This site uses cookies, including third-party cookies, that help us to provide and improve our services. Read More

Armour Steel Plate Market

Armour Steel Plate Market

Armour Steel Plate Market Analysis, By Protection Type (Airborne Ballistic, Blast & Explosion) By Application (Battle Tanks, Bulletproof Vehicles, Bulletproof Jackets, Cash-in-transit Trucks, Security Booths, Sentry Boxes, Submarines) - Global Market Insights 2021 to 2031

Armour Steel Plate Market

Market Snapshot

Latest armour steel plate industry analysis shows that global demand enjoyed year-on-year (YoY) growth of 2.8% in 2021 to total 1,470 KT. Airborne ballistics displayed growth of 2.9% to total 1,080 KT, while the blast & explosion protection segment was up 2.7% to 390 KT. The global market for armour steel plates is set to rise at a steady CAGR of around 4% over the next ten years.

Key Points Covered in Armour Steel Plate Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • COVID-19 Impact on Armour Steel Plates and How to Navigate
  • Recommendation on Key Winning Strategies

Market Value of Armour Steel Plates from 2016 to 2020 Compared to Demand Outlook for 2021 to 2031

As per the armour steel plate market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2016-2020, the market expanded at a CAGR of around 2.6%, wherein the U.S., Russia, China, India, Germany, Japan, and U.K held significant share in the global market.

With growing allocation of defence spending and expenditure, the market for armour steel plates is anticipated to expand at a moderate CAGR close to 4% over the 10-year forecast period of 2021-2031.

  • The armour steel plate market witnessed a growth of 2% year-on-year worldwide in 2020. Fact.MR anticipates that armour steel plate revenue will go up 1.5X from 2021 to 2031, reaching nearly US$ 1.8 Bn in 2031.
  • As per Fact.MR’s market insights, global market revenue totaled US$ 1.2 Bn in 2020,
  • Demand for airborne ballistics will accelerate at the highest pace.
  • Top 5 providers of armour steel plates held 50% market share in 2020.
  • Global shipments of armour steel plates are expected to increase 2.8% in 2021 to over 1,470 KT.
  • While demand was impacted by COVID-19, over the decade, long-term forecasts look good, especially for their use in bulletproof vehicles.
  • Sales of armour steel plates for bulletproof jackets are rising steadily.
  • Demand for armour steel plates to be used in cash-in-transit trucks is expected to rise fast.
  • Sales of armour steel plates for use in submarines are set to rise steadily over the coming years.

How are Growing Security Concerns at Carious End-use Cases Triggering Demand for Armour Steel Plates?

Defence sectors all across the globe are exponentially focusing on strengthening their armed forces. As a step towards the same, governments are increasing their budget allocation on defence expenses and other security cases.

There is increased consumption of armour steel plates for bullet-proof vehicle and cash-in-transit trucks. Shifting focus of sentry box, security booths providers for effective and efficient product design is also set to drive the market of armour steel plates.

Manufacturers are relentlessly making efforts for developing hard, high-strength steel plates along with resistance against high-velocity metal projectiles for multiple applications, mostly for the defence sector.

  • For instance, in June 2020, Bisalloy Steels announced the signing of a memorandum of understanding with Axiom Precision Manufacturing and K-TIG to jointly develop a sovereign capability in welding for the Australian defense sector.

Besides governments’ push for advanced armour steel plates, demand for the material for applications such as security booths, sentry boxes, and others have remained and open opportunity for manufacturers.

armour steel plate market application by FactMR

Avail customized purchase options for your needs

What Makes Armour Steel Plates the Go-to for All Security Panels?

An armour steel plate is hard commercial ballistic steel that falls under the quenched and tempered category. The complex characteristics of armour steel plates make them flexible and serve various military and commercial/non-military applications.

Alongside, growing inclination of people towards personal armoured vehicles for safety and protection is gaining traction in the market. Cost components such as raw material, labour, rework, financing, and factory costs are considerably, making the market highly potential over the coming years.

Moreover, the ability of this material to offer utmost protection from various threats and accidents remains a key factor driving the market.

Based on Fact.MR’s consumption analysis of armour steel plates, plates for security purposes in Europe and North America together accounted for over US$ 800 Mn in 2020. In addition, armour steel plate manufacturers are expected to generate over US$ 1.8 Bn revenue globally by 2031.

What are the Restraining Factors Pulling Down Market Growth of Armour Steel Plates?

Stringent government regulations on certifications and compliance requirements may hamper the growth of armour steel plate sales. Global consumption of armour steel plates is considered sensitive and directly impacts the security system of a country.

