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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 2022 to 2032

Armour Steel Plate Market
FACT4659MR

Armour Steel Plate Market Outlook (2022-2032)

The global armour steel plate market is expected to value at US$ 1.3 billion in 2022 and further expand at a CAGR of 3.8% to reach US$ 1.9 billion by the end of 2032.

Sales of armour steel plate accounted for nearly 0.7% of the global special steel market at the end of 2021. Construction and defense are two dominant end-users that account for major revenue generation opportunity.

Report Attributes

Details

Armour Steel Plate Market Size (2021A)

US$ 1.2 Billion

Special Steel Market (Parent)

US$ 196.0 Billion

Estimated Market Value (2022E)

US$ 1.3 Billion

Forecasted Market Value (2032F)

US$ 1.9 Billion

Global Market Growth Rate (2022-2032)

3.8% CAGR

North America Market Share (2022)

~21.6%

East Asia Market Growth Rate (2022-2032)

~4.0% CAGR

United States Market Growth Rate (2022-2032)

~3.7% CAGR

Market Share of Top 3 Countries

~57.8%

Key Companies Profiled

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

Interested to Procure The Data

Market’s Buoyancy Analysis

The ultimate goal of armour materials is the development of better armour for combat platforms that are capable of winning battles, such as main battle tanks, infantry fighting vehicles, and light fighting vehicles. The primary goal in each of these applications is one of two things: either improve performance at a constant or even reduce weight or reduce weight while maintaining protection. Armor steel plate manufacturers have developed a wide range of specifications for their current products.

Companies offer steel products ranging from thinner (2mm-16mm) to thicker and wider products, including armour steel plates (5mm-50mm), to meet end-user’s specific demands and increase sales. As a result, end users are able to select the perfect specification of armour plate that is best suited for their application owing to the availability of a wide range of steel plates.

  • Short Term Growth Factors: Growing demand across the end-use sector coupled with increasing applications drive the market’s growth.
  • Medium Term Growth Drivers: Government investment in defense coupled with rising defense expenditure on weapons and vehicles offers immense growth opportunities to market.
  • Long Term Opportunities: R&D to play a vital role in increasing end-use applications for the market and offer high sales opportunities to it.

Over the 2017-2021 historical period, the global armour steel plate market registered a CAGR of 2.3%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 3.8% CAGR between 2022 and 2032.

Armour steel plate market forecast by Fact.MR

Market share analysis of ASP based on application and region is provided in a nutshell in the above image. Under the application segment, the oil & gas sub-segment dominates with 36.7% market share in 2022.

“Increasing Demand for High Performance/Specialty Steel Plates: To Supplement Growth”

Exceptional advantages of steel over other materials, such as high-temperature strength, oxidation resistance, and quenching quality are helping it to maintain its dominance in the market. Steel heat-treated plates are employed to change the physical and mechanical properties of steel without changing its shape. The heat treatment process helps to increase or improve the hardness, elasticity, ductility, and toughness of the steel.

Surging construction projects and huge investments in infrastructure development coupled with growing urbanization across emerging economies are rising the demand for steel plates.

  • For instance, as per the data of the India Brand Equity Foundation, in February 2021, the government authority- Delhi Development Authority (DDA), plans to complete 7,500 houses for EWS under the Prime Minister Housing scheme by December 2021. DDA is an agency that owns a huge part of the land and is determined to reconstruct 376 clusters via a partnership- public-private partnership (PPP).
  • Similarly, the governing authority- Greater Noida Industrial Development Authority (GNIDA), declared to build about 10,000 affordable and cost-effective homes for the economic class, including EWS and LIG. These houses will be constructed through a public-private partnership (PPP) model under the Prime Minister Housing Scheme.

Thus, surpassing the demand for specialty steel from the construction sector to fuel the market's growth.

“Exploding Defense Sector to Augment Market’s Growth”

It is extensively used in the manufacturing of military vehicles and weapons, such as F-35, F-18, C-17, and other next-generation military vehicles. Furthermore, it is also used in the manufacturing of various ammunition components, parts of missiles & missile batteries, tanks, and others.

Further, the global defense industry has been growing at a steady pace. According to the data source Stockholm International Peace Research Institute (SIPRI), the total military spending raised to US$ 2.11 trillion in 2021. The United States, China, India, the United Kingdom, and Russia, are major economies investing in defense and collectively account for 62% of military expenditure.

Armed forces across the globe are leveraging the power of digitalization and developing network-centric defense ecosystems to strengthen action readiness and modernize battlefield operations. Such factors determine the concrete growth opportunities for the market.

“Stringent Government Regulations Hampering Armor Steel Sale”

Global consumption of steel armor plates is considered sensitive, as it directly impacts the security system of a country. Therefore, the production and consumption of armor steel plates are regulated by government agencies to fortify and protect the supply & value chain for armor steel plates. Regulations enforced are to regulate the supply and demand for armor steel plates to other countries or foreign agencies, the security of the manufacturing technology, and import from other countries.

For instance, companies are even restricted to acquire a defense-related business without government approval. Further, proper tender management is done to ensure the supply of armor steel plates to the government-authorized end user only.

It is prohibited for companies that provide armour steel plates to the US military to sell those materials to other businesses or nations without first receiving government authorization. Additionally, the Berry amendment, which was adopted in the US, limits the ability of foreign companies to provide armour materials to the US armed forces.

Country-wise Insights

Which Factors Drive High Demand for Armour Steel Plate in US?

