According to a new report by Reports and Data, the global [FURL=https://www.reportsanddata.com/report-detail/armor-materials-market]Armor Materials market[/FURL] is forecasted to reach USD 18.97 Billion by 2027. The increasing security concerns and terrorism in countries globally is one of the major factors influencing demand. Based on the Global Terrorism Index, in 2018, approximately 71 countries reported experiencing at least one death from terrorism. Furthermore, the global economic impact of terrorism was around USD 33 billion in 2018. Countries, particularly in South Asia and the Middle East region such as Egypt, Libya, Afghanistan, Syria, and Iraq, have witnessed an increase in both terrorisms as well as battlefield deaths over the past decade as the security situation continues to deteriorate. This is projected to lead to a rise in the demand for armor for military and defense personnel, thereby driving market demand.The COVID-19 impact:
COVID-19 is expected to have a moderate impact on the market. The global production of products has suffered immensely due to the imposition of lockdown and social restrictions. With the majority of the economies, particularly in the Asian region crippled, the market is projected to witness disruption in the supply chain. Countries like China are still investing in body armors to prepare for war with Taiwan and the U.S.
Key participants include Saint-Gobain SA; Du Pont; DSM NV; Royal TenCate NV; Alcoa Inc.; Honeywell International Inc.; Saab AB; CoorsTek Inc.; Morgan Advanced Materials; CeramTec GmbH; Tata Steel; AGY Holding Corp.; and PPG Industries Inc.
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Further key findings from the report suggest
Rising concerns of governments globally towards soldier survivability and protection are expected to be the key driving factor for the market in the projected period.
In January 2020, Avon Rubber, the U.K.-based military technology provider, announced acquiring ballistic protection business of 3M Company for approximately USD 91 million.
Material Type Outlook (Revenue, USD Million; 2017-2027)
Metals and Alloys
Ceramics
Composites
Para Aramid Fiber
Ultra High Molecular Weight
Polyethylene
Fiberglass
Others
Application Outlook (Revenue, USD Million; 2017-2027)
Vehicle Armour
Aerospace Armour
Body Armor
Civil Armor
Marine Armor
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Regional Outlook (Revenue, USD Million; 2017-2027)
North America
US
Canada
Europe
Germany
Italy
Spain
UK
France
Asia Pacific
China
India
Japan
South Korea
Taiwan
MEA
Latin America
Brazil
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