Home > Polymers & Advanced Materials > Armor Materials Market
Armor Materials Market size will experience a dynamic growth between 2023 and 2032 propelled by the rising number of terrorist attacks and growing geopolitical tension among multiple nations.
Several economies, in the recent past, have ramped up their military spending in order to anticipate and brace the potential war-like situations. As per data published by the Stockholm International Peace Research Institute (SIPRI), the global military spending reached an all-time high of USD 2.1 trillion for the first time. The U.S., India, the U.K., China, and Russia accounted for more than 60% of the expenditure.
Moreover, new developments in armor technology and the extensive R&D initiatives are fostering the ground-breaking armor materials market share. The growing popularity of foam-like lightweight elastomer materials is expected to revolutionize the space of military with the higher adoption of next generation body armor.
Furthermore, hefty investments from several governments and defense agencies are likely to support advancements in armor material technologies, anchoring the industry growth. On the other side, the emergence of the COVID-19 pandemic caused a temporary slump in the demand for armor materials as the world struggled to deal with the fast-spreading infection rate. It posed a significant impact on the economic status of multiple countries due to heavy losses in industrial and manufacturing output, thereby hindering the market trends.
Based on material, the armor materials market from the ultra-high molecular weight polyethylene (UHMWPE) materials is slated to increase significantly up to 2032 owing to their numerous performance benefits. UHMWPE fiber helps create around 40% stronger yarn as compared to Aramid while ensuring superior stress and fracture resistance. When compared with carbon steel, UHMWPE is 15 times more resistant to abrasion and wear & tear. These materials also allow manufacturers to design robust bulletproof vests to offer rifle-rated protection, and multi-hit capabilities, subsequently influencing the segment growth.
Regionally, the Asia Pacific armor materials industry is slated to record substantial gains through 2032 driven by the growing government efforts toward reformation and modernization of the military sector. Several developing economies of APAC such as India and China are rapidly increasing their military spending to ensure high level of military protection and defense capabilities against foreign attacks.
The competitive landscape of the global armor materials market includes players, such as JPS Composite Materials (Handy & Harman), Pacific Safety Products (Med-Eng Holdings), Point Blank Enterprises, Craig International Ballistics, Alcoa Corporation, ATI (Advanced Micro Devices), Saint-Gobain, Tencate, Allegheny Technologies, Tata Steel Limited, Saab AB, DSM, Honeywell International, 3M, and DuPont, among others.
These companies are focusing on the development of next-generation products to gain competitive edges over their competitors.
However, the onset of the Russia-Ukraine war in February 2022 marked the revival of the military sector as economies worldwide scaled up their defense capabilities for potential conflict, subsequently characterising the armor materials market growth. In 2021, Russia boosted its military expenditure by 2.9% to USD 65.9 billion in an attempt to strengthen its forces along the Ukrainian border. As per SIPRI, Russia increased its military spending for the third consecutive year, reaching 4.1% of GDP in 2021.