The global military body armor market size is expected to witness an elevated market growth owing to technological advancements and introduction of innovative products. This information is provided by Fortune Business Insights™, in its report, titled, “Military Body Armor Market, 2021-2028.” Integration of nanotechnology materials and fibers in the manufacturing of lightweight and flexible armors will boost the growth of the market. Also, rising military warfare in emerging economies such as India, Korea, & Iraq will fuel the growth of the market.
Informational Source:
https://www.fortunebusinessinsights.com/military-body-armor-market-105205
Segments
On the basis of protection level, the market can be divided into type I, type II, type II A, type III, type III A, and type IV.
By material, the market can be broken down into composite ceramics, steel, aramid, UNMWPE, and others.
In accordance to protection type, the market can be segregated into ballistic, edged blade protection, spike, and others.
In terms of geography, the market can be distributed into North America, Europe, Asia Pacific, The Middle East & Africa, and Latin America.
Report Coverage
The report covers a competitive aspect of the market in detail by highlighting prominent companies and their performance over the past fiscal years. Also, a comprehensive evaluation of contributing factors has been discussed in the study. Regions and segments that provide the most lucrative values have been noted. A forecast is outlined in the study that populates the highest demand and application for the intended period. Also, leading products, opportunities and trends in the ongoing sector, threats to the coherent market, and recent industry developments have been mentioned in the report.
Drivers & Restraints
Rising Cross Border & Territorial Dispute to Increase Market Value
High demand for defense personnel protection and rising purchasing power for military personnel will boost the value of the military body armor market share over the forecast period. Rising hostile and terrorism activities along with increasing geopolitical tensions will fuel the growth of the market. A surge of military operations across various platforms such as army, navy, air force and special forces will create lucrative opportunities for the market. Rising adoption of military body armor and modernization measures will boost the growth rate for the market. A continuous cycle of body armor due to constant wear and tear will further add huge gains for the market.
However, disruptive supply chains triggering shortages of body armor will dampen the growth rate of the market. Also, misdirection of military expenditure towards the healthcare sector due to the ongoing pandemic will harm the market in a negative way.
Regional Insights
North America to Capture Largest Market Share Owing to Enlarged Spending
A large presence of key market players in the region and huge government spending in military body armor will cement the dominant share of the market. Expansive innovative solutions in the market and rising government military programs aiding body armor will boost the growth of the market during the forecast duration. These factors are expected to register the highest market growth in the region of North America.
Asia Pacific will witness the fastest growing CAGR growth in the market owing to rising number of cross-border disputes and terrorism activities and rising sovereignty tensions among countries such as South Korea, Japan, China, & India. Also, increasing need for defense personnel’s protection and year-on-year exponential increase in government defense acquisitions and body armors will drive the growth of the market in the region.
Competitive Landscape
Important players in the market are often trying to come up with reliable and proven tactics that include strategies such as collaborations, attainments & mergers, product launches, and so on and so forth. These tactics are aimed at assisting their dominance over the market by supporting and engaging with other market competitors. Additionally, government bodies are boosting military spending and agencies across the world vying for procuring body armor at an accelerated pace. For example, in March 2019, the U.S. Army announced a contract that was estimated worth USD 29.9 million with KDH Defense Systems Inc. in order to increase their munition of the Modular Scalable Vest (MSV) Gen-II system.
Industry Development
- February 2021: DuPont de Nemours Inc. recently acquired Core Matrix Technology, a subsidiary of Tex Tech Industries Inc., which specializes in bullet fragmentation and ballistic performance solutions for the military. Additionally, they also help reduce back trauma disorders. This acquisition is in line to expand the firm’s presence towards an expanded portfolio.
- January 2021: The Ukrainian Defense Ministry has been developing vests that comply with the NATO standards. This vest is expected to be a standard issue version with a lighter version being developed for land and special forces simultaneously.
