According to a new report by Reports and Data, the global Armor Materials market is forecasted to reach USD 18.97 Billion by 2027. The increasing security concerns and terrorism in countries globally is one of the major factors influencing demand. Based on the Global Terrorism Index, in 2018, approximately 71 countries reported experiencing at least one death from terrorism. Furthermore, the global economic impact of terrorism was around USD 33 billion in 2018. Countries, particularly in South Asia and the Middle East region such as Egypt, Libya, Afghanistan, Syria, and Iraq, have witnessed an increase in both terrorisms as well as battlefield deaths over the past decade as the security situation continues to deteriorate. This is projected to lead to a rise in the demand for armor for military and defense personnel, thereby driving market demand.
Increasing investment in the military and defense sector globally is also a major factor fostering demand. Statistics show that in 2018, global defiance spending was over USD1.67 trillion. Apart from the U.S., China, Russia, and North Atlantic Treaty Organization (NATO), European member states increased their defense budgets by almost 4.2% in real terms in 2018. Similarly, developing countries such as India has also been focusing on expanding its defense expenditure.
Request Free Sample: https://www.reportsanddata.com/sample-enquiry-form/3118
The Asia Pacific region is projected to be the fastest-growing region with a 7.7% CAGR in the forecast period. Countries in the region, particularly China and India, have been focusing on increasing their spending on body armors for the defense sector. In February 2020, Communist China announced purchasing around 1.4 million body armor units over the next two years for war with Taiwan and the U.S. Similarly, Indian companies have also been focusing on providing armor with lighter materials. For instance, in 2019, MKU Limited, which produces ballistic protection for both the Indian Army and Navy, revealed investing in R&D for making lighter bulletproof jackets for the Indian Armed Forces.
The COVID-19 impact:
COVID-19 is expected to have a moderate impact on the market. The global production of products has suffered immensely due to the imposition of lockdown and social restrictions. With the majority of the economies, particularly in the Asian region crippled, the market is projected to witness disruption in the supply chain.
Further key findings from the report suggest
- Rising concerns of governments globally towards soldier survivability and protection are expected to be the key driving factor for the market in the projected period. With increasing threats of war conditions and terrorist attacks, governments have been focusing on improved security systems.
- Key participants include Saint-Gobain SA; Du Pont; DSM NV; Royal TenCate NV; Alcoa Inc.; Honeywell International Inc.; Saab AB; CoorsTek Inc.; Morgan Advanced Materials; CeramTec GmbH; Tata Steel; AGY Holding Corp.; and PPG Industries Inc.
- Aerospace armor is likely to witness significant growth in the forecast period. This can be associated with increasing investment by the government on fighter aircraft. Recently in February 2020, Germany and France signed a EUR 150 million deal to develop a prototype of the next-generation fighter jet. The prototype will see a total investment of about EUR 4 billion before it is completed in 2026.
- In January 2020, Avon Rubber, the U.K.-based military technology provider, announced acquiring ballistic protection business of 3M Company for approximately USD 91 million.
Material Type Outlook (Revenue, USD Million; 2017-2027)
- Metals and Alloys
- Para Aramid Fiber
- Ultra High Molecular Weight
Application Outlook (Revenue, USD Million; 2017-2027)
- Vehicle Armour
- Aerospace Armour
- Body Armor
- Civil Armor
- Marine Armor
Ask For Discount: https://www.reportsanddata.com/discount-enquiry-form/3118
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- South Korea
- Latin America
Request For Customization: https://www.reportsanddata.com/request-customization-form/3118
Thank you for taking out time to read our report. We also offer report customization according to client’s requirement. Kindly connect with us to know more about customization plan and our team will offer you the report as per the modifications.
Our in-house experts assist our clients with advice based on their proficiency in the market that helps them in creating a compendious database for the clients. Our team offers expert insights to clients to guide them through their business ventures. We put in rigorous efforts to keep our clientele satisfied and focus on fulfilling their demands to make sure that the end-product is what they desire. We excel in diverse fields of the market and with our services extending to competitive analysis, research and development analysis, and demand estimation among others, we can help you invest your funds in the most beneficial areas for research and development.
Head of Business Development
Reports And Data | Web: www.reportsanddata.com/
Direct Line: +1-212-710-1370
E-mail: [email protected]https://thetrustedchronicle.com/