The Body Armor Segment Of The Armor Materials Market Is Projected To Grow At The Highest CAGR From 2017 To 2022

PUNE, India, 2020-Jan-1 — /EPR Network/ —  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.

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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.

The body armor segment is projected to grow at the highest CAGR between 2017 and 2021, which is attributed to the increased funding for armor kits to increase survivability and accelerate the development of lightweight body armors. Global defense industry investments in R&D have led to the development of new soldier modernization technologies including advanced combat clothing, boots, hard armor, eyewear, and helmets, which enhance survivability and sustainability. Current innovations are oriented towards reducing the weight of the body armor, increasing flexibility, developing armor for women, the use of advanced ballistic materials, and incorporating night vision capabilities in combat helmets. Countries spending the highest on defense, such as the US, China, Saudi Arabia, and India are focusing on building smaller infantries with enhanced survivability to derive maximum effectiveness from troop deployment. This has led major defense spenders such as the US investing significantly in body armor and personal protection equipment.

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Based on region, North America is projected to lead the market till 2022. The high demand for armor materials in the region can be attributed to rising armor applications during wars in Afghanistan, Iraq, and Syria, as well as the rising need for armor in homeland security applications. However, the armor materials market in the Asia Pacific region is projected to grow at the highest CAGR from 2017 to 2022, owing to rising political conflicts in neighboring countries such as China, Pakistan, and India. India is the fastest-growing market for armor materials in the world. This can be attributed to the growing defense budget, leading to an increase in spending on better armor systems.

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