A number of players in the global body armor market are putting emphasis of constant advances in materials used for body armor in a bid to consolidate their positions, observes Transparency Market Research. They are focusing on unveiling technologically-advanced products to meet the various end-users’ needs in the body armor market. Top players are making research funding on testing new ceramic materials for body armor so that their products can be used to meet range of applications, notes TMR.
Some of the prominent names in the global body armor market are U.S. Armor Corporation, Du Pont (E.I.) De Nemours., Safariland, LLC, MKU Pvt. Ltd., Survitec Group Limited, ArmorSource LLC, and BAE Systems, Inc.
The global body armor market was worth around US$2.3 bn in 2018 vis-à-vis sales. Registering a promising CAGR of 4% from 2019 to 2027, the market is projected to reach worth of US$3.2 bn by 2027-end.
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- Sizable Military Funding Spur Demand from Defense Sector
Among the various applications, the defense sector attracted majority of demand estimated at 80% in the global body armor market. The demand from the segment is likely to be prominent in the coming years as well, fueled in large part by substantial military funding especially in developed nations.
- Providers Aim at Developed Markets of North America
On the regional front, North America is expected to be potentially attractive market for body armor, emerging at CAGR exceeding 4% between 2019 and 2027. Revenues generation in the regional market are driven by constant modernization of the defense systems and sizable federal funding in countries such as the U.S.
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Development of High-Performance, Light-Weight Vests bolstering Prospects
- High Functionality and Low Cost Key Propositions
Body armor is becoming a crucial part of protective equipment for personnel in the defense sector, law enforcement agencies, and civilian agents. Considerable progress has been witnessed in the global body armor market from the advent of high-performance, light-weight vests for better safety of the wearer. Manufacturers are increasingly instrumental in developing body armor with high functionality and low cost. To this end, they are incorporating high-end composite materials characterized by high strength-to-weight ratios that can be used in high-caliber ammunition.
- Advent of High-performing Ceramics Boosting Market
The body armor market has seen new avenues in the advent of high-performing materials such as ultra-high molecular weight polyethylene (UHMWPE) and aramid. The growing use of materials that are lightweight and can absorb large amounts of energy of the bullets fired is boosting the body armor market.