Which Regions are Expected to Provide Lucrative Opportunities for Armour Steel Plate Manufacturers

As per a revised report published by Fact.MR – a market research and competitive intelligence provider, the global armour steel plate market is estimated to be valued at US$ 1.3 Bn in 2021 and is anticipated to expand at a steady CAGR of close to 4% over the forecast period of 2021 to 2031.

The market witnessed a positive compound annual growth rate of 2.6% over the historical period of 2016-2020. Fact.MR anticipates significant potential in the market owing to factors such as increased defence spending and activities by countries all across the globe.

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There are a number of players that offer armour steel plates for multiple applications on the basis of different protection types. Manufacturers have been investing immensely in improving the strength of steel plates so as to offer enhanced material with higher withstand able capacity.

Key Takeaways from Market Study

  • Airborne ballistics is expected to remain the most attractive and likely to witness an absolute dollar opportunity of US$ 448 Mn during 2021 – 2031.
  • Based on application, bulletproof vehicles are anticipated to be the most lucrative with a BPS of 183.
  • Demand from cash-in-transit trucks is expected to grow 1.4X during the projection period.
  • Together, North America and Europe represented over 65% of overall market share in 2020.
  • The market in East Asia is expected to gain 25 BPS and emerge as a market valued at US$ 277 Mn by 2031.

armour steel plate market region by FactMR

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Market Segments Covered in Armour Steel Plate Industry Analysis

By Protection Type

  • Airborne Ballistic Armour Steel Plates
  • Blast & Explosion Armour Steel Plates

By Application

  • Armour Steel Plates for Battle Tanks
  • Armour Steel Plates for Bulletproof Vehicles
  • Armour Steel Plates for Bulletproof Jackets
  • Armour Steel Plates for Cash-in-transit Trucks
  • Armour Steel Plates for Security Booths
  • Armour Steel Plates for Sentry Boxes
  • Armour Steel Plates for Submarines
  • Others

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Winning Strategy

Many armour steel plate manufacturers have been witnessed using technologies to enhance the performance of the materials they use. Manufacturers have been observed taking initiatives for joint ventures and partnerships alongside R&D efforts with other giants in the industry. These strategic market plays by manufacturers are set to reinforce companies’ dollar making capacity in accordance with dynamics being present in the market.

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