Market Size of Armor Materials Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 13.59 Billion |
| Market Size (2029) | USD 19.09 Billion |
| CAGR (2024 - 2029) | 7.03 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Armor Materials Market Analysis
The Armor Materials Market size is estimated at USD 13.59 billion in 2024, and is expected to reach USD 19.09 billion by 2029, growing at a CAGR of 7.03% during the forecast period (2024-2029).
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. Such unhindered production boosted the armor materials market during the pandemic.
- Over the short term, the development of body armor and advanced weapons and increasing homeland security concerns are major factors driving the growth of the market studied.
- However, high cost of production of defense products are likely to restrain the growth of the studied market.
- Nevertheless, increasing defense budget and rising military modernization programs are likely to create lucrative growth opportunities for the global market soon.
- North America dominated the market, holding the largest share, and is expected to dominate the market during the forecast period.
