Portland, OR, Oct. 05, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global armor materials market generated $10.7 billion in 2019, and is estimated to generate $15.7 billion by 2027, witnessing a CAGR of 5.3% from 2020 to 2027. The report offers an extensive analysis of changing market trends, top winning strategies, key segments, business performance, and competitive scenario.
Surge in application of lightweight materials, rise in number of warfare activities, and increase in concerns over safety drive the growth of the global armor materials market. However, high cost associated and limited application scope of multi-layered composite materials hinder the market growth. On the other hand, advancements in armor materials plates create new opportunities in the coming years.
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Covid-19 scenario:
- Manufacturing activities have been halted due to lockdown imposed in many countries. However, as lockdown restrictions eased off, manufacturers have started their plants with limited workforce.
- The disrupted supply chain due to lockdown hindered the supply of raw materials. Moreover, the ban on import-export activities restricted movement of goods from other countries.
The report provides a detailed analysis of the global armor materials market based on material type, application, and region.
Based on material type, the metal & alloys segment accounted for the highest share in 2019, holding nearly two-fifths of the global market share, and is estimated to maintain its dominant share during the forecast period. However, the composites segment would witness the highest CAGR 6.7% from 2020 to 2027.
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Based on application, the vehicles segment contributed to the highest market share in terms of revenue in 2019, accounting for nearly two-fifths of the global armor materials market, and will maintain its leadership status throughout the forecast period. However, the body segment is expected to portray the fastest CAGR of 6.5% during the forecast period.
Based on region, North America contributed to the highest share in 2019, contributing to more than half of the total market share, and is estimated to continue its dominance during the forecast period. However, Asia-Pacific is projected to witness the fastest CAGR of 6.8% from 2020 to 2027.
Leading players of the global armor materials market analyzed in the report include DuPont, Honeywell International Inc., DSM, 3M, Saint-Gobain, SAAB AB, KONINKLIJKE TEN CATE BV., and ATI.
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