According to the new market research report “Armor Materials Market by Type (Metals & Alloys, Ceramics, Composites, Para-Aramid Fibers, UHMWPE, Fiberglass), Application (Vehicle, Aerospace, Body, Civil, Marine), and Region (North America, Europe, APAC, South America, MEA) – Global Forecast to 2024″ The armor materials market size was USD 10.7 billion in 2019 and is projected to reach USD 15.2 billion by 2024, at a CAGR of 7.2% from 2019 to 2024.
Don’t miss out on business opportunities in Armor Materials Market
Speak to our analyst and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=25444492
The armor materials market is projected to grow from an estimated USD 8.67 billion in 2017 to USD 12.11 billion by 2022, at a CAGR of 6.92% during the forecast period. On the basis of product type, the armor materials market has been segmented into metals & alloys, composites, ceramics, para-aramid fiber, UHMWPE, fiberglass, and others (that include explosive armor, graphene, depleted uranium, and HPPF, among others). The metals & alloys segment accounted for the largest share of the armor materials market, in 2016, in terms of value. The ceramics segment is projected to grow at the highest CAGR between 2017 and 2022, owing to the growing demand for lighter and thinner armor materials for armor applications.
Based on application, the vehicle segment is projected to lead the armor materials market during the forecast period. The change in warfare techniques, rise in terrorism and insurgency, political conflicts, and modernization of military programs worldwide play a crucial role in boosting the need for vehicular armor, thus driving growth of this segment.
Browse and in-depth TOC on “Armor Materials Market – Global Forecast to 2024”
118 – Tables
50 – Figures
187 – Pages
View more detailed TOC @ https://www.marketsandmarkets.com/Market-Reports/armor-material-market-25444492.html
In terms of value, the armor materials market size is projected to reach USD 15.2 billion by 2024 from USD 10.7 billion in 2019, at a CAGR of 7.2%. The growth of the market can be attributed to the increasing incidences of armed conflicts, rising tension between neighboring countries, and growing instances of terrorism across the globe. The Middle East and Asia Pacific regions have been identified to be the high-potential markets for armor materials, owing to the increasing asymmetric warfare activities in these regions in recent years. The market in other regions, including North America and Europe, is also witnessing significant growth due to ongoing programs for the modernization and upgradation of existing armored platforms to enhance the combat capabilities of defense forces.
DuPont de Nemours, Inc (US), Koninklijke DSM N.V. (Netherlands), Honeywell International Inc. (US), 3M Company (US), Saab AB (Sweden), and Koninklijke Ten Cate BV (Netherlands) are the major players in this market.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=25444492
Dupont is one of the leading service and products providers of armor materials. The company is focusing on new product launches and technological innovations for increasing their business and revenue generation. For instance, in June 2018, Dupont launched Tensylon HA120, a new material for helmets that provides maximum ballistic protection at a 40% lighter weight than traditional helmets. In March 2017, it launched further enhancement to its established Kevlar XP and XD technologies for soft armor.
SAAB AB (Sweden) provides materials and services for vehicle armors, aerospace armors, body armors, and civil armors. The company is gaining share in the armors materials market through contracts and agreements. It aims to expand its business in APAC and the Middle East regions by targeting the key markets where the demand for armor materials is high. For instance, in February 2019, SAAb and the Tawazun Economic Council (TEC) signed an agreement for advancing Saab’s operations in the United Arab Emirates (UAE) for supporting and enabling the defense and security sector.
Browse Adjacent Markets @ Chemicals Market Research Reports & Consulting
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/armor-material-market.asp
Visit Our Website: https://www.marketsandmarkets.com