As per the findings of a report by Grand View Research, Inc., the body armor market is anticipated to reach a valuation of USD 5,661.0 million by 2024. High emphasis on soldier safety and survivability is expected to be one of the key factors driving the product demand thereby boosting the global market growth. Various technological advancements and the advent of novel products such as dual-sided combat uniforms are also predicted to augment the market expansion over the forecast years (from 2016 to 2024).
In addition, the wide use of nanotechnology fibers and materials for the production of highly flexible and lightweight armors is expected to have a positive impact on the global market over the coming years. Furthermore, highly developed technologies such as liquid body armor are also likely to contribute toward the market expansion during the forecast period. On the other hand, the market for body armor is highly vulnerable to the current economic conditions and has been affected by the worldwide recession. These factors may hinder the development of this market. However, a rise in anti-nationalist and terrorist activities across the globe has resulted in an increased demand for defense protection applications and this may boost the growth of the global market.
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The global body armor market is categorized as per type, application, material, and region. Based on type, the market is categorized into type 1, type 2, type 2A, type 3, type 3A, and type 4. Based on application, the market is trifurcated into law enforcement protection, defense, and civilians. Based on material, the market is fragmented into composite ceramics, Ultra-High-Molecular-Weight Polyethylene (UHMWPE), aramid, and others. Based on region, the market is divided into Europe, North America, Latin America, Middle East and Africa (MEA), Asia Pacific.
In 2015, the North America region led the global market for body armor and accounted for around 49.5% of the global revenue share. Military programs by government such as Extremely Protection (SPS-TEP) program for providing full body armor to the armed forces are predicted to boost the growth of the regional market over the forecast period. The region is expected to grow further on account of increased spending by defense agencies in various countries such as Canada and United States.
The Europe regional market is also anticipated to have a steady growth rate from 2016 to 2024. The defense agencies in this region are emphasizing on the improvement of personal protection for ground troops and armed forces and this is projected to boost the regional market during the forecast period. Moreover, various military modernization programs, such as the Future Infantry Soldier Technology (FIST) by United Kingdom and Fantassin à Équipement et Liaisons Intégrés (FELIN) by France, are also projected to spur the regional market growth in near future.
The Asia Pacific region is also expected to witness substantial expansion over the coming years on account of rapid and large-scale activities of modernization of the conventional systems in the developing economies in the region. In addition, increased border disputes and warfare in various countries such as South Korea, India, and China are also predicted to drive the market demand in the Asia Pacific region. Factors such as the increased focus on providing protection to soldiers and thus increased investments by the authorities for personal protection tools are also likely to fuel the region’s growth during the forecast period.
Furthermore, many emerging economies in the region are constantly focusing on replacing their legacy military tools and equipment and thus are investing heavily in the defense sector. This factor is also anticipated to contribute toward the development of the body armor market in the Asia Pacific region over the forecast period. Pacific Safety Products Inc.; Ballistic Body Armor Pty Ltd.; Point Blank Enterprises, Inc.; Hellweg International Pty Ltd.; and Craig International Ballistics Pty Ltd. are some of the prominent companies operating in the worldwide market.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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