DUBLIN, Jan. 20, 2016 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/zgddc6/armor_materials) has announced the addition of the "Armor Materials Market - Global Trends & Forecast to 2020" report to their offering.
The armor materials market is projected to reach 10.54 Billion by 2020, registering a CAGR of 6.8% between 2015 and 2020. Changing battlefield scenarios and development of advanced weapons and ammunition are increasing the demand for better and effective armor solutions.
Growth of the armor materials market can be attributed to increasing demand from vehicle, civil, and body armor applications. Increasing security concerns and demand for homeland security are the leading growth drivers for the market. Vehicle armor is the largest application for the market, which is projected to register the highest growth among all applications from 2015 to 2020.
Metals & alloys dominate the market owing to their high structural ballistic protection properties and low cost. Ceramic & composites are the fastest-growing armor material types owing to their low weight and high rigidity. These materials are increasingly being used in vehicle and body armor applications to reduce the weight of the units.
North America is the largest market for armor materials, which will continue to dominate the market in 2020. The U.S. is the major armor material consumer in the region, as well as worldwide because of recent wars in Afghanistan, Iraq, and recent political unrest in Syria.
Rising homeland security concerns, such as terrorist attacks and other arms-related activities also drives the demand for armor materials in the region. Asia-Pacific is projected to be the fastest-growing market for armor materials driven by increasing defense budgets, military modernization programs, rising tensions between countries in the region, and rising terrorism and insurgency incidents.
Armor materials is a sensitive market and is regulated by a number of government restrictions and regulations. This restricts the manufacturers while dealing with other companies in different countries. High production cost of most of the armor materials and issues pertaining to raw material procurement are other factors that restrain the growth of the armor materials market.
- 3M Ceradyne Company
- AGY Holding Corp.
- Alcoa Inc.
- Allegheny Technologies Inc.
- Coorstek Inc.
- DSM NV
- E. I. Du Pont De Nemours and Company
- Honeywell International Inc.
- PPG Industries Inc.
- Royal Tencate NV
- SAAB AB
- Tata Steel
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Armor Materials Market, By Type
7 Armor Materials Market, By Application
8 Armor Materials Market, By Region
9 Competitive Landscape
10 Company Profiles
For more information visit http://www.researchandmarkets.com/research/zgddc6/armor_materials
Laura Wood , +353-1-481-1716, firstname.lastname@example.org
SOURCE Research and Markets