New York., Aug. 26, 2021 (GLOBE NEWSWIRE) -- Small Caliber Ammunition Market: Key Insights
According to our new research study on “Small Caliber Ammunition Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Ammunition Size, End User, and Geography,” the Small Caliber Ammunition Market is projected to reach US$ 10,241.57 million by 2028 from US$ 6,171.38 million in 2021; it is estimated to grow at a CAGR of 7.5% from 2021 to 2028.
Small Caliber Ammunition Market: Competitive Landscape and Key Developments
CBC Global Ammunition, NAMMO AS, Remington Ammunition, General Dynamics Ordnance and Tactical Systems, Northrop Grumman Corporation, BAE Systems Plc, Elbit Systems Ltd, FN HERSTAL, Winchester Ammunition, and Denel PMP are among the key players profiled in this small caliber ammunition market study; they collectively account for a significant market share.
In 2020, Nammo signed a contract with the Swedish Defence Materiel Administration for the delivery of small-caliber ammunition worth SEK 670 million. As per the agreement, the company would supply small-caliber ammunition till 2022.
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In 2020, Thales’s Australian Munitions business recorded its largest year of munitions export to date, signing orders worth more than US$ 30 million to the US, New Zealand, Canada, Asia, and Europe.
Advancements in ammunition are significantly contributing to the small caliber ammunition market growth. For instance, the development of .300 Blackout (BLK) bullet has attracted the attention of army professionals toward this type; the ammunition of this size is suitable for special operations as it offers greater stopping power. In line with its plans to shift to the 6.8mm caliber, the US army has launched the Next Generation Squad Weapon program to develop prototypes. However, the demand for small caliber ammunition size of 5.56 mm still continues, particularly, due to its superior aeroballistics’ performance and consequent better accuracy over long ranges. In collaboration with companies such as Heckler & Koch GmbH, countries such as France and Germany are introducing new rifles that are chambered for 5.56mm, and these products are likely be in service for another 20–25 years. In developing countries, continuous efforts are being made to upgrade and modernize existing small caliber ammunition production facilities.
North America dominated the small caliber ammunition market in 2020, owing to increasing use of ammunition by armed forces and growing number of drug cartels in Central America. Moreover, the North America small caliber ammunition market is driven by the strong demand from the US. The US Department of Defense’s long-term competitive strategy for developing technologies and new concepts of warfare would further propel the market growth in the coming years. According to the Stockholm International Peace Research Institute (SIPRI), the US spent ~US$ 718.69 billion on its military operations in 2019. The US military is deployed in more than 150 countries worldwide, with a significant number of troops stationed in conflict zones such as Afghanistan, Iraq, and Syria.
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The COVID-19 pandemic continues to shatter several countries in 2021. Until the outbreak, the defense industry was experiencing substantial growth in terms of production and services. The pandemic affected the ammunition and assembly line manufacturing all over the world in 2020. Disruptions in supply chain temporarily slowed the production. The level of COVID-19 exposure a country faces, the level at which manufacturing operations are running, and import-export regulations, among other things, all factors are playing an important role in resuming ammunition manufacturing and demand. Several countries have decided to cut their defense budgets. Budgets for research and non-critical sectors are likely to be temporarily cut as defense departments are focusing more on sectors that are critical to national security. In contrast to South America and Africa, the US, China, and European countries have increased their planned defense spending during this time.
Need of Modernizing Military Operations with Rapid Changes in Warfare Propel Small Caliber Ammunition Market Growth:
Rapid changes in modern warfare are urging governments of different countries to allocate higher amounts toward respective military forces. The forces are focusing on caliber sizes such as 7.62 mm for attaining greater projectile ranges, as the existing calibers such as 5.56 mm are becoming ineffective in piercing tougher armors. The military budget allocation enables the military forces to engage themselves in the development of robust indigenous technologies, alongside procuring advanced weapons, ammunitions, vehicles, and other equipment from domestic and international manufacturers. Moreover, the solider and military vehicle modernization practices help them keep their personnel and vehicles mission ready. The increased military investments are being channelized toward the procurement of newer technologies, including different types of ammunitions, which is boosting the growth of the small caliber ammunitions market. According to the SIPRI, a 2.6% rise was reported in the global military expenditure in 2019, with a prime interest in security and developments, and the total global military expenditure was US$1.9 trillion in that year. According to the Director of the SIPRI AMEX Program, US military spending rose significantly in 2018, which contributes to the increase in number of military personnel and the modernization of conventional and nuclear weapons.
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Small Caliber Ammunition Market: Ammunition Size Overview
Based on ammunition size, the small caliber ammunition market can be segmented into 5.56mm, 7.62mm, 9mm, 12.7mm, 12.77mm, 14.5 mm, 45 ACP, .338 LM, .22 LR, .223 Remington, .308 Winchester. In 2020, the 9mm segment accounted for the largest market share. The market growth of this segment is attributed to the ammo's low recoil rate and ease of fire. However, the small caliber ammunition market for the 7.62 mm segment is expected to grow at the highest CAGR during the forecast period owing to the larger ranges of cartridges offered with this caliber. The 7.62mm caliber is used in small, long-range weapons such as medium machine guns, handguns, and shorter-range sniper rifles.
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