[FURL=https://www.industryarc.com/Report/15605/armor-materials-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Armor Materials Market[/FURL] Amor materials market size is forecast to reach US$15.72 billion by 2026, after growing at a CAGR of 6.47% during 2021-2026. The market is growing as lightweight armor materials, and Infantry Fighting Vehicles are being increasingly used in the military. The armor materials market is expected to expand throughout the forecast period, driven by rising concerns about national security and increasing demand for body and Infantry Fighting Vehicles. The increasing need for marine, and aircraft protection is also fuelling the demand for armor materials such as metals, alloys, ceramics, Para-aramid fibers, and more.Key Takeaways
North America dominates the armor materials market, owing to the increasing military and defense expenditure in the region. This is largely due to increased homeland security worries as a result of terrorism.
The market is expected to benefit from an increased defense budget because of the increased security concerns in various countries.
Increasing terrorist attack risks have resulted in a rise in counter-terrorism operations and preventive measures. Thus, boosting the armor materials market growth during the forecast period.
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Armor Materials Market Segment Analysis – By Geography
North America region held the largest share in the armor materials market in 2020 up to 34%, as the North American governments are heavily investing in their defense budget. The USA is one of the vital users of armor materials as the United States has one of the best military forces globally. According to the national defense budget estimate for 2021, the department of defense of the United States, the budget is around US$705.4 billion in the year 2021 and is estimated to touch US$768.3 billion by 2025.
Armor Materials Market Drivers
Increasing Defense Investment and Rising Production of Military Vehicle Armor
Increasing Demand for Lightweight Armors
Armor Materials Market Landscape
Armor materials market top companies are E. I. Du Pont De Nemours and Company, DSM NV Honeywell International Inc, Compagnie de Saint-Gobain SA, Allegheny Technologies Incorporated, 3M Ceradyne, Inc, Alcoa Corporation, Royal TenCate NV, Saab AB, CoorsTek Inc, Morgan Advanced Materials, Avon Rubber p.l.c.,Ceram Tec GmbH, Tata Steel Limited, AGY Holding Corp., and PPG Industries Inc.
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