170 Pages Market Research Survey by Fact MR, A Market Research and Competitive Intelligence Provider, Highlights Key Factors Enabling Armour Steel Plate Market Growth
NEW YORK, July 19, 2021 /PRNewswire/ -- A Fact.MR survey offers insights into chief growth drivers and restraints impacting armour steel plate market overall growth trajectory. The report also divulges compelling insights into demand outlook in terms of protection type and application. It also studies key strategies adopted by vendors to increase sales in armour steel plate market.
Fact.MR: The global armour steel plate treatment outlook remains positive as Fact MR projects the market to exhibit growth at 4% CAGR between 2021 and 2031.Increasing research and development activities and growing defense expenditure have propelled sales in 2020, and the market experienced year-on-year growth at 2.8% CAGR reaching valuation of US$ 1.3 Bn in 2021.
Defense sectors across globe are focusing on strengthening their armed forces and governments are increasing their budget allocation on defense expenses and other security cases. For instance, in 2020, demand for armor steel plate in Russia grew by 2.4%. The COVID-19 pandemic affected market in Russia and still it managed to attain 340 KT.
Consumption of armour steel plates for bullet-proof vehicle and cash-in-transit trucks is increasing at a high pace. Rising inclination towards effective and efficient product design is set to drive the market of armour steel plates.
Manufacturers are focusing on developing hard, high-strength steel plates to offer improved resistance against high-velocity metal projectiles. As a result, these steel plates are considered highly suitable for various applications, specifically in the defense sector.
An armour steel plate is a hard commercial ballistic steel that undergoes quenching and tempering process. This characteristic of armour steel plates offer flexibility for application in various military and commercial/non-military purposes.
Some of the leading companies are focusing on expanding their global presence via strategic collaborations. For instance, in June 2020, Bisalloy Steels announced signing of a memorandum of understanding with Axiom Precision Manufacturing and K-TIG to collectively develop a sovereign capability in welding for the Australia defence sector.
"Rising inclination towards personal armored vehicles for safety and protection are creating opportunities for armour steel plates sales. With leading companies focusing on technologies developments to offer greater strength and resistance, the demand in the market is expected to surge in the coming years, "said a Fact.MR analyst
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Key players are focusing on investments, acquisitions, and portfolio expansion. For instance,
In December 2019, ArcelorMittal completed acquisition of Essar Steel India Limited (ESIL) to expand market in India.
In September 2020, Bisalloy Steel signed distribution agreement with CRAS Solutions for distribution of Bisalloy Products in the Turkey market.
Key players operating in the global armour steel plate market include
Champak Steel & Engg. Co.
CMC Impact Metals
Essar Steel India Limited
Lagaar Industries Ltd.
More Insights on the Armour Steel Plate Market:
Fact MR provides an unbiased analysis of the armour steel plate market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global armour steel plate market, with a detailed segmentation on the basis of:
Airborne Ballistic Armour Steel Plates
Blast and Explosion Armour Steel Plates
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
Key Questions Covered in the Armour Steel Plate Market Report
The report offers insight into armour steel plate demand outlook for 2021-2031
The market study also highlights projected sales growth for armour steel plate between 2021 and 2031
Armour steel plate market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Armour steel plate market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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