In a global race to showcase high military dominance, major economies such as the United States, Russia, China, the UK, and India have undergone a series of defence modernization programs. This situation is presenting a cluster of opportunities for the armour steel plate market growth over the assessment period. A rise in government initiatives to modernize and recapitalize the militaries and armed forces including battle tanks and bulletproof vehicles is giving impetus to market growth.
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Armour steel plates which are predominantly used to provide protection against ballistic & blast protection are mainly used in construction of these high line defence equipment. Thus, market growth of armour steel plate is directly in sync with a rise in defence expenditure reveals Fact.MR in a recently published report on global armour steel plate market. As per report, armour steel plate market is forecast to cross US$ 1.7 Bn mark by 2019, growing at a modest rate of under 4% throughout forecast period.
Key Takeaways of Global Armour Steel Plate Market
- Led by Russia & the US, global armour steel plate market is expected to create a value opportunity of around US$ 550 Mn during the forecast period, adding 1.5X more value as compared to 2019
- Armour steel plate for structural design of bulletproof vehicles is expected to gain 188 BPS by 2029, as utilization of armour steel plates in vehicles gives protection from airborne ballistics damage in situations such as war and combat
- Army battle tanks account for nearly 1/4th of total absolute opportunity created in forecast period. Battle tanks along with submarines are found to be prime applications in armour steel plate market. As these projects are mainly funded by government organizations, manufacturers of armour steel plate are offered flexible and long-term supply contracts.
- In terms of protection, armour steel plates for airborne ballistics protection had a greater market share in 2019 and is forecast to maintain its supremacy throughout the assessment period.
- North America & Europe are key markets for armour steel plate, with a combined market share surpassing 65% in 2029. Russia accounts for largest number of army tanks which is followed by the US, these counties are largest suppliers of army tanks to other developing nations worldwide, thus showcasing high consumption of armour steel plates.
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“Currently, producers offer a wide range of armour steel plates, up to a thickness of 100 mm. Thus, with exciting newer grades of armour steel, which can fabricate armour components in both commercial and military operational areas, will boost consumption in the long-term forecast.” Says a Fact.MR analyst.
Emerging Market Players are Investing in Untapped Economies
Intensifying international terrorism, insurgence, rebellion and the high-tech weapons used by terrorist groups have triggered demand for better armour systems in Middle East Africa. Owing to lesser armour steel plates’ production in regional markets, governments are working in alliance with international manufacturers. To grab this opportunity, players such as Bisalloy & Swebor are working in collaboration to provide high grades of steel armour plates in the region.
More Valuable Insights on Armour Steel Plate Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global armour steel plate market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The study divulges essential insights on the armour steel plate market on the basis of protection type (airborne ballistics and blasts & explosion) and application (battle tanks, bulletproof vehicles, bullet proof jacket, cash-in transit truck, security booths, sentry boxes, submarines and others) across six major regions.
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