|Study Period:||2016 - 2026|
|Fastest Growing Market:||North America|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The global armor materials market is projected to register a CAGR of over 7% during the forecast period (2021-2026).
Due to COVID-19 related lockdown restrictions, many manufacturing industries came to a halt. However, several armor manufacturing companies, such as TenCate Advanced Armor and NP Aerospace, continued to run their production by re-organizing, ensuring the safety of employees, and following government regulations to provide continuous supply to customers. For example, in March 2020, NP Aerospace announced that the company is witnessing significant growth in certain product lines, namely vehicle armor, personal armor, and bomb disposal suit. The company further sees significant ongoing activity within the Protected Mobility Fleet vehicle program with the UK MoD. Such unhindered production boosted the armor materials market during the pandemic.
· Over the medium term, the significant factors that will drive the market are developing advanced weapons and increased homeland security concerns.
· On the flip side, the high cost of production of defense products and the negative impact of the COVID-19 pandemic are likely to hinder the market’s growth to some extent.
· Increasing defense budget is projected to act as an opportunity for the market in the future.
· North America dominated the market, holding the largest share, and is expected to dominate the market during the forecast period.
Scope of the Report
The armor materials market is segmented by product type, application, and geography. By product type, the market is segmented into metal and alloy, ceramic and composite, para-aramid fiber, ultra-high-molecular-weight polyethylene, and other product types. By application, the market is segmented into aerospace, body armor, civil armor, marine armor, and vehicle armor. The report also covers the market size and forecasts for the armor materials market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (in USD million).
|Metal and Alloy|
|Ceramic and Composite|
|Other Product Types (Including Fiber Glass, etc.)|
Key Market Trends
Body Armors Application expected to lead the Market
· Homeland security concerns have made it necessary for all countries to have well-trained defense forces. The requirement for army training is increasing owing to the increasing bilateral tensions between nations.
· For homeland security, soldiers are meant to fight, for which they require weapons, vehicles, and body shields to protect them.
· Wearing body armor is almost a common practice, and in many instances, mandatory among military personnel and special forces, as they help reduce fatalities in military environments.
· During wars, soldiers have to wear body armor and carry weapons, such as guns, grenades, etc. Hence, these are to be made available to military personnel during wars. Every year, more individuals join the army, creating further demand for armor and weapons.
· Increasing terrorist threats, such as the ISIS attack in some of the countries of the Middle East, are leading to an increase in counter-terrorist operations and preventive measures.
· Countries worldwide invest heavily in maintaining a sufficient supply of all such goods in anticipation of war. Armor materials are used extensively to produce body armors, weapon armors, armored vehicles, tankers, etc. Hence, the demand for armor materials is driven considerably by the increasing homeland security concerns.
· According to army-technology.com, the US military is focusing on lightweight body armors with increasing scalability. The wearer can adjust the equipment depending on the threat level and mission at hand. Under the new Torso and Extremity Protection System (TEP), which is a part of the new Soldier Protection System, a modular scalable vest, ballistic combat shirt, blast pelvic protection system, and a battle belt are included, which are to be provided to the armed forces.
· The Philippines is planning to modernize its military over the next decade and has allocated PHP 25 billion for the same. Under this program, the Armed Forces of the Philippines (AFP) is expected to receive more night-capable attack helicopters and fast boats, along with more body armor, rifles, and helmets.
· The Spanish government has announced its decision to increase its military expenditure to approximately EUR 18 billion by 2024.
· Owing to all the above-mentioned factors, the body armors segment is expected to dominate the market during the forecast period.
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North America to dominate the Market
· North America dominated the global market in terms of market share. The United States is one of the largest consumers of armor materials globally.
· This is majorly owing to the rising homeland security concerns due to terrorism. The United States has the highest military expenditure and has the largest military force globally.
· There are emerging geopolitical and bilateral tensions between the major nations. Furthermore, the increasing terrorist activities lead to the increasing procurement of armor materials to manufacture defense equipment.
