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I AgreeAnalysis of Armor Materials market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Armor materials are used as protective covering, especially designed to prevent damage to inner surface of object to be protected from any external force or damage. Generally, armor materials are used in military purpose mainly during war and combats. Body armor are common type of armored system, wore by army men during the wars. These are intended to prevent damage from any projectile damage by incoming bullets and other ballistics objects.
Similarly, armored vehicle, invisible to damage by bullets can easily sustain heavy damages in extreme combat situation. Thus, military application are key hotspots for armor materials. Global armor materials market is thus anticipated to witness heavy growth with a higher single digit CAGR during forecast period. Furthermore, demand for armor materials would be continuous for high powers in defense systems such as Russia and US, due to continuous investment in strengthening defense system.
Terrorism around the world has led to an increasing workforce in defense activities. For incorporating proper defense and security of people, government bodies have improved spending in strengthening the ammunition system. For this purpose, several countries have been investing in the design and manufacturing of giant military equipment such as battle tanks and submarines, which raised the demand for armor materials during its construction and fabrication.
Thus, to eradicate the global issue of terrorism, military services are funded by the government, which involves funding and financial supports to all players involved in providing this military equipment. However, global consumption of armor materials is considered sensitive, as it directly affects the security system of a country. Therefore, the production and consumption of armor materials are subjected to strict regulations from government agencies to fortify and protect the supply & value chain for materials.
From regional perspective, Europe has been dominating the demand pie for the consumption of armor materials. North America region just ranks behind Europe in terms of demand for armor materials. United States, Russia, Germany and Italy are amongst the largest consumers of armor materials globally. These countries have been identified as having large fleet of army vehicles, battle tanks and submarines which has been demanding continuous supply of armor materials.
Rising homeland security worries due to terrorism have led to construction of newer army vehicles and body armors during war. Countries like US and Russia are also amongst the largest military spending nation globally. Thus have high spending in the purchase of armor materials required in securing strong defense system.
Furthermore, countries from Asia such as India & China also have been amongst the fastest growing in armor materials market. Annual consumption rate in these countries have been increased in last one decade, due to military modernization, thus, offer lucrative opportunities for manufacturers to invest in the region.
Key players in global armor materials market included are Du Pont, Honeywell International Inc., Saint-Gobain SA, Allegheny Technologies Incorporated, Saab AB, Morgan Advanced Materials, Tata Steel Limited, ArcelorMittal and others
Global armor materials market is slightly fragmented in nature with different players having strong presence in regional market. Also, manufacturers of different product of armor materials are having different regional share. For instance, armor steel market is dominated by players such as SSAB, while for composite and other products other players such as Morgan and DuPont have high market share.
The research report presents a comprehensive assessment of the Armor Materials market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies.
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The Armor Materials report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The Armor Materials report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The Armor Materials report also maps the qualitative impact of various market factors on market segments and geographies.
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The global armor materials market is bifurcated into four major segments: product type, protection type, application and region.
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