New York, NY -- (SBWIRE) -- 12/22/2020 -- As indicated by a new report by Reports and Data, the worldwide Armor Materials Market is anticipated to arrive at USD 18.97 Billion by 2027. Moreover, the global financial effect of terrorism was around USD 33 billion in 2018. Nations, especially Egypt, Libya, Afghanistan, Syria, and Iraq, have witnessed an increase in both terrorisms as well as battlefield deaths over the past decade as the security circumstance keeps on worsening. This is expected to lead to a rise in the demand for armour for military and defence personnel, consequently driving market growth.
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The leading companies operating across the global Armor Materials market are listed below:
Saint-Gobain SA; Du Pont; DSM NV; Royal TenCate NV; Alcoa Inc.; Honeywell International Inc.; Saab AB; CoorsTek Inc.; Morgan Advanced Materials; CeramTec GmbH; Tata Steel; AGY Holding Corp.; and PPG Industries Inc.
Market Drivers
Increasing investment in the military and defence sector globally is a major factor fostering armor materials industry growth. Statistics show that in 2018, global defence spending was over USD1.67 trillion. In February 2020, Communist China announced purchase of around 1.4 million body armour units over the next two years. Similarly, Indian companies have also been focusing on providing armours made with lighter materials.
Material Type Outlook (Revenue, USD Million; 2017-2027)
Metals and Alloys
Ceramics
Composites
Para Aramid Fiber
Ultra High Molecular Weight
Polyethylene
Fiberglass
Others
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Application Outlook (Revenue, USD Million; 2017-2027)
Vehicle Armour
Aerospace Armour
Body Armor
Civil Armor
Marine Armor
Regional Outlook (Revenue, USD Million; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
Regional Outlook
Apart from the U.S., China, Russia, and North Atlantic Treaty Organization (NATO), European member states increased their defence budgets by almost 4.2% in 2018. Similarly, developing countries such as India has also been focusing on expanding its defence expenditure. Asia Pacific is projected to be the fastest-growing armor materials market region with a 7.7% CAGR in the forecast period.
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Table of contents
Market Synopsis
Executive Summary
Indicative Metrics
Armor Materials Market Segmentation & Impact Analysis
Armor Materials Market by Material Type Insights & Trends
Armor Materials Market by Application Insights & Trends
Armor Materials Market Regional Outlook
Continued…
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