Armor Materials Market worth $15.2 billion by 2024

[187 Pages Report] MarketsandMarkets forecasts the Armor Materials Market to grow from USD 10.1 billion in 2018 to USD 15.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. The development of advanced armor materials using composites and nano-fibers is projected to be the driving factor for the armor materials market during the forecast period.

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By material type metal & alloys segment accounted for the largest market of armor materials market during the forecast period

Metal & Alloys care was the largest application of the armor materials market, in terms of value and volume, in 2018. Metals such as high-density steel, aluminum, and titanium, along with their alloys, are used as armor materials for the vehicle, aerospace, and marine armor systems. These armor materials procure special characteristics (robustness, strength, and toughness) by alloying, heat treatment, and working procedures, which enable them to fulfill different ballistic protection requirements.

By application the body armor segment to register the highest CAGR during the forecast period

Body armor segment is projected to grow at the highest CAGR in the armor materials market, in terms of value and volume, during the forecast period. This growth is attributed to the increasing security concerns in the emerging economies and to provide protection to law enforcement and military personnel. The rapid development of weapons and ammunition is also a driving factor for the growth of the body armor segment.

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Recent Developments

• In June 2018, Dupont launched Tensylon HA120, a new material for helmets that provides maximum ballistic protection at a 40% lighter weight than traditional helmets.
• In March 2018, Honeywell has partnered with Safariland, LLC, a designer of body armor and tactical protective gear to develop a new design for its Spectra Shield ballistic protective material, which can reduce the weight of handheld shields by up to 20%.
• In May 2017, signed an agreement to provide more than 6,500 hearing protection devices for the US army.

Key Market Players

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 Corporation (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)