Therefore, production and consumption of armour steel plates are regulated by government agencies to fortify and protect the supply & value chain. Laws enforced are to regulate supply and demand for armour steel plates to other countries or foreign agencies.

Trade imbalance on a global level may create a deficit as the market is adversely affected by substantial amount of excess steel production. Availability of cheap steel imports have crafted trade deficit owing to China accounting for 50% of world steel supply and resulting in a huge gap between steel capacity and crude steel demand. This has led to excess steel produced to be sold at much cheaper prices, affecting utilization at regional levels.

To overcome these challenges, regulations required to be addressed are standards of steel consumption to international trade and many others, which poses a challenge to companies manufacturing armour steel plates.

An Adaptive Approach to Modern-day Research Needs

Which Regions are Expected to Provide Lucrative Opportunities for Armour Steel Plate Manufacturers?

Europe is the most lucrative market accounting more than 40% of global armour steel plate consumption. In 2020, armour steel plate demand in Russia grew by 2.4% year-on-year, leaving behind the speculations of how the market would work during a global pandemic. In the same year, demand for armour steel plates in Russia reached 340 KT.

North America is also considered to have high penetration of armour steel plates. The U.S. is the driving country for the region by contributing 95% of the regional market share.

This regional market is set to expand at a CAGR of 3.7% over the forecast period, and is set to account over 20% of the global market share. The region has witnessed immense demand for armour steel plates for use in battle tanks, bulletproof vehicles, submarines, and others.

armour steel plate market region by FactMR

Country-wise Analysis

Why is Russia a Global Heavyweight for Armour Steel Plate Demand?

Currently, Russia accounts for 24% of global armour steel plate demand. This is attributed to the country’s aim of becoming a great military power once again.

  • In 2020, Russia had military spending of 4.14% as the percentage of GDP.
  • The country also hold the highest number of battle tanks, over twice that of how many the U.S. possesses.

How Has Demand for Armour Steel Plates Been Shaping Up across Various Emerging and Established Markets?

  • U.S.: Similar to Russia, the U.S. has been a big consumer of armour steel plates. The country has various military devices and armed tools that account for most of the consumption. The U.S. also holds substantial number of battle tanks where exclusive application of armour steel plates is observed.
  • China: The nation has the highest number of military personnel and significant military spending, which makes it a lucrative market for manufacturers. The country is spend even more on security and military over the coming years.
  • India: India is among the top growing economies with the second-highest number of military personnel protecting the nation. The country is observed to have been significantly increasing its military expenditure on acquiring various defence equipment, which has resulted in heightened demand for armour steel plates.
  • South Korea: South Korea possesses 2,446 battle tanks and sees substantial demand for armour steel plates. The market is set to expand at a CAGR of around 4% over the forecast period.
  • Japan: The nation holds 24% market share of East Asia and is set to grow 1.3X by end of 2031. Japan also possesses substantial defence equipment and maintains consistent renewal and expenditure on various applications that demand armour steel plates.

Interested to Procure The Data

Category-wise Insights

Why are Airborne Ballistics Protection Armour Steel Plates Highly Demanded across the World?

The airborne ballistics segment is expected to gain 84 BPS and reach a market valuation of US$ 1.4 Bn by 2031.

The armour steel plates of airborne ballistic type are more extensively demanded that the blast & explosion protection type. This is because explosion protection armour steel plates are used in application cases where the product is more prone to be exposed or present in an environment where explosions and blasts are likely.

Which Factors Allow Bulletproof Vehicles to Hold the Largest Share among Application Categories?

Revenue from bulletproof vehicles is anticipated to increase at a compound annual growth rate of 4.3% during the decade. Growing inclination of people towards bullet-resistant vehicles is likely to gain traction and drive this segment’s growth over the coming years.

Which Applications of Armour Steel Plates are Considered to Be Promising Over Others?

Submarines and battle tanks are applications of armour steel plates that are expected to maintain track of being promising after bulletproof vehicles. These applications are set rise at a solid CAGR of 3.9% and 3.4%, respectively. According to industry analysis conducted by Fact.MR, both these applications correspond to over 50% of global armour steel plate demand.

How Has COVID-19 Impacted Revenue Generation from the Armour Steel Plate Business?

COVID-19 has endured substantial resistance in the demand for armour steel plates, as most countries have maintained standard expenditure in their defence sectors during the pandemic.

