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Armour Steel Plate Market to Expand at a Healthy CAGR of 4% through 2031

Armour Steel Plate Market

According to the most recent armor steel plate industry analysis, global demand increased by 2.8 percent year over year (YoY) in 2021, totaling 1,470 KT. The total volume of airborne ballistics increased by 2.9 percent to 1,080 KT, while the blast and explosion protection segment increased by 2.7 percent to 390 KT.

Over the next ten years, the global market for armor steel plates is expected to grow at a steady CAGR of around 4%. Over the historical period of 2016-2020, the market experienced a positive compound annual growth rate of 2.6 percent. Fact. Due to factors such as increased defense spending and activities by countries all over the world, Fact.MR believes the market has significant potential.

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

Competitive Environment

The majority of the businesses profiled in the report have focused on growth, investments, acquisitions, delivery, and portfolio expansion.

ArcelorMittal completed the acquisition of Essar Steel India Limited in December 2019. (ESIL). The acquisition was a critical strategic move for the company as it sought to establish a foothold in the Indian market. According to the report, the company has been looking for a way to expand its steel production in the country for more than a decade. ArcelorMittal will reap huge profits thanks to Essar’s well-located operations and India’s long-term growth potential.

Bisalloy Steels announced in June 2020 that it had signed a memorandum of understanding with Axiom Precision Manufacturing and K-TIG to develop a sovereign welding capability for the Australian defense industry.

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