In 2022, the size of the worldwide body armor market is anticipated to surpass US$ 2585.8 Mn. Sales in the market would grow at a consistent 5.2 percent CAGR due to rising defense investments, with a market worth of US$ 4305.8 Mn in 2032.
According to the report, the market’s requirement for body armor products is primarily driven by rapid escalation along the border, ensuring army survivability, and cross-border terrorist insurgencies. The study offers a comprehensive overview of the market, including its major growth drivers, inhibitors, opportunities, and current trends. It makes use of cutting-edge research techniques to deliver the most precise market analyses.
It includes in-depth insights into the body armor market. Some of these are:
In 2022, the market’s anticipated value was US$ 2585.8 Mn. The market is shown to display consistent growth throughout the report’s forecast period. Globally, the body armor market is dominated by North America. Due to the increased emphasis on defense and maintaining the safety of soldiers in the nation, East Asia is emerging as one of the key markets. Due to a rise in demand in the law enforcement application segment, the level II segment of body armor is anticipated to experience the fastest CAGR growth. In terms of revenue, the composite ceramics segment led the market in 2019. Key businesses are anticipated to concentrate on developing new products, such as lightweight, high-tech bodysuits that provide improved performance, comfort, and flexibility.
Soft Body Armor to Uplift the Market Scale
Private security guards and police officers favor soft body armor in situations where flexibility and ease of movement are critical. Technology development and guards’ and police officers’ increased security concerns have pushed the market for soft body armor, which is lightweight and available today. Security organizations and armed units choose the newest equipment as a result of technological advancements and modernization projects. Additionally, the flexibility and low weight of soft body armor drive the market for increased adoption.
Composite Ceramics Segment to Dominate the Market
Due to its extensive use in body armor, the composite ceramic material is anticipated to hold the largest market share in 2019. The ballistic assault resistance of the composite ceramic material is good. Additionally, it is lightweight, allowing for flexible mobility and being made of high-performance material.
Who is Winning?
Some of the leading players operating in the body armor market are BAE Systems; Aegis Engineering Ltd.; AR500 Armor; Craig International Ballistics Pty Ltd.; Ceradyne, Inc.; Hellweg International; Point Blank Enterprises, Inc.; Keijo Limited Company; Ballistic Body Armor Pty; Pacific Safety Products; and Safariland, LLC, etc. As a result of increasing competition, companies are focusing on expanding their product portfolio with innovations. In addition to this, mergers and acquisitions remain a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
At present, industry players are focusing on developing lightweight, high-performance body armor. Technological advancements such as liquid armor technology, using para-aramid material, and CORDURA(R) technology boost body armor manufacturers to innovate new products.