SAN FRANCISCO, Feb. 13, 2020 /PRNewswire/ -- The global ammunition market size is expected to reach USD 27.64 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to exhibit a CAGR of 3.9% during the forecast period. Rising demand for defense equipment in militaries owing to increasing geopolitical tension across the globe is expected to drive the demand for ammunition.
Key suggestions from the report:
Small caliber ammunition emerged as the largest segment in 2019 and is expected to generate revenue over USD 14.51 billion by 2027; majorly due to wide range of applications including assault rifles, handguns, and pistons
Centerfire ammunition accounted for a revenue share of USD 6.82 billion in 2019 and is projected to witness rapid growth over the next eight years; since it is defined as a universal standard in most of the defense forces across the globe
In the application segment, the defense segment emerged as the largest segment in 2019, accounting for approximately 88.5% revenue share in 2019, majorly due to rising ammunition procurement by homeland security forces
The Asia Pacific ammunition market is expected to record an exponential CAGR of 4.8% over the coming years, primarily due to the upgrading of defense forces across countries such as China, India, Australia and Singapore
The U.S. market for ammunition was valued at USD 6.42 billion in 2019 and is expected to grow substantially during the forecast period, mainly due to rising defense expenditure in the economy coupled with intensive training activities conducted by the country's defense forces
The Indian Army is planning to increase the number of artillery and mortar platforms over the next ten years through indigenous development programs and foreign procurement thereby contributing to the demand for ammunition over the forecast period. In addition, rising hostilities in Middle East nations are expected to supplement the regional demand.
Advancements in ammunition technologies, such as the replacement of brass-case bullets using polymer-case bullets are projected to offer notable growth opportunities to the market. The use of polymer material is projected to reduce the weight of ammunition by 40%, while maintaining its impact, thereby making it lighter and consistent as compared to conventional bullets. Rising warlike situations supplemented by heightening geopolitical pressures across the globe is leading to an exponential rise in stockpiling trends in the global ammunition market. This strategy is expected to offer notable cost savings, since the ammunition can be purchased in high volume at cheap prices, thereby posing positive growth trends for the market.
Grand View Research has segmented the global ammunition market based on caliber, product, application, and region:
Ammunition Caliber Outlook (Revenue, USD Million, 2016 - 2027)
7.62 x 51 mm
7.62 x 39 mm
9 x 18 mm
9 x 19 mm
Rockets, Missiles and Other
Ammunition Product Outlook (Revenue, USD Million, 2016 - 2027)
Ammunition Application Outlook (Revenue, USD Million, 2016 - 2027)
Civil & Commercial
Ammunition Regional Outlook (Revenue, USD Million, 2016 - 2027)
Structural Core Materials Market– The global structural core materials market size was estimated at USD 1.68 billion in 2016. Growing demand for these materials from the wind energy industry is a major trend observed in the market.
Aerospace and Defense Materials Market– The global aerospace and defense materials market size was estimated at USD 19.70 billion in 2017. It is poised to progress at a CAGR of 4.3% over the forecast period.
Chromium Market – The global chromium market size was estimated at USD 13.07 billion in 2016. Increasing demand from the stainless steel industry for various end-use markets.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.