· The United States also struck a significant deal with Saudi Arabia for arms deal sales, along with the sale of F-35 combat aircraft.
· Lockheed Martin, the largest domestic fighter jets manufacturer, announced its decision to nearly triple its annual production to more than 160 jets by 2023.
· The US army also announced its plans to spend about USD 1.4 billion on manufacturing lightweight tanks over the forecast period.
· According to the Aerospace Industries Association, in 2019, the aerospace and defense industry in the United States posted strong annual growth with combined industry sales revenue amounting to USD 909 billion. The total industry sales revenue left a significant footprint on the American economy, contributing to a combined economic value of USD 396 billion, representing 1.8% of the total US GDP.
· Besides, in November 2020, the Senate was observed planning an investment of about USD 1.7 billion to buy 17 more F-35 fighter jets for the military in the fiscal year 2021. The plan includes an order of twelve F-35As for the Air Force and five F-35Cs for the Navy and Marine Corps for a total of 96 jets in FY21.
· These factors will likely drive the demand for armor materials in North America over the forecast period.
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The armor materials market is partially consolidated. Key players in the market include DuPont, Teijin Aramid B.V., Koninklijke Ten Cate BV, NP Aerospace, and Honeywell International Inc, among others.
Honeywell International Inc.
Koninklijke Ten Cate BV
Teijin Aramid B.V.
- In December 2020, NP Aerospace, a global armor manufacturer, launched the new 4030 ELITE Bomb Disposal Suit. It has extended its Explosive Ordnance Disposal (EOD) portfolio with the launch of a next-generation Bomb Disposal Suit targeting North America and other strategic global markets.
- In November 2020, TenCate Advanced Armour Holding B.v. announced that Agilitas is signing an agreement to back the buyout of TenCate Advanced Armour Holding B.V. and its subsidiaries.
- In July 2020, NP Aerospace announced that it has opened a new facility in London, Ontario, and appointed a General Manager to drive future business growth.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Development of Body Armor and Advanced Weapons
4.1.2 Increasing Homeland Security Concerns
4.2.1 High Cost Of Production Of Defense Products
4.2.2 Negative Impact of COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Metal and Alloy
5.1.2 Ceramic and Composite
5.1.3 Para-aramid Fiber
5.1.4 Ultra-high-molecular-weight Polyethylene
5.1.5 Other Product Types (Including Fiber Glass, etc.)
5.2.2 Body Armor
5.2.3 Civil Armor
5.2.4 Marine Armor
5.2.5 Vehicle Armor
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.2 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle East and Africa
220.127.116.11 South Africa
18.104.22.168 Saudi Arabia
22.214.171.124 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Colaborations and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 Armorsource LLC
6.4.4 CeramTec GmbH
6.4.5 CoorsTek Inc.
6.4.8 Honeywell International Inc.
6.4.10 JPS Composite Materials
6.4.11 Koninklijke Ten Cate BV
6.4.12 Morgan Advanced Materials
6.4.13 NP Aerospace
6.4.14 PPG Industries, Inc.
6.4.15 SafeGuard ARMOR™
6.4.17 Schunk Carbon Technology
6.4.18 Tata Steel
6.4.19 Teijin Aramid B.V.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Defense Budget
7.2 Other Opportunities
Frequently Asked Questions
What is the study period of this market?
The Armor Materials Market market is studied from 2016 - 2026.
What is the growth rate of Armor Materials Market?
The Armor Materials Market is growing at a CAGR of >7% over the next 5 years.
Which region has highest growth rate in Armor Materials Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Armor Materials Market?
North America holds highest share in 2021.
Who are the key players in Armor Materials Market?
DuPont, Honeywell International Inc., Koninklijke Ten Cate BV, Teijin Aramid B.V., NP Aerospace are the major companies operating in Armor Materials Market.