PUNE, India, July 24, 2017 /PRNewswire/ --
The 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 2022", published by MarketsandMarkets™, the market is projected to grow from USD 8.67 Billion in 2017 to USD 12.11 Billion by 2022, at a CAGR of 6.92% during the forecast period.
Browse 109 Market Data Tables and 36 Figures spread through 154 Pages and in-depth TOC on "Armor Materials Market"
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The growth of this market is mainly driven by increasing security concerns in various regions which are driving the growth in procurement of advanced weapon and armor systems for military forces in respective countries.
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The ceramics segment is projected to grow at the highest CAGR during the forecast period
Based on product type, the ceramics segment is projected to grow at the highest CAGR from 2017 to 2022. This is due to the increasing demand for lightweight materials in applications such as vehicle, body, and aerospace armor. However, metals & alloys are the most widely used types of armor materials on account of their low cost and application for large-area protection. Metals & alloys are majorly used for vehicle armor and civil armor applications. The heavy weight of metals proves to be a restraint as armor manufacturers are currently focusing on reducing the weight of the armor to increase the efficiency of vehicles and other units on which the armor is applied.
Vehicle armor segment accounted for the largest share of the armor materials market
Vehicle armor accounted for the largest share of the armor materials market on account of the high mobility of units and the high level of threats faced. This has led to an increase in the requirement of armor for such units, as the battlefield scenario changes to urban and asymmetric warfare.
Asia Pacific is projected to be the fastest-growing market for armor materials
On the basis of region, the Armor Materials Market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific is the fastest-growing market for armor materials, which is primarily driven by the increasing security concerns and conflicts within the countries in the region. Various economies in the region have expanded their defense budgets and launched military modernization programs which is expected to drive the armor materials market.
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Key players operating in the armor materials market include E. I. Du Pont De Nemours and Company (US), DSM NV (Netherlands), Honeywell International Inc. (US), Compagnie de Saint-Gobain SA (France), Allegheny Technologies Incorporated (US), 3M Ceradyne, Inc. (US), Alcoa Inc. (US), Royal TenCate NV (Netherlands), Saab AB (Sweden), CoorsTek Inc. (US), Morgan Advanced Materials (UK), CeramTec GmbH (Germany), Tata Steel Limited (India), AGY Holding Corp. (US), PPG Industries Inc. (US), XeraCarb Ltd. (UK), AT&F Advanced Metals, LLC (US), Waco Composites (US), Leeco Steel LLC (US), Protective Structures, Ltd. (US), CPS Technologies Corp. (US), Surmet Corporation (US), JPS Composite Materials (US), and Schunk Carbon Technology (Germany).
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