Yahoo Finance Armor Materials Market Size to Gain Traction by 2026; Increasing Incidence of Terrorist Attacks to Augment Growth, Says Fortune Business Insights™
Top players profiled in the armor materials market are E. I. DuPont De Nemours and Company, DSM NV, Saint-Gobain, Honeywell International Inc., Ceradyne, Inc. (3M), Koninklijke Ten Cate BV, Allegheny Technologies Incorporated, Saab AB, CoorsTek Inc., Morgan Advanced Materials, AGY Holding Corp., and other companies mentioned
Pune, India, Jan. 27, 2021 (GLOBE NEWSWIRE) -- The global armor materials market size is expected to experience considerable growth in the forthcoming years. This is attributable to the increasing spending on defense budgets and the growing terrorist activities that is projected to boost the adoption of advanced armor materials worldwide. This information is published by Fortune Business Insights, in its latest report, titled, “Armor Materials Market Size, Share & Industry Analysis, By Material (Para-aramid Fiber, Composites, Metals & Alloys, UHMWPE, Glass & Ceramics, Others), By Application (Body Armor, Vehicle Armor, Civil Armor, Aerospace Armor, Marine Armor) Others and Regional Forecast, 2019-2026.”
The COVID-19 pandemic has negatively impacted several economies across the globe. To curb the pandemic spread, the governments of several countries have ordered a complete lockdown of industrial and human activities. However, the healthcare industry is likely to showcase positive growth owing to the increasing demand for vaccines and other medical equipment to fight the spread of the coronavirus. This is expected to boost market growth in the near future.
Armor materials are special equipment adopted by the defense services that help to either deflect or absorb the impact of projectiles. These materials are manufactured using materials such as boron, alumina, titanium diboride, and silicon carbide. Moreover, these materials are backed by sturdy metal plates to complete the assembly.
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List of Top Companies Operating in the Global Armor Materials Market are:
E. I. DuPont De Nemours and Company
DSM NV
Saint-Gobain
Honeywell International Inc.
Ceradyne, Inc. (3M)
Koninklijke Ten Cate BV
Allegheny Technologies Incorporated
Saab AB
CoorsTek Inc.
Morgan Advanced Materials
AGY Holding Corp.
Others
What does the Report Provide?
The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
MAJOR DRIVING FACTORS
Increasing Military Expenditure Worldwide to Augment Growth
The increasing spending on defense budgets due to rising political and social unrest, along with external intrusion activities faced by several countries is expected to surge the demand for advanced armor materials globally. For instance, in 2020, the U.K. announced the infusion of about USD 21.9 billion to boost its defense budget. The increasing focus on up-grading its military and other defense services is the main agenda of the country, according to the British Prime Minister Boris Johnson. Additionally, the growing terrorist activities has led to heighten patrol vigil along the borders that will bode well for the global armor materials market growth during the forecast period.
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REGIONAL INSIGHTS
Increasing Incidence of Terrorist Attacks in Asia-Pacific to Promote Growth
Among all the regions, Asia-Pacific is expected to hold the highest position in the global armor materials market during the forecast period. This is attributable to the increasing incidence of terrorist attacks that propel the demand for advanced armor materials to safeguard the army personnel in the region.
The market in North America is anticipated to showcase considerable growth owing to the increasing military spending in countries such as the U.S. in the region between 2019 and 2026.
COMPETITIVE LANDSCAPE
Product Innovation by Major Companies to Strengthen Their Market Positions
The global market for armor materials comprises small, medium, and large companies incorporating proactive strategies such as developing innovative solutions to gain a competitive edge over their rivals. Additionally, other key players are adopting organic and inorganic strategies to maintain their footprint in the market during the forecast period.
Key Industry Development:
January 2020 – Koninklijke Ten Cate BV, a leading armor materials manufacturer, announced the completion of installing advanced armor solutions for BAE Systems. The solution was developed for the river class batch 2 offshore patrol vessel belonging to the Royal Navy.
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