-2030) 8.3.2. Argentina 8.3.2.1. Argentina Armor Market Size and Forecast, by Material (2023-2030) 8.3.2.2. Argentina Armor Market Size and Forecast, by Application (2023-2030) 8.3.3. Rest Of South America 8.3.3.1. Rest Of South America Armor Market Size and Forecast, by Material (2023-2030) 8.3.3.2. Rest Of South America Armor Market Size and Forecast, by Application (2023-2030) 9. Global Armor Market: Competitive Landscape 9.1. MMR Competition Matrix 9.2. Competitive Landscape 9.3. Key Players Benchmarking 9.3.1. Company Name 9.3.2. Product Segment 9.3.3. End-user Segment 9.3.4. Revenue (2023) 9.3.5. Company Locations 9.4. Market Analysis by Organized Players vs. Unorganized Players 9.4.1. Organized Players 9.4.2. Unorganized Players 9.5. Leading Armor Market Companies, by market capitalization 9.6. Market Structure 9.6.1. Market Leaders 9.6.2. Market Followers 9.6.3. Emerging Players 9.7. Mergers and Acquisitions Details 10. Company Profile: Key Players 10.1. BAE Systems - (United Kingdom) 10.1.1. Company Overview 10.1.2. Business Portfolio 10.1.3. Financial Overview 10.1.4. SWOT Analysis 10.1.5. Strategic Analysis 10.1.6. Scale of Operation (small, medium, and large) 10.1.7. Details on Partnership 10.1.8. Regulatory Accreditations and Certifications Received by Them 10.1.9. Awards Received by the Firm 10.1.10. Recent Developments 10.2. Ballistic Body Armor Ltd - (Israel) 10.3. Du Pont De Nemours and Company - (United States) 10.4. 3M Ceradyne Inc. - (United States) 10.5. Morgan Advanced Materials PLC - (United Kingdom) 10.6. SAAB AB - (Sweden) 10.7. Craig International Ballistics Pty Ltd. - (Australia) 10.8. Aegis Engineering Ltd. - (India) 10.9. AR500 Armor - (United States) 10.10. Honeywell International Inc - (United States) 10.11. Saint-Gobain - (United States) 10.12. Koninklijke ten cate Bv. - (Netherlands) 10.13. ATI - (United States) 10.14. Ceramtec - (Germany) 10.15. CoorsTek, Inc. - (United States) 11. Key Findings 12. Industry Recommendations 13. Armor Market: Research Methodology 14. Terms and Glossary

About This Report

Report ID 124378
Category Consumer Goods & Services
Published Date December 2023
Updated Date
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