According to a new research report published by Transparency Market Research the global body armor market is expected to reach value of more than US$ 3,200 Mn by 2027, expanding at a CAGR of around 4% from 2019 to 2027. According to the report, the global body armor market is likely to continue to be influenced by a range of macroeconomic and market-specific factors in the next few years. In terms of demand, North America is projected to continue to be a prominent region in the global body armor market, with the market in the region expanding at a CAGR of more than 4% between 2019 and 2027.
Global Body Armor Market: Overview
- The global body armor market is expected to be driven by the rising demand for technologically-advanced and light body armors, especially in countries that are consistently modernizing their defense systems.
- Rise in terror threats around the world has also led to the adoption of body armors in the defense forces of several countries, in an attempt to protect their military personnel.
Level IV Segment Prominent in the Global Body Armor Market
- Level-IV body armors provide protection from .30 caliber armor-piercing (AP) bullets (U.S. military designation M2 AP), having nominal mass of 10.8 g (166 gr), impacting at a minimum velocity of 869 m/s (2850 ft./s) or less. They also provide at least single-hit protection from Level I, Level II-A, Level II, and Level III attacks.
- Factors such as the implementation of Soldier Modernization Programs and replacement of obsolete body armors with advanced variants are driving the Level IV segment in the body armor market.
Composite Ceramics a Highly Lucrative Material Segment of the Global Body Armor Market
- Ceramics used in combination with polyethylene-based materials are capable of offering Level IV protection and repelling armor piercing ammunition.
- The composite ceramics segment held a 47.55% share of the global body armor market, in terms of revenue, in 2018.
- The demand for composite ceramic body armors is expected to remain high throughout the forecast period, as they are extensively used for military purposes.
Defense Segment to Dominate the Global Body Armor Market
- The defense segment accounted for a leading share of the global body armor market in 2018, and it is anticipated to expand at a high CAGR during the forecast period.
- The increasing demand for providing defense suits with enhanced ballistic- and stab-resistance for soldiers is one of the primary factors fueling the defense segment in the body armor market.
North America to be a Highly Lucrative Market for Body Armor
- In terms of geography, the global body armor market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America dominated the global market, holding 43.5% of the market share in 2018. The body armor market in the region is expected to expand at a high CAGR during the forecast period.
- In North America, the U.S. is anticipated to be a major market for body armor. The continuous procurement of latest and highly-advanced body armors by military organizations in the U.S. is likely to drive the body armor market in the country during the forecast period.
- Increasing incidences of handgun crimes are also expected to drive the body armor market in North America.
Body Armor Market: Competition Landscape
- With the objective of business expansion, several players operating in the global body armor market are expanding their offerings through investments in new product development. An increasing number of players are spending significantly on R&D activities to develop technologically-advanced and lightweight body armors.
- Some of the prominent players operating in the global body armor market are Point Blank Enterprises, Inc., BAE Systems, Inc., Australian Defence Apparel Pty Ltd, ArmorSource LLC, Survitec Group Limited
More Press Release by TMR: