Armor Materials Market worth 10.54 Bn USD by 2020, According to a New Study on ASDReports

Tuesday 19 January 2016, Amsterdam

The report, now available on ASDReports, "Armor Materials Market by Type (Metals & Alloy, Ceramic & Composite, Para-Aramid Fibers, UHMWPE, Fiberglas), by Application (Vehicle, Aerospace, Body, Civil, Marine) and by Region - Global Trends & Forecast to 2020", In terms of value, the global armor materials market is projected to reach USD 10.54 billion by 2020 at a CAGR of 6.8% between 2015 and 2020. Growing security concerns and demand for homeland security applications are driving the growth in the market.

Metals & alloys continue to dominate the market

Metals & alloys are the most widely used types of armor materials because of their low cost and application in large-area protection. Metals & alloys are primarily used for vehicle armor and civil armor applications. High density steel, aluminum, and titanium are the most widely used metals for armor materials. Development of advanced ceramic & composite armor materials, which are lightweight and more effective, are projected to witness the highest growth between 2015 and 2020.

Vehicle armor: Leading application for armor materials

Vehicle armor accounted for the largest share in the armor materials market owing to the high mobility of units, which increases the threat levels. This has increased the need for advanced armors for such units, as the battlefield scenario has changed to urban and asymmetric warfare. Development of powerful weapons and ammunition has compelled armor material manufacturers to develop more efficient armor materials, which provide higher level of ballistic protection while reducing overall weight of the armor. Ceramic & composite materials are increasingly being used for vehicle, aerospace, and body armor applications to reduce weight and increase the effectiveness of the armor system.

Increasing defense spending in Asia-Pacific is accelerating the growth of armor materials market

Asia-Pacific is the fastest-growing market for armor materials. Growth in this region is primarily driven by increasing security concerns and conflicts within the countries. Consequently, various economies in the region have expanded their defense budgets and launched military modernization programs, which drive the growth for the market.

ATI (U.S.), DSM (Netherlands), DuPont (U.S.), Royal TenCate (Netherlands), Alcoa Inc. (U.S.), SAAB Group (Sweden), and Honeywell (U.S.) are some of the leading players in the armor materials market.

The report covers the growing trends in the armor materials market, especially, in the key five regions, namely, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The types of armor materials, such as metals & alloys, ceramics & composites, para-aramid fibers, UHMWPE, fiberglass, and others, have been covered. The applications of armor materials along with their estimated market revenues and consumption trends have also been included.