Armor Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Global Armor Materials Market is projected to register a CAGR of over 7% during the forecast period (2021-2026).

Due to COVID-19, many manufacturing industries were stopped due to lockdown regulations. However, many armor manufacturing companies such as TenCate Advanced Armor and NP Aerospace continued to run the production by re-organizing and ensuring the safety of employees and following government regulations to provide continuous supply to customers. For example, NP Aerospace company announced on March 2020, that the company had seen significant growth in vehicle armour, personal armour and Bomb Disposal suit product lines, which is extremely positive news and it continue to see significant ongoing activity within Protected Mobility Fleet vehicle programme with the UK MoD". Such factors boosted the market during the pandemic.

• Over the medium term, the major factors driving the market are the development of advanced weapons and increased homeland security concerns.
• On the flip side, the high cost of production of defense products and negative impat of COVID-19 pandemic are likely to hinder the market’s growth.
• Increasing defense budget is projected to act as an opportunity for the market in future.
• North America region 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 (USD Million).

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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. Requirement for army training is increasing owing to the increasing bilateral tensions between the 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 a lot of 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 a further demand for armors and weapons.
• Increasing terrorist attack threats, such as the ISIS attack in some of the countries of Middle East are leading to an increase in counter terrorist operations and preventive measures.
• Countries across the globe invest heavily in maintaining the 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 body armors that are lightweight and have increasing scalability, such that 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. ​
• 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 be receiving more night-capable attack helicopters, fast boasts, 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 above mentioned factors, the body armors continue to dominate the market during the forecast period.

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