A negative impact on the market was due to delayed defence projects and reduced purchases of secured and bullet-resistance vehicles. Net impact on the market was reflected to be low, and a positive growth of 2% in 2020 as compared to previous projections was witnessed.

As compared to actual market estimates for 2020, the market observed a drop of US$ 13 Mn in the recalibrated estimates.

Competitive Landscape

Majority of companies discussed in the report have focused on expansion, investments, acquisitions, delivery, and portfolio expansion.

Some of the key developments are:

  • In December 2019, ArcelorMittal successfully completed the acquisition of Essar Steel India Limited (ESIL). The acquisition was the company's important strategic step to penetrate its roots in the Indian market. As per the company's report, it has been looking for an opportunity to expand its steel production in the country for over a decade. Essar’s well-located operations, coupled with long-term growth potential in India, will lead to huge profits for ArcelorMittal.
  • In September 2020, Bisalloy Steel signed an exclusive distribution agreement with CRAS Solutions for distribution of all of Bisalloy Products in the Turkey market. CRAS Solutions is a wholly independent, privately held company focused on distribution of specialized products and this agreement between both the firms will focus on building Bisalloy’s Armour and Protection steel brand in the Turkey market.
  • In June 2020, Bisalloy Steels announced the signing of a memorandum of understanding with Axiom Precision Manufacturing and K-TIG to jointly develop a sovereign capability in welding for the Australian defense industry.

Similarly, recent developments related to companies offering armour steel plates have been tracked by the team at Fact.MR, which are available in the full report.

Armour Steel Plate Market Report Scope



Forecast Period


Historical Data Available for


Market Analysis

Units for KT and US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • MEA
  • East Asia
  • South Asia
  • Oceania

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Protection Type
  • Application
  • Region

Key Companies Profiled

  • SIJ Acroni
  • Algoma
  • Arcelormittal
  • Astralloy
  • Bisalloy
  • Champak Steel & Engg. Co.
  • Chapel Steel
  • CMC Impact Metals
  • Essar Steel India Limited
  • Lagaar Industries Ltd.
  • Masteel
  • Shahalloy
  • SSAB
  • Swebor
  • Thyssenkrupp


Available upon Request

Market Segments Covered in Armour Steel Plate Industry Analysis

  • By Protection Type

    • Airborne Ballistic Armour Steel Plates
    • Blast & Explosion Armour Steel Plates
  • By Application

    • Armour Steel Plates for Battle Tanks
    • Armour Steel Plates for Bulletproof Vehicles
    • Armour Steel Plates for Bulletproof Jackets
    • Armour Steel Plates for Cash-in-transit Trucks
    • Armour Steel Plates for Security Booths
    • Armour Steel Plates for Sentry Boxes
    • Armour Steel Plates for Submarines
    • Others

- FAQs -

The global armour steel plate market is worth more than US$ 1.3 Bn at present.

Sales of armour steel plates are projected to increase at a CAGR of close to 4% during 2021 – 2031.

Value sales of armour steel plates increased at a CAGR of 2.6% during 2016 – 2020.

Military modernization programs are likely to shape the growth of the market for armour steel plates.

Increasing expenditure on defense by governments across the world is majorly driving demand for armour steel plates.

Ratings on the basis of market share, market reach, and clientele reveal that the top 5 manufacturers of armour steel plates account for around 50% share in the market.

Top 5 countries driving most of the demand for armour steel plates are Russia, the U.S., China, India, and U.K.

Europe accounted for over 43% of global armour steel plate demand in 2020.

The North American market for armour steel plates is projected to expand at a CAGR of 3.7% during 2021 – 2031.

China is among the key producers of armour steel plates in the world.

The market in South Korea and Japan will expand at around 2.8% and 3.6% CAGR, respectively, with both countries together accounting for 33% share in the East Asia market.

Need an Exclusive Report for your Unique Requirement?

- Related Reports -

Aerosol Insecticides Market

The Aerosol Insecticides market is anticipated to witness potential growth during 2018-2027. The gro...

Chemical Mechanical Planarization (CMP) Slurry Market

Chemical Mechanical Planarization (CMP) Slurry Market expects rapid 7.8% CAGR by 2031. Aluminium Oxi...

Glycidyl Ether Market

The glycidyl ether market is expected to witness a single-digit CAGR during 2019-2029. Adhesives & s...

Isosafrole Market

Isosafrole Market is expected to witness healthy growth through the years 2020-2030. Increasing dema...

- Our Clients -

Report Client

- Evaluate How Fact.MR's Report Can Help. -

Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.