Armor Materials Market Size, Share and Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2797
The global armor materials market size is slated to grow at an appreciable pace over 2021-2027, driven by the increasing risk of terrorist attacks, coupled with the high military expenditure worldwide. As per statistics from SIPRI (Stockholm International Peace Research Institute), there was a 2.6% increase in the world military spending in 2020, the year when the global GDP witnessed a 4.4% decline, mainly due to the escalating economic impacts of the COVID-19 pandemic.
Body armor materials are used in the manufacturing of protective clothing, to absorb and deflect the impact of projectiles and other weapons for combatants in warfare. These armor materials were hisotrically laboriously fashioned and frequently wrought to safeguard vulnerable soldiers due to the rise of terrorism as well as escalating use of personal weapons by criminals.
Rapid advances in technology and the subsequent introduction of innovative products such as lightweight armor materials are among the major trends bolstering the industry penetration over the upcoming years. In Northern Ireland, Vikela Armour announced the prototyping of a new, lightweight body armor made from materials such as Kevlar and carbon fiber, designed to deliver high protection against IED-driven shrapnel.
On the basis of material, the UHMWPE segment is expected to account for a commendable armor materials market share by 2027, as a result of the high strength and resistance to ballistic, sharp-edged & pointed instruments. Manufacturers are increasingly adopting this ultra-high-molecular-weight polyethylene over other materials due to its capability to provide a flexible, lightweight, and robust bulletproof vest.
On the regional front, the Asia Pacific armor materials market is poised to depict a considerable growth rate through 2027. This is attributable to the massive reformation & modernization of the military sector, coupled with the overall increase in defense spending in emerging countries like India and China. Defense allocation is set to be a key focus area of the Budget 2021 in India, due to a significant increase in the India-China disputes over the past months. In addition, China passed laws to provide healthcare, employment, and other services to the veterans of the People’s Liberation Army, with a 40% hike in salaries for these PLA officers starting 2021.
The competitive landscape of the armor materials market comprises of companies like JPS Composite Materials (Handy & Harman), Point Blank Enterprises, Pacific Safety Products (Med-Eng Holdings), Craig International Ballistics, ATI (Advanced Micro Devices), Alcoa Corporation, Saint-Gobain, Allegheny Technologies, Tencate, Tata Steel Limited, DSM, Saab AB, Honeywell International, 3M, and DuPont, among others.
These firms are implementing strategies like innovative product launches to gain a competitive edge over other industry players. For instance, in April 2021, L&L Products unveiled T-Link, a new technology line, with armor as a prime target. This advanced engineering thermoplastic resin can be co-processed with ballistic materials to ensure high performance and rigidity. Meanwhile, VinTech Nano Materials LLC introduced ARMOR GFC Coating in April 2021, to alleviate chemo-mechanical damage from galling, aggressive wear, and adhesive friction in various corrosive environments.
Deceleration of Manufacturing Sector Amid COVID-19 & its Influence on Armor Materials Market Trends:
The rapid spread of the COVID-19 disease came as a heavy blow to the economy due to the dramatic decline in supply chain and manufacturing activities worldwide. Reduced imports of heavy machinery and equipment during the outbreak to curb the spread of the virus may impede the growth of the armor materials industry to a certain extent.
However, several industrial sectors are witnessing a steady recovery from the crisis, owing to the rapid vaccination campaigns as well as the introduction of COVID relief programs. For instance, in April 2021, United Way Worldwide introduced the India COVID-19 Relief Fund, to aid United Way India in providing immediate assistance to virus containment measures, as well as deliver a timely response to COVID-related hospitalizations and fatalities. These factors, alongside the gradual relaxation of lockdown and other restrictions, may add impetus to the recovery of myriad economic sectors, including the armor materials market forecast over the upcoming years.
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