The US armor steel industry is sensitive to federal funding for defense, the threat of terrorist attacks, and national security levels. United States has a series of defense improvement programs under its belt that tend to present a cluster of opportunities for the armor steel plates market growth over the assessment period.

  • For instance, a petition file in the US for restricting the use of imported armor steel was filed by key armor plates players such as Cleveland’s ArcelorMittal and Cliffs Natural Resources, as well as Nucor in Marion, Ind.
  • In a response to this, the U.S. Defense Department has introduced a rule instructing that steel armor plates bought by the U.S. military be made in the United States only.

Thus, there is no reason that counties such as China and Russia should be making the steel used in the US military’s vehicles and equipment. Thus, limited supply and growing US defense expenditure, fuel the market’s demand across the country.

Why India Projects Promising Growth Opportunities for the Market?

The Indian economy heavily depends on the defense manufacturing sector for all its military needs. The industry is estimated to grow faster as national security concerns increase, due to the ongoing territorial disputes between India and Pakistan, over control of the northern state of Kashmir.

Similarly, with China for control over the northeastern state of Arunachal Pradesh. China also increased its military power and developed advanced weapons to win over Taiwan. Neighboring countries are expanding their military power and territories, which pressurizes India to improve its military expenditure and advance its military for the forthcoming battles.

Further, India has been one of the top importers of defense gear over the past five years to gain a technological edge over rival nations like China and Pakistan.

  • The government has taken several steps to promote "Make in India'' activities through policy support initiatives to modernize its armed forces and lessen reliance on external sources for defense procurement.
  • As a result, India’s defense manufacturing sector registered a rise in production which reached US$ 11.85 billion in FY22, a US$ 1.0 billion increase from US$ 10.9 billion in FY21, as per the data of Indian Brand Equity Foundation (IBEF).

The growing manufacturing across the country offers high growth opportunities for the market players to enhance their presence and earn high-profit margins.

Why Europe Tops the Regional Chart for the Market?

Europe has always been a prominent investor in its military power. Statistically, France, Russia, and the United Kingdom have been investing a big amount of money in developing advanced weapons to strengthen their military power to conquer their enemies from miles away.

In addition, it is witnessed that the expenditure of Russia on weapon development and military expansion was high. For instance, Hence, it is estimated that Russia has a high demand for armour steel plates over the period.

  • For reference, Russia raised its military expense by 2.9% in 2021, to US$ 65.9 billion.
  • Further, with the ongoing Russia Ukraine invasion, the neighboring countries are investing more in weapon development or import to face Russia in an emergency.

Hence, the invasion has surpassed the weapons requirement for both countries and forced other economies to focus on their military advancements. Such measures increase the demand for the market and result in high revenue generation.

An Adaptive Approach to Modern-day Research Needs

Category-wise Insights

Why Airbone Ballistics Show High Growth Opportunities?

Countries are spending highly on advancing their military power by opting for advanced weapons. Airborne ballistics gain traction as with the integration of emerging advanced technologies, airborne ballistics can target far distances and can be remotely managed.

It also enables the military to defeat their enemies in the sky as well. Such factors surge the demand for airborne ballistic missiles and others. For developing such airborne ballistics armour steel plates are widely used. Hence, with the growing investment in military expansion and development of advanced weapons increases the sales for the market.

What Supplements the Growth of Bullet Proof Vehicles?

With the growing terrorist activities and threats to famous personalities or political leaders, bulletproof vehicles are the only choice for safety and security. Further, the government of various economies is investing in defense and developing such solutions to increase the safety of their political leaders and army personnel.

Celebrities and millionaires also opt for bulletproof vehicles to ensure safety and security. Countries, where local people have permission to keep guns, have a high demand for such vehicles, which offers immense growth opportunities for the market.

Competitive Landscape

Major armour steel plate manufacturers are SIJ Acroni, Algoma, Arcelormittal, Astralloy, Bisalloy, Champak Steel & Engg. Co., Chapel Steel, CMC Impact Metals, Essar Steel India Limited, and EVRAZ, among others.

Sales of equipment or services used in protection applications, such as tanks and impenetrable vehicles, have a significant impact on the growth of the global market for reinforcement steel plates. In order to secure long-term supply contracts for reinforcement steel plates, dynamic market players have been investing in government protection frameworks.

Market players are focused on developing regions and built their structural underpinnings with long-term supply agreements. The key system anyway remains to ink an agreement with national governments to supply covering steel plates for requesting applications, such as battle tanks and submarines.

  • In September 2020, Bisalloy Steel inked an agreement with CRAS Solutions for an exclusive distribution partnership. CRAS now distributes all 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 publicize the signing of an MoU with K-TIG and Axiom Precision Manufacturing to jointly construct a sovereign capacity in welding for the Australian defense industry.

Fact.MR has provided detailed information about the price points of key manufacturers of armour steel plate positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Armour Steel Plate Industry Research

  • By Protection Type:

    • Airborne Ballistic
    • Blast & Explosion
  • By Application :

    • Battle Tanks
    • Bulletproof Vehicles
    • Bulletproof Jackets
    • Cash-in-transit Trucks
    • Security Booths
    • Sentry Boxes
    • Submarines
    • Others  
  • By Region :

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

- FAQs -

Europe tops the global armour steel plate market accounting for major market share.
Airborne ballistic armour steel plate account for high share of global sales.
Worldwide demand for armour steel plate is anticipated to value at US$ 1.9 billion by 2032-end.
The global armour steel plate market is valued at US$ 1.3 billion in 2022.
During 2017-2021, sales of armour steel plate increased at 2.6% CAGR.

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