Global Armor Market: size was valued at US$ 38.97 Bn in 2020 and the total revenue is expected to grow at CAGR 6.27% through 2021 to 2027, reaching nearly US$ 59.65 Bn
Global Armor Market Overview:
Global Armor Market Discoveries of oil and gas fields and the upsurge in oil and gas exploration and production activities are likely to fuel the market growth. The growing demand for the contract logistic service owing to their advanced technologies and more specialized service are expected to impel the market growth in the coming years. For instance, Agility Logistics Services Pte Ltd moved more than 6,500 tons of modular refinery materials from China to the Netherlands. Spill and leakage issues during oil and gas transportation and large equipment and remote location of drilling may hamper the market growth at the global level. The rise in demand for petroleum products are projected to create growth opportunities in the Armor market.
Growing conflicts across different regions, insurgency, political unrest and instability, incidences of terrorism worldwide have driven military and law enforcement forces, and the materials science community to develop effective solutions that can ensure security. In addition, political conflicts in Israel, Palestine, Syria, Egypt, Libya, Iraq, Afghanistan, Russia-Ukraine, India- Pakistan, and India-China, Russia-Turkey, and Columbia-Peru, are increasing the necessity for advanced armor. These factors are driving the demand for protective equipment, resulting in significant growth in the Armor market.
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Market Scope:
The Global Armor market is predicted to expand the fastest between 2021 and 2027. A Maximize Market Research (MMR) analysis looks at import and export consumption, supply and demand, costs, prices, shares, sales volumes, revenues, and gross profits. This MMR data study looks at each company's manufacturing units, capacity, production, factory pricing, market prices, and market share.
Global Armor Market Segmentation:
The Metals and Alloys captured the largest market share, accounted for 32.79% of the market in 2020. The growing application of metals and alloys in military armor is expected to drive market growth. Metals such as high-density steel, aluminum, and titanium, coupled with their alloys, are used as armor materials for vehicle, aerospace, and marine armor systems. The properties like low density, high corrosion resistance, and lightweight metals and alloys are beneficial in the production of armor material, which drives the market growth.
The Ceramic segment is expected to witness the fastest CAGR of 8.2% during the forecast period. Ceramic materials have low density, high hardness, high elastic modulus, good comprehensive strength, and sufficient flexure. The growth of the Ceramic segment is due to the increased necessity of ceramic materials used in the manufacturing of armor materials.
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Global Armor Market Key Players:
• BAE Systems
• Ballistic Body Armor Ltd
• Du Pont De Nemours and Company
• 3M Ceradyne Inc.
• Morgan Advanced Materials PLC
• SAAB AB
• Craig International Ballistics Pty Ltd.
• Aegis Engineering Ltd.
• AR500 Armor
• Honeywell International Inc
• Saint-Gobain
• Koninklijke ten cate Bv.
• ATI
• Ceramtec
• CoorsTek, Inc.
Maximize Market Research forecasts the target industry's future growth and is well-versed in it’s Global Armor market position and policies in most countries. This research includes market size estimates and segment development trends, as well as qualitative and quantitative market insights.
Regional Analysis:
The MMR Global Armor Market Report covers North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. In this Global Armor market study, MMR focuses on the main market segments and sub segments, as well as significant industry sectors. The MMR survey investigates innovative countries in neighbourhood development based on market size, share, and quantity. Statistics cover quantity, area, revenue, the market chain system, and trends.
COVID-19 Impact Analysis on Global Armor Market:
The COVID-19 standard has a considerable impact on the world's, industry's, and workers' expectations between 2020 and 2021. COVID-19 is a threat to society and living standards that urgently demands business assistance and innovation. COVID-19 has produced a slew of issues for expats in India. Millions of migrant workers have lost their employment, endured food shortages, and are concerned about their future as a result of the embargo.
The goal of this research is to gain a better understanding of the current economy, COVID-19, and its implications for the commercial market. COVID-19 is followed by MMR in most industries, sectors, and specialties. You can examine how COVID-19 affects industry losses and growth with Maximize Market Research Reports (MMR).
Key Questions answered in the Global Armor Market Report are:
Which product segment grabbed the largest share in the Global Armor market?
What is the competitive scenario of the Global Armor market?
Which are the key factors aiding the Global Armor market growth?
Which region holds the maximum share in the Global Armor market?
What will be the CAGR of the Global Armor market during the forecast period?
Which application segment emerged as the leading segment in the Global Armor market?
Which are the prominent players in the Global Armor market?
What key trends are likely to emerge in the Global Armor market in the forecast period?
What is the expected Global Armor market size by 2027?
Which company held the largest share in the Global Armor market?
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