According to a new report published by Allied Market Research, titled, “Armor Materials Market by Material Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027”, The global armor materials market size was valued at 10.6 billion in 2019, and is projected to reach 15.7 billion by 2027, growing at a CAGR of 5.3% from 2020 to 2027.
Armor materials, used as protective clothing, play a significant role in protection of vehicle, army personnel, and aircrafts. Implementation of lightweight ceramic armors for body and vehicles are expected to gain traction in the forecast timeframe. The weight of armor materials is described by its areal density. The lower the value of the areal density (Weight of the armor system/Area being protected), the more area it covers. The armor materials consist of different materials including metal and alloys, ceramics and para-aramids. The selection of such armor materials solely depends on the specific application, such as for heavy vehicle and aerospace, metal and alloys are preferred to protect from high strength ballistic attacks.
Growing emphasis on the security of civilians and specific areas, such as courtroom, check-cashing, gas station and convenience store, is expected to fuel the market demand for armor materials. Fiberglass-phenolic laminate armor is widely used in gas station and courtrooms to protect against ballistic threats. Furthermore, fabricators and OEM for vehicle armor are utilizing such materials due to its low cost compared to other aramid and metal alloys. However, glass fibers with low strength to weight ratio than aramid and carbon fibers are generally preferred for civil armor protection systems.
Based on material type, metals and alloys emerged as the market leader, owing to growing application of titanium and its alloys in military armor and vehicle is expected to drive the market growth. Titanium exhibits low density and high corrosion resistance, thus reducing the total body weight of the vehicle and body armor. For instance, according to a report by Total Materia, after replacing 1/2-inch armor plate with 5/8-inch titanium armor, researchers witnessed 25% weight reduction of that armor with equal resistance to ballistic attack.
Based on application, the vehicle segment accounted for a significant revenue share in 2019, owing to growing application of lightweight aluminum alloys in military vehicles such as personnel carriers, which is expected to propel the market growth. Due to improved performance lightweight aluminum alloys are used for transporting equipment including air transport for military vehicles.
North America accounted for a significant market share. This can be attributed to the increasing demand for homeland security applications and development of advanced armor materials and systems for vehicles and aerospace. Additionally, berry amendment act in the U.S. promotes the utilization of domestically produced, manufactured products including armor materials (steel, fiber); thus, strengthening the local armor materials market growth.
The key players operating in the market adopted product launch, collaboration, and acquisition to sustain the intense market competition. The key players profiled in the report include DuPont, DSM, Honeywell International Inc., Saint-Gobain, 3M, KONINKLIJKE TEN CATE BV., SAAB AB, and ATI.
COVID-19 Scenario Analysis:
- Extended lockdown may impact the growth for armor materials in long run due to limited production and postponement of contracts.
- Owing to stringent regulations imposed to maintain social distancing, manufacturers are not being able to operate at full strength, which has led to decrease in production capacity.
- In many nations, the defence equipment, including armors, weapons, and vehicles are imported from other countries. However, in the midst of the pandemic, due to the restrictions in transport, the supply chain is completely disrupted.
Key Findings Of The Study
- Composites is projected to grow at the highest CAGR of approximately 6.7%, in terms of revenue, during the forecast period.
- By application, the body armor materials segment is anticipated to grow with a CAGR of 6.5%, in terms of revenue, during the forecast period.
- The North America region dominated the market with around 50% revenue shares